Tag Archives: cash out 401k
- I’m Considering Cashing Out My 401K or Bankruptcy? – Gary
“Dear Lewis, Married with 4 kids. My annual salary-$75,000. My wife makes $16,000 a year. Owe $175,000 on house – worth $200,000 and payment is $1380 a month. Have one car loan @$294 a month & balance is $8500. We have $29,000 in credit card debt costing $800 a month. Also have $21,000 in 401k [...]
- I Just Turned 26. Should I Liquidate My 401K to Pay My Debt.
Carie wrote to me through the GetOutOfDebt.org site and asked the following question. If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free. Income from the GetOutOfDebt.org site advertising is used to help alleviate poverty. If you would like to [...]
- How Do We Eliminate Our Debt? – Brenda
“Dear Steve, Husband is employed and I am a stay at home mom. We have loads of credit card debt and need advice on how to eliminate it. Ok, here goes. My husband and I have about 60K in credit card debt. Ugly, I know. I am now a stay at home mom with 3 [...]
- I Am a 53 Year Old Pilot With a Side Small Business in a Lot of Debt. – Rich
“Dear Steve, I’m a 53 year old pilot making 85K/ yr. I also own a small business that I invested heavily in hoping to start reaping profits by now. Instead, I’m now in debt for about 40K in outstanding business expenses with about additional 25K in credit card debt and 18K unsecured loan. I loaned [...]
- I’d Like to Cash Out My 401K, Get a Home Equity Loan and Reinvest it in an IRA. – Rik
Rik wrote to me through the GetOutOfDebt.org site and asked the following question. If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free. Income from the GetOutOfDebt.org site advertising is used to help alleviate poverty. If you would like to [...]
- Should I Cash Out my 401K to Pay Off Debt? – Anna
Anna wrote to me through the GetOutOfDebt.org site and asked the following question. If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free. Income from the GetOutOfDebt.org site advertising is used to help alleviate poverty. If you would like to [...]
- Should I Use My IRA to Pay Off My Debt? – Donald
“Dear Steve, I have had this thought to reduce our debt and to better manage our finances. It is quite complicated (as I am sure most situations are), so I will do my best to present all the information. My wife and I (we are in our mid 30s) have a credit card with $7k [...]
- Should We Sacrifice Our Retirement Funds to Settle Our Debts? – Alex
“Dear Steve, My family and I are behind on $96,000 of credit card debt equalling 7 accounts. These accounts are all between 120 and 150 days pass due. My family budget is about $1,200 a month short to make the monthly minimun payment on these accounts. One of our credit lenders who represents $82,000 and [...]
- Should I Cash Out My 401K to Pay Off My Credit Card Debt? – Angie
“Dear Steve, Should I cash out part of my 401k to pay off my 136,000 in credit card debt? Is the penalties worth getting rid of all that interest? The monthly payments are getting to high to pay due to the rising of interest rates. We tried to refinace our home but due to the [...]
- We Are Flat Broke And Need to Drain Our 401(k). – Susan
“Dear Steve, Currently collecting unemployment after being laid off from my job back in Feb 2009. It is exactly enough to pay my rent. My husband’s income is mostly from tips and some side jobs he does. We have very poor credit and our utilities are behind and have no savings. We have 2 children, [...]
- We Are Thinking of Cashing Out Our 401K to Pay Off Some Debt. – Mary
“Dear Steve, We are a couple in our late 50′s. Our problem, we bought a house two years ago, payments $1700. we have $15000 in CC debt all in collections, we had a cut in income….we bring home $3100 a month. We have exhausted all savings, we cannot pay insurance, expenses, cc, etc. in full. [...]
- Should My Husband Cash in His 401K to Buy Some Cars? – Kris
Kris wrote to me through the GetOutOfDebt.org site and asked the following question. If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free. Income from the GetOutOfDebt.org site advertising is used to help alleviate poverty. If you would like to [...]
- My Unemployment Only Covers My Rent and Gas. Should I Drain my 401K? – Michelle
Michelle wrote to me through the GetOutOfDebt.org site and asked the following question. If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free. Income from the GetOutOfDebt.org site advertising is used to help alleviate poverty. If you would like to [...]