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Should I Cash Out my 401K to Pay Off My Credit Card Debt. – Taneah

“Dear Steve,

I am a 27 yr old single working mother and I have appr 25K in 401k funds. I also have appr 15K in credit card debt that is making it tough to pay monthly bills. At this age, should I consider cashing out my 401K and paying my ccard debt off.

I also have to consider that my daughter recently had trauma to her head and the doctor bills have yet to come in. I own two rental homes and have one car payment. Other than that, I have no debts. Please advise

Should I cash out my balance in 401K to pay off credit card debt?

Taneah”

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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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