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. We do not save any money, we do not have an emergency fund. We do have small 401K’s. One of ours $31000. with a $10000. loan against it. Is it wise to cash it in to pay off our debt. We have no equity in the house, we paid $275000, it’s worth now $180000. The loan was for $256000, we owe $253000.
We have no money extra to do anything with. There is no room in the budget for emergencies.
Should we cash in our 401K to catch up now?
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