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401(k) 403(b) Retirement Money

I’m Looking to Cash in My 401(k) to Settle My Credit Card Debt. – Jackie

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“Dear Steve, I am currently unemployed and have 50,000 in debt. I am looking to cash in my 401K to settle my debt with the credit card companies. I even called to see if they would take less than I own, by doing this I was told that the amount I don’t pay has to be claimed as income on ... Read More »

    I Have Debt I Have Not Paid in 60 Days. What Do I Do? – David

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    “Dear Steve, I have about $22,000 in major credit card debt that I have not paid in over 60 days. I do have about $500.00 in store credit card debt, which I am paying off. $325.00 a month in car payments for another 3 years. $2000.00 in personal loans which I am paying. Also bought a big screen TV from ... Read More »

      I Have to Go Into My 401(k) to Pay My Credit Cards. – Julio

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      “Dear Steve, Credit card debt is 44K+. I am a little a couple months behind on 2 cards ot of 4. Mortgage is also 6 months behind. Trying to shortsale or use the home affordable program as I submitted the application to the bank. Auto loans 2 are behind and take a good chunk of my cash. Is it possible ... Read More »

        Facing Unemployment and Wanting to Cash Out Retirement. – Susan

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        “Dear Steve, My husband and I are in our early 40s. I am a stay at home mom, we have three kids, ages 1, 2 and 3. We have $190,000 in retirement funds (IRAs and Roth IRAs). We have $160,000 in mortgage debt (3.75% 15 yr term). We have no emergency savings account, no other debt. My husband’s job is ... Read More »

          Should We Settle Our Debt By Taking Money Out of Our IRA? – Laura

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          “Dear Steve, My husband and I currently have 45,000 in credit card debt between 3 companies (5 cards). I lost my part time job last year, and since November we have been unable to make the minimum payments. We are now at 120 days late and we don’t know what our options are, or what to do. Two of the ... Read More »

            Is There a Way to Get Out of Debt Without Lowering Your Credit Score? – Lisa

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            “Dear Steve, I went to college and received my PhD. I have been unemployed for 1 1/2 years. I have a credit card debt of $22,000 and student loans at $80,000. I have read that there is a way to reduce the credit card debt but I am concerned it would destroy my credit rating (802). I have worked hard ... Read More »

              Should I Use Half My IRA Debt to Pay Off My Debt? – B

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              “Dear Steve, I have about $9400 in credit card debt which has an interest rate of 25.66% ! I have about $4700 in an IRA account. I made about $ 70K last year but I am single with no dependents so I don’t have many exemptions and have alot of taxes taken out of my check. I have two jobs ... Read More »

                I’m Divorced and Can’t Dig Myself Out of Debt. – Rich

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                “Dear Steve, Divorced last summer. Split credit card debt. No assets besides my vehicle, and I rent an apt so don’t have any home equity to work with. Now have $32000 in CC debt, highest rate is 7.9%, total $751 in monthly payments. Also have $23000 401k Loan at 4.5% (takes 215 out of check every 2 weeks) but this ... Read More »

                  I’m Thinking of Taking Money Out of My 401(k) to Pay Down Debt

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                  “Dear Steve, Hi – I am a 50 yearld old man with a good income but I am in a financial pinch for sure. I have 2 kids in college right now – one is freshman and the other is a junior – both a tier 1 schools (not cheap). In 2009 I changed jobs – prior to that I ... Read More »

                    I Saw You Sugegsted LendingClub to Someone. Should I Try That? – Renee

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                    “Dear Steve, I am a divorced single mom of 2 pre-teens, work full-time, I am a homeowner and I have no savings. My problem is this: After paying for the mortgage, utilities, insurance and bills, I have very little left to live on. This has resulted in my using credit cards as a “back up” – and I need to ... Read More »

                      I Bought a House in Michigan and Lost My Job. – Jason

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                      “Dear Steve, My wife and I bought a house in 2006 in Michigan. Shortly thereafter, the company I worked for began to fail, and I was forced to get a new job. For my new job, I took over a 70% pay cut. We used my 401k savings to make ends meet initially, sold our vehicles and replaced them with ... Read More »

                        Should We Sacrifice Our Retirement Funds to Settle Our Debts? – Alex

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                        “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 5 of the accounts is ... Read More »

                          Should I Cash Out My 401K to Pay Off My Credit Card Debt? – Angie

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                          “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 lowering of credit limits our ... Read More »

                            I Can’t Afford My New House. – Tim

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                            “Dear Steve, My work loaded dropped off and I have 350.00 a week child support just bought a home about 4 mths ago barrowed from 401K for that and now due to lack of OT work can not make ends meet along with CC. and utilties I am behind in everything. Not much left in the 401K fund but should ... Read More »

                              We Are Flat Broke And Need to Drain Our 401(k). – Susan

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                              “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, one of which is in ... Read More »

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