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Tag Archives: borrow from ira

Should We Get a Debt Consolidation Loan or Borrow From IRA to Payoff Credit Cards? – Christine

money

“Dear Steve, CC debt 20,000. Mortgage 39,000. Equity about 300,000. credit score under 500. marrried one income $51,000. 4 kids in college. Turned down from first bank for refinance with credit payoff. Currently spending about $700.00/month on CC payments. should we continue to try to get a loan or should we take the money out of our IRA and pay ... Read More »

    I’m Unemployed, Looking for a Debt Consolidation Loan, and Paying Bills From IRA. – Becky

    stressed woman

    “Dear Steve, Consolidating debt to avoid high interest rates or deplete 401K. Have taken on about $50K in credit card debt and have secured mostly 0% interest rate cards that are coming due over the next several months. I have depleted my brokerage savings but still have an IRA and 401K that I could tap into that would just barely ... Read More »

      We Have Great Credit But Want to Take Money From IRAs to Pay Down Debt. – Doris

      robbery

      “Dear Steve, 48 year old female, married, 1 child 14 years olds in 9th grade – college bound. 11 years at job with vested pension, Roth and traditional IRA’s, home owner – 174,000.00 at 6% (fixed VA) monthly payment with taxes and insurance – 1507.00, 800 credit scores, 2 cars financed at 2.5% totaling – $40,000.00, 16 years before retirement, ... Read More »

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

        Ready to Collapse

        “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 »

          Is Taking Money Out of My IRA to Pay Off Credit Card Debt a Smart Thing to Do? – Sarah

          Ready to Collapse

          “Dear Steve, I have about 25k in my IRA and about 2k in my 401k. I owe about 11k on credit cards and every month I go more into debt because I make less money then all of my bills. If I were to pay off my credit cards, I would have enough money to live on and wouldn’t need ... Read More »

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