Do what’s best for you. I know most financial people will tell you it’s a big no no to touch your 401k, but it’s much better to go that route than living with high interest credit card debt and not being able to have a life.

Obviously you want to go the 0% balance transfer route if possible but my assumption is your credit score isn’t high enough because of the balances you carry and you don’t have make enough money because if you did, you would be able to knock down the 10k easily.

If you are on good terms with your bank/credit union, a consolidation loan at a lower interest rate is possible. Go this route if you aren’t over your head financially. Because if you are even after you get the loan, you will just re rack up debt on the credit cards and put yourself in an even worse situation. Your credit score should also go up with this option so if you have other things weighing you down like a high interest car payment, this might be able to help you out.

Now going back to your original question if those are your 2 options, the loan will obviously be the better option long term but not against the withdrawal if this will truly put you in a better situation. But hard to give full advice without truly knowing your full financial situation.

0 ...

Report Post

Posted by KTiger85

Member since Oct 2018

931 posts

Posted on 6/9/24 at 9:11 am to Agro70

You are likely asking the wrong question. Why do you have $15k in cc debt? That is a better question. Change your habits. It is very possible that if you pay your debt in the manner you speak of, that you will continue to spend more than you make.

0 ...

Report Post

Posted by Fat Bastard

alter hunter

Member since Mar 2009

89998 posts

Posted on 6/9/24 at 2:17 pm to Agro70

quote:
Agro70

another clown hit n run poster.

won't come back because he was busted on taking multiple trips to europe and was called out on it.

but needs a 401k withdrawal to pay a CC bill?

get another job clown oh and never post here again.

Page 1 2