X Close Editor

Submitted by: Bob

Title

Comment
Thanks for sharing your Credit Card debt situation. Without having detailed information, I'm not in a position to give you specific recommendations. However I can share some general comments with you. Debt is not good, particularly, consumer debt, like credit cards. As you indicated, personal spending can quickly get out of hand. If you and your husband both agree that it's time for change and both of you can get into a mindset of permanent debt elimination, it can be done. The process is simple but it is not easy. It takes persistent effort over time but the rewards are enormous. Regarding the money in your 401k account(s), you need to be very careful. Withdrawing funds from "qualified" or tax-deferred accounts, in your case to pay down debt, could trigger some unpleasant events. Depending on your age, you could be subject to penalties, taxes and other charges. However, there are ways to legitimately withdraw qualified money prior to age 59 1/2 without penalty. In my book, The Financial Facelift, I address the step by step process of eliminating debt in order to gradually and systematically accumulate wealth. If you are interested you can order from this page. To a brighter financial future for you and your husband, Bob

Cancel Delete Delete & Ban

Updating Comments page...