Financial advise please. | Thread profile

I know that times are hard for everyone right now especially with fuel prices being what they are and driving all other things up as well. So here is my story. I have a credit card that has been cut for over a year that still has a large balance. We are haveing a very though time meeting monthly bills we have been doing it but barely. Then something unexpected sort of comes up like plates and ...

If it was me in your position I would figure out how much I am paying in interest and see if it is a larger amount than what you would be losing if you took the early withdrawl. My bet is in the long run you'll be paying a lot more interest on the card than what you'll lose in the 10%. And if you do get the card paid down don't just keep making the minumum payments - keep paying what you are ...

I'd take it out. I agree with the above poster, the interst on credit cards will probably be much more than the 401K is making. Hubby and i recently did something like this as well. we figure with our monthly bills caught up we can preserve our credit rating and that will make thing easier for us to eventual put away some saving again later on. otherwise the credit card keeps growing and will...

Thanks Bull's mom- We did look at the difference between the intrest paid on the cc and the 10% loss we would take on the withdrawl there is really not much difference. Since it is a loss both ways and the amount loss is very minimal between the two. We have been to the bank to ask about a loan or some other way so that we could lower the payments. However due to some of my hubby's past ...

quote: Originally posted by horse_gal_jen: I'd take it out. I agree with the above poster, the interst on credit cards will probably be much more than the 401K is making. Hubby and i recently did something like this as well. we figure with our monthly bills caught up we can preserve our credit rating and that will make thing easier for us to eventual put away some saving again later on....

Wow, that is a really good question! First of all, have you attempted to negotiate a lower interest rate on your credit card? That financial advisor who is on Oprah always suggests that her clients try to negotiate a lower interest rate. Were you able to put the extra unexpected expense on that credit card so that you could continue to pay off your balance? I think I'd do this before I ...

A friend of mine transfered his balance to a different credit card with a lower interest rate. He would get a thing in the mail and could transfer it for 2% interest for 6 month or something along those lines. -------------------- "Chip" - 2001 ApHC gelding "A cowboy on a horse is a mighty romantic thing to a woman." - Tucker Yelldell in "Texas"

quote: Originally posted by LMK1975: A friend of mine transfered his balance to a different credit card with a lower interest rate. He would get a thing in the mail and could transfer it for 2% interest for 6 month or something along those lines. the only problem with doing that from what I have heard you do take a credit hit. -------------------- mtn_penny It's a lot like nuts and...

If you're going to take it, take enough to pay the entire cc off. Then once you have the money in hand call the CC company and see if you can negotiate a settlement (ie..for less than the balance). The hit you're going to take for taking the 401k money like the others have said is going to be significant so you might as well take enough to get you out from under that bill entirely. ...

Just to take a little more of the debate part out of this... Things we do not have at home in the monthly bills TV- cable satatlite or otherwise internet- cancelled last month but it was only 41.00 a month then again every little bit helps horses no kids We do have a large garden 7 turkeys 3 dogs -------------------- mtn_penny It's a lot like nuts and bolts - if the rider's nuts, the ...