Hi all! I (34f) got myself into a sinking ship about 3 years ago. I thought I could handle it and, well, here I am. I let myself finance my wedding for $10k then 2 years later became self employed. My husband owns his own handyman business that I teamed up with. I thought everything was going to be okay and my husband and I would succeed! There was a game plan! Then the van broke down. Then the jobs dried out for about 5 months.
I owe $5k in 5 different credit cards, $6k truck loan, $5k in personal loan, $11k in a private loan. All but the private loan are @ high interest rates. Monthly bills @ $3k/month and am behind about 2 months.
We are expecting to collect $2-5k in the next 2 weeks and $4-13k 4-6 weeks after that. (Depending on contracts and scheduling.). Now, as a business owner, I can not rely on ANY of that $ until it is actually in my hand.
I'm really considering cashing in my 401k to pay off all/some of the credit cards or pay down the truck or personal loan a bit. I feel like that $5k will help me so much more right now than if I wait till I retire. The $ is sitting in an account, I never "invested" it or whatever you do with a 401k, but it does grow by about $8 a year. Yes, eight.
So, I know I've made bad financial choices. I know people say to leave you 401k, but what is $5k going to get me in 35+ years when I hope to retire?
I was debt free and credit score over 700 before that wedding and becoming self employed! Uhg! I want to cry every night! It was so hard and took so long to get to that point. Never again!
Submitted August 05, 2017 at 11:59PM by udontnomeneway http://ift.tt/2vtJksA
