I am 32 and have a steady job that I use to put money away into a retirement account at every check. My husband and I currently have a little over $14,500 in that account which would pay off the credit card debt that we currently have but would basically wipe the account. My income will be increasing over the next year. We do not need to use the cards anymore unless we have a significantly costly emergency. I currently try to pay over on the card that has the highest interest rate and $5-$10 over the minimum on the other cards. Is it better to work on the debt and continue to build the retirement account or drain the account to start fresh and keep my cards locked away for emergencies? I know I would want to pay taxes on it when taking it out if that is what I end up doing.
I would be able to put more away each month to build that account back up without credit card payments... is that a smart decision?
Any help is appreciated.
Submitted November 25, 2020 at 07:42PM by Pezzprincesss https://ift.tt/3fCfFBT
