My wife and I have a whopping $20k in credit card debt. We’re both 26 with a household income of $125k+ and $10k in savings.
Our goal is to get to $0 credit card debt and start our financial life together with with a clean slate.
I recently realized I totally forgot about the 401k from my first job. It has ~$13k in it. I was about to roll it into my current retirement plan but then I got a crazy idea...
How bad would it be to withdraw from that 401k and use it to pay off some credit card debt? After fees and taxes on the withdrawal, how much would I even end up with?
Thanks in advance for any advice!
Submitted May 20, 2020 at 09:46PM by JerrysAccount https://ift.tt/3e694Os
