HappyGrace Posted June 11, 2012 Share Posted June 11, 2012 I know the experts say NOT to do this! But dh is 53 and only has about $40-50,000 in his 401k anyway-it's not like it'll be a huge help (which is a whole other issue but nothing we can do about it!) We were thinking of taking $8-10,000 out to pay off debt. We had a bunch of stuff (big car repairs, medical bills, etc) come up the past few months and we maxed out our line of credit on our checking account ($5000) and have about $5000 on our emergency MasterCard (which we've been having to use now more often that our line of credit is maxed out.) If we paid those two things off, we'd be able to catch back up again, and be ok. Or would a personal loan (7.99%, I think) be better? Dh is so stressed about this debt, and had a heart attack 5 yrs ago, so I'm worried about this stress! I am totally losing sleep over it too. There isn't any job I can do that can make more than minimum wage, and there is no overtime available for him. The MasterCard has always been at 8% but in about a month they are changing it (for everybody) to 12%. We thought about transferring it to a 0% card but know we can't pay it off in a year, and then they charge a penalty/very high interest if you don't. I don't know the line of credit interest but I think they're usually quite a bit. Quote Link to comment Share on other sites More sharing options...
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