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    Tonya1's Avatar
    Tonya1 Posts: 4, Reputation: 1
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    #1

    Aug 18, 2010, 09:55 PM
    Owe $75,000 on credit cards, have $90,000 in 401k, laid off, what should I do
    Owe $75,000 on credit cards, laid off and r/c a servance package of $33,118. Yearly salary was $70,000 and Husband has $24,000 military retirement, $41,000 income, and $14,028 VA benefits. I was consider paying off the bills. If we were to do this we can live off my husband pay. In addition to the monthly bills I will have student loans come do next year. Which should be put on hold until I get a job. 401k and Pension pay total $90,000. What should I do?
    Clough's Avatar
    Clough Posts: 26,677, Reputation: 1649
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    #2

    Aug 18, 2010, 10:00 PM
    Hi, Tonya1!

    Do you own your own home, please?

    Thanks!
    Tonya1's Avatar
    Tonya1 Posts: 4, Reputation: 1
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    #3

    Aug 18, 2010, 10:01 PM

    Yes, will not equity.
    Clough's Avatar
    Clough Posts: 26,677, Reputation: 1649
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    #4

    Aug 18, 2010, 10:04 PM
    So, do you mean that you haven't owned your home very long then?
    Tonya1's Avatar
    Tonya1 Posts: 4, Reputation: 1
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    #5

    Aug 18, 2010, 10:08 PM

    Yes we owned it for 10 years, but the properties in our area are upside down.
    Clough's Avatar
    Clough Posts: 26,677, Reputation: 1649
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    #6

    Aug 18, 2010, 10:32 PM
    It would help for anyone addressing your original post if you would list all of your current monthly payment obligations.

    Thanks!
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