I have a CC balance of 46K, 23K, I am about 2 months pass due, I pulled 40K out of 401
To try to settle all these amounts, should I try to settle each one equitably or pay
The lower off in full and try to settle for a lesser % of the higher one ? I know it
Is going to affect my credit anyway, Please advise ? I would like to get $ out of
My house's equity(I own it outright) to pay, but its like a catch 22 situation(they
Look at your credit to lend you $. Please advise ?

Is that $40K after or before the tax and penalties you will pay on an early withdrawl?


Pay off the highest interest rate card first (or are they the same).. then work your way down to the lower interest rate ones... that reduces the actual monthly interest charges and helps you make headway faster.

I cannot afford the monthly payment on both cc, I want to settle the whole balance. The money is before tax income so I have already paid the 10% withholding, I will have to pay tax on it. I know in order to settle
I will get a bad credit mark on my report plus 1099 next year. I just cannot pay both cc monthly. I would
Either pay off the lower balance one and try to convince the higher one to take 50 % if possible or should
I ask both to take 75 %? or should I convince both to take 50 % and conserve cash for next tax year, because
It will be a whopper of a tax bill.

Phantom4073 does not find this helpful : I cannot afford the monthly payment on both cc, I want to settle the whole balance. The money is before tax income so I have already paid the 10% withholding, I will have to pay tax on it. I know inorder to settle I will get a bad credit mark on my r


Jeeze... did you even bother to read the site rules about WHEN you are even allowed to give a not helpful... its very rude to do so and I am offended.

I am sorry I did not read the rules.

I am sorry I did not read the rules.

Smoothy actually gave you very good advice. By paying off the higher interest card first, you eliminate that payment so you wouldn't have two payments. I can't see how you could have found that advice not helpful. As noted, a negative rating is only to be used with a factually incorrect or inaccurate answer, which his was neither. So the rating has been removed.