401K withdrawal versus paying credit card interest
We are thinking about withdrawing some funds from my husband's 401k. We are drowning in credit card debt and can not see our way out. He's 51 years old but probably won't be able to retire at 65 anyway. My thinking is that we pay off all card debt and with the money that would go for monthly payments, we can make extra principle payments on our home to try and have it paid for when he does retire. We've considered bankruptcy, but have had excellent credit for more than 30 yrs and we really don't want to have to ruin it at our ages. However, every month gets harder and harder to make these payments. In your opinion, would it benefit us to get rid of the card interest,versus the tax and penalty on the 401K?