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    dan619's Avatar
    dan619 Posts: 2, Reputation: 1
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    #1

    Sep 15, 2009, 06:41 AM
    IRA to pay credit cards
    I owe $30000. To credit card companies (3) and have $30000 in an IRA. Would using that money to pay off the credit cards be advisable? I overpay my withholding taxes every year and get about $10000 back, this would cover the taxes on the withdrawal of the IRA (I think).
    DownUnder's Avatar
    DownUnder Posts: 492, Reputation: 24
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    #2

    Sep 15, 2009, 09:57 AM

    I woud not touch the IRA,work out a payment plan and stick to it.$ 30000 is a lot of credit card debt. Seems better sense to me to put that tax money refund toward paying off the debt. If you are younger than 59 1/2 the penalities and taxes will be huge.
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