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    coachet7's Avatar
    coachet7 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    May 30, 2007, 08:23 AM
    Eliminating debt
    I am 30 years old and just got divorced. I have assumed a lot of debt from the marriage. I have several credit cards with a combined $12,000 debt. I have student loans with a couple thousand dollars left to pay. I am struggling to make ends meet with all the interest charges. I have a second retirement policy that I am thinking about cashing in to help eliminate about 1/2-3/4 of this debt. Is this a good idea? I am running out of options.
    ballengerb1's Avatar
    ballengerb1 Posts: 27,378, Reputation: 2280
    Home Repair & Remodeling Expert
    		  
    #2

    May 30, 2007, 12:01 PM
    Your interest charges on the credit cards is going to kill you. You could be in the reange of 21% and your retirement account is not likely to beat those numbers. Cash it in, you have 35 more years to rebuild your retirement.
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