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should i take money out of my 401k to pay off credit card debt or file chapter 13...i have 35,000 in credit card debt. i can take up to 50,000 out of my 401k, but it has to be paid back at 6 percent interest. chapter 13 lawyer says i would pay around 350.00 DOLLARS PER MONTH FOR 5 YEARS. WHICH IS THE BETTER WAY TO GO

jameshogg · Posted: Thu Dec 04, 2008 10:58 pm Post subject:

Hi Guest,

Taking out money from your retirement account is not a sound option in my opinion. Before filing for a Chapter 13, you can check out the options of debt consolidation and debt settlement. In debt consolidation, the interest rates for paying the debts can be reduced. In case of a debt settlement, your payments may be reduced by either 40%-60%.

I know of a debt consolidation community - "www.debtconsolidationcare.com". You can visit their website and consult with the financial coach who can assist you in solving this issue.

Thanks

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