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Personal Finances / Credit Cards and Consumer Debt

URL:  http://boards.fool.com/i-think-that-invading-principle-on-iras-to-pay-11238611.aspx

Subject:  Re: Cleaning up Mess Date:  9/9/1999  6:57 AM
Author:  larrydanny Number:  15503 of 312021

I think that invading principle on IRA's to pay down credit card debt is not wise. You will pay income tax and a 10% penalty, as well as give up one of the best things goings taxwise that uncle same gives us.

The best thing to do is stop using your credit cards and pay cash. I you don't have the money, don't buy it.

Secondly, I would find an extra job that you can earn some money to pay off that high balance on your credit card.


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