No. of Recommendations: 0
Looking for the right answer here. I have about 12,000 dollars in low interest credit card debt, should I cut back on my 401k contributions to pay it all off? I could cut it back to the employer match which is 6%, rather than the 12% that we contribute now. I hesitate to because we've only just started contributing last year and I want to play catch up with it. But The credit card debt prevents me from having an emergency savings or any other savings for that matter, so the 401k is all we really have. I could pay off the cards quicker and raise my contributions back up. The percentage rates are at 7.5 for both. I am currently able to throw only 600 dollars a month at this 12,000 thousand dollar weight. Any opinions?
Print the post  

Announcements

UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement