No. of Recommendations: 0
I would first hold off getting married. You sure as heck don't want to start off a marriage under these circumstances. Can you borrow against your IRA? If you could the interst rate would be lower and you would have a specfic term to pay the loan back. Some allow you to do this. If you "cash it in you may get a 10% penalty and have to pay income tax at the end of the year on the amount you realize. You really need to see a money manager if you are 40K in debt with credit cards. I am sure you know at 12% it would take "years" to pay it up. Your monthly statement shows how much you are paying in interest. The advantage of a Home Equity loan is the interest you pay could be deductable on income tax. What you have to do is look at the payment options of either choice. Either one should be easier than the Credit Card situation you are in. Hope all works out well.
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