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Author: cfdunton One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75540  
Subject: Re: IRA vs. credit card debt Date: 12/21/2000 6:25 PM
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That's definitely a bad idea! You would not only pay income tax on the money you take from the 401k but a 10% penalty as well.

If at all possible, leave the money where it is and pay off your credit card debt out of income. Put yourself on a budget and concentrate on the credit card until it's paid off. And don't use it any more.

I know that sounds pretty hard to do but you'll thank yourself in the long run.

Good luck!
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