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No. of Recommendations: 8

"Credit Cards:
BOA (business and not on credit report) $21,500"

I would not ever pull retirement funds to pay business credit. Are you self-employed or are these business expesnes that will be reimbursed by your employer? If the former, are you expecting payments to pay them down? If the business is continually losing money, how long can you keep it running?

"Discover: $13,500
NFMaster: $16,000
NFVisa: $3,700
USMaster: $21,500
USVisa: $11,000
USAMEX: $1,950"

Total 67k + - have you examined the causes of this debt to confirm that you have control of your expenses and are not increasing the debt monthly? If yoy do not have the current expenses under control, then even if you were to pay the debt, it would eventually return.

"Taking out $50K to get things started. I know I should probably pay the highest rate off first but would like some satisfaction of starting a snowball."

I do not like this idea.

Nonetheless, as someone noted, account for your taxes and penalty first. Another poster thougth 40% loss, but I would assume 50% until you actually calculate it.

Without listing interest rates, for the debts, I will not even venture a suggestion as to order of payment.

In another post you indicated that this was your debt, and you would own it, but without review, is that accurate? For example, your preemie child is both your and your spouse's child, so I hope that you did not pay 100% of unisured costs from your budget. Or perahps you are paying 100% of kids' expenses and your spouse is not contributing reasonably.

It is good that you want to own your debt and pay it off, but without a better understanding of how the debt arose, I am nout sure that I agree with your assessment.

I do not envy you your task, but you probably need a seriousl review of your expenses in order to increase cash flow to pay down the debt.

Regards, JAFO
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