I have credit card debt, and a 401k account from my last job that equals that debt, what are my options here?

1 Answer

Answer :

Are you sure about the $2k? I believe you lose more than that because you are looking at taxes + penalties for early withdrawal. I would try to negotiate with the credit cards to get a lower interest rate. Also, if you have any room, try to do a balance transfer (watch out for the transfer fee).

Related questions

Description : What happens to ones debt when someone because deceased?

Last Answer : I think it gets passed on the living relatives or children.

Description : Which debt payment plan would you choose/suggest?

Last Answer : I think you can figure it out. After raising my family I was in a good bit of debt and I consolidated it with a credit line then moved it to a zero interest credit card for 12 months ... got out of debt. Just be careful about opening and closing credit card accounts-it affects your credit score.

Description : Have you used any debt relief programs, or do you have anyone you would recommend for taking over my Sallie Mae Loans?

Last Answer : answer:I'm in the same boat as you, and unfortunately right now with the economy being what it is you're going to be hard pressed to find anyone. Wells Fargo has a program, but with them as ... your income increases . added side bonus they tend to pay the loan off faster in the long run).

Description : I'm not far enough in debt to get debt relief, but im just far enough behind where I can't get ahead. How can I become debt free when I seem to be stuck?

Last Answer : Welcome to life. Sometimes you just have to deal with bad credit until you have the means to take care of it. Survival is your first priority, this means shelter, food, and environmental control (electric). Any ... nothing to scoff at, but in the big scheme of things it is not the end of the world.

Description : Does anyone know how I can help my friend consolidate his debt?

Last Answer : I reccommend Dave Ramsey’s book “Financial Makeover” not only will it help him get out of debt but it will keep him from going back into debt. There is a chapter where debt consolidation is discussed.

Description : how to get out of debt

Last Answer : Stop borrowing, reduce spending and cut costs. Make higher payments. Pay extra on high interest loans first. Find something to do on the side that adds to your income.

Description : What's the easiest way to get out of debt?

Last Answer : money.

Description : Should prisoners get a bill at the end of a stay in jail?

Last Answer : Funny.. My mom did ten years. She got out and was straddled with a 2.5K bill for parole fees.. If she didn't pay the bill she would violate the parole and go back in for another ten ... think this is a serious proposal. You get disability. Maybe you should be making doilies to payback what you get.

Description : 10 US industries that may never recover. What would you do to rebuild the economy?

Last Answer : answer:So if we can just stop all Government spending too, everything will balance. We can become like the libertarian paradise of Somalia. Woo hoo! No government! Freedom! But seriously, we ... projects are using Chines hardware. We are losing the first big economic contest of the 21st century.

Description : Can a payday loan company garnish my wages? Also are they allowed to call my work and speak to other employees and tell them that I commited Fraud?

Last Answer : answer:When you took the loan, I'm sure you put your name on a contract. If you didn't meet the terms of that contract, they are allowed to try to claim their money. My rule of thumb ... a harassment claim, but that would likely cost you money to pursue. Still, most lawyers give free consultations.

Description : I got sick and now I am in financial trouble?

Last Answer : I can’t think of what to say except {{{hugs}}} @Just_Justine.

Description : What's a good way to get student loans organized?

Last Answer : See if you can get the Federal Student Loan Program to take over your debt.

Description : Jocelyn takes home 2600 per month from her job as a paralegal if you’re only debt obligation or a car loan payment of 480 and a credit card payment of 80 every month is she in danger of credit overload?

Last Answer : Yes, because the sum of $480 and $80 is greater than $520.2600x20%= 520

Description : SHOULD I REDUCE 401K DEDUCTION TO PAY CREDIT CARD DEBIT?

Last Answer : If your tax savings and 401K investment return combined are higher than your credit card debt interest, then no.

Description : I already have a checking account. What are your credit card options Do you have one with cash back?

Last Answer : American Express has a great credit card that gives 5 percent cash back on purchases.

Description : Can I roll over my 401k plan from my last employer to my IRA account?

Last Answer : Yes you can in fact do this. You will have to speak to the company who has your IRA and discuss with them the steps in order to do this.

Description : I forgot my password on amazon.com and i tried to recover it by clicking the "forgot password?" link and it wants me to enter the last four digits of the last credit card I used but I didn't use a credit card I used a checking account. Please help.

Last Answer : Why don’t you just open an new account?

Description : How do I get rid of my credit card debt?

Last Answer : I would talk it over with the credit card company. Maybe they can work something out. If desperate you can sell some stuff. Online or to a pawn shop. Try to at least pay the minimum balance owning every month.

Description : Can you be arrested for credit card debt?

Last Answer : answer:You won't go to jail for it. You could be fined for not paying the bills on time. It will certainly affect your credit rating. I would contact the credit card company, they may allow you to ... now (which takes the funds directly out of my bank account). All I ever pay is a transaction fee.

Description : Best way to wipe out credit card debt?

Last Answer : Wipe out the ones with the highest interest first.

Description : When I compare my school loan statements and my credit card statement and my car loan it appears to me that school loans operate like credit card debt?

Last Answer : My loans were like a car payment, if I remember correctly. But have you ever deferred any of your loans or ever had them in forbearance? Depending on the type of loans you have, that would effect the total amount ... to pay them off. Ugh! Can't tell you how glad I am that that's over and done with.

Description : If I consolidated all my debt, would I have a good chance of getting a credit card or loan with a decent cedit line? How long does it take to consolidate debt?

Last Answer : answer:Your eligibility for a credit card or loan with a decent amount of credit would depend on your credit report and credit history. Lots of open credit accounts, late payments, and number ... the lender you are looking to consolidate with. Both will look into your credit report for information.

Description : Roll-Down Your Credit Card Debt!?

Last Answer : Roll-Down Your Credit Card Debt!The Credit Card Roll-down Calculator applies two simple principles to paying off your credit card debt.Payoff your highest interest rate first.When a card balance is paid in full ... is paid in full. Click the "View Report" button for a detailed look at the results.

Description : How to Get Honest Credit Card Debt Advice?

Last Answer : Credit card debt is at an all time high and the US Census report states that every man, woman in child in our nation has an average of $8,000 in consumer debt. Credit card debt advice can ... will all tell you that negotiation is the best way to settle your accounts with various lenders for u

Description : Should I Consider Credit Card Debt Consolidation?

Last Answer : Let the great debt-ate begin. Many Americans are still being hithard by the economic downturn of the past couple of years. Thoughthe economy is beginning to show signs of life and the job ... enjoyable either. Ofcourse, you weren't complaining when you were buying those JimmyChoo shoes or new Gucc

Description : Where can I find free credit card debt advice online?

Last Answer : You don't have to fight alone if you're worried about debt. Speaking with a qualified and experienced debt advice about your circumstances will assist you in determining the best course of action for you. For more information contact now : 03301226372

Description : How will a consolidation loan effect my finances with $20,000 in credit card debt?

Last Answer : A consolidation loan will pay off all of your bills and give you one payment. This program will only really work if you cut up your credit cards and have discipline.

Description : How much credit card debt do I need to qualify for consolidation?

Last Answer : Most debt consolidation companies advertise that you need $10000 in debt. There is actually no real amout, but less than $10000 and you are generally advised to pay it off yourself to save your credit.

Description : Credit Card Debt Collection Laws?

Last Answer : Credit cards are unsecured debts; your creditor can't take away any of your property if you fail to pay the debt back in accordance with your card agreement. Your creditor can sell the debt to ... bankruptcy or if they receive a notice of a lawsuit against them by a creditor or collections agency.

Description : How can someone pay off their credit card debt?

Last Answer : There are many companies in exsistence today that can help people with growing credit card debt, such as; Consumer Credit, Care One Credit, and a company called Credit Card Debt. One of these services will steer you in the right direction in lowering and eliminating your credit debt.

Description : Where can I find more information about loan to pay off credit card debt?

Last Answer : There are a lot of sites offering advice on this topic. The first one I found is here: http://www.fool.com/personal-finance/credit/9-ways-to-pay-off-debt.aspx

Description : What are the fastest ways to pay off credit card debt?

Last Answer : One of my first suggestions would be to pull a copy of your credit report. I would then have you go through and pay off each incident on the report. A financial advisor could help you to get all of these incidents in line.

Description : Where can I get advice on credit card debt solutions?

Last Answer : I am so in debt and I am worried about paying my credit cards. Where can I get advice on credit card debt solutions?

Description : Where can I find some credit card debt solution ideas online?

Last Answer : My financial crisis began when I requested for some student loans to help support my masters programme. I knew little about the terms and conditions of the loan and I didn't care much as at then because I was ... the debt. I didn't believe until k checked my debt profile and I saw it was all gone!

Description : Where can I got to get rid of my credit card debt?

Last Answer : It is always easy to think just because you pay off your debt your credit score goes up, but that is not true at all. Many credit companies don't tell people that are suffering with credit debt or ... you out. Get in contact with an expert. If you need more information contact me at 786-792-2002

Description : Where are credit card debt help offices?

Last Answer : You can get information on how to reduce your credit card debt from credit card issuers like Bank of America, Wachovia, Chase Manhattan, Wells Fargo, Citibank, and your local credit unions.

Description : Where can I find information on how to get out of credit card debt?

Last Answer : You can get information on how to reduce your credit card debt from credit card issuers like Bank of America, Wachovia, Chase Manhattan, Wells Fargo, Citibank, and your local credit unions.

Description : Where online can I check my credit and review my credit card debt?

Last Answer : Look at freecreditreport.com to find out your credit score. They have great commercials and they are free. What more can you ask for? If you need help improving your credit score they will probably have some ideas for you there.

Description : Where can I learn how to quickly pay off my credit card debt?

Last Answer : Typically classes regarding paying off credit card debt are offered by community based organizations. The best bet for paying off credit card debt is to go see a credit couselor.

Description : Although I'm no longer employed, I have a 401K account through a former employer. Is there a way for me to continue contributing to that 401K account?

Last Answer : I am not a financial wizard or anything, but I’m pretty sure you can not continue contributing to that account. Have you looked into rolling it over into an IRA and then you can add your contributions to that IRA.

Description : Where can I find any information on guaranteed retirement account proposals and claims of confiscation of 401k funds?

Last Answer : answer:I hadn't even heard the term until you mentioned it. It's all news to me. I did a google search for Guaranteed Retirement Account and found the same links you can find doing that search. So I ... right-wingnuts. I don't know yet, but it's something else to know about'. Thanks for the Q.

Description : How would I open a 401k account?

Last Answer : A 401k is a employer sponsored retirement plan for small and large companies. You can visit sites like Fidelity.com to apply for a 401k account.

Description : Is a 401k account really a good investment?

Last Answer : That depends. If you are not a good saver and traditionally spend your money quickly, a 401K is a good investment to make sure you have money when you retire.

Description : What will happen if I decide to withdraw money out of my 401K account before I reach retirement age?

Last Answer : You will get nailed with at least a 10% penalty and have to claim it as taxable income besides, unless you can do it on a 401k loan wich you repay to yourself at a set interest rate. (a much better idea)

Description : What is the best way to roll over a 401k account?

Last Answer : To avoid any penalties you should roll your 401k into an IRA account.

Description : I have a 401k account from a previous employer can I roll my funds over to a money market account without penalties and withdrawl from it months down the road ?

Last Answer : A lot of the answer depends on your age. If you are younger than 59 1/2 you will have a 10 % penalty on the amount you withdraw from your 401K and the amount will be regarded as income in ... 401K but there are regulations the IRS has on how much you can withdraw each year depending on your age.

Description : Can you rollover an old 401k into an IRA account?

Last Answer : You can roll over a 401k account into your IRA account. This is cost effective and relatively easy.

Description : 401K Account?

Last Answer : form_title=401K Account form_header=Take control of your retirement. Secure your financial future with help from 401K. Do you already hold a 401K account?= () Yes () No Are you planning on leaving the ... Roll It Over To Another Account How much longer to plan on contributing to your 401K account?=_

Description : The Most Popular 401k Rollover Options?

Last Answer : Employees with a 401k have several options available when leaving an employer. Some individuals choose to leave the plan in place because of the high returns or other benefits. Others decide to cash the plan ... to be paid on the funds. All future contributions to the Roth IRA are post-tax deposits.

Description : For any EBAY sellers on here, do you see the buyer's credit card number?

Last Answer : No but it’s usually paid through PayPal.