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Credit Card Debt

I am a 57 yr. old single female. I never expected this to happen to me. I am $40,000 in credit card debt.  I have $24,000 in a 401k.  I only make $11 per hr. and work full time. I have come to a point where after paying my rent and utility bills, car ins., etc. I cannot make the minimum payment on my credit cards.  Should I withdraw enough money from my 401k to meet my monthly minimum cc payments of approximately $1000 or more per month.

I would appreciate your advice so much!

Heidi

 

 


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There is no such thing as a stupid question,not having the correct answer is inexcusabile.

No never use the 401 k except for extreme things like urgent medical issues or for the down payment to buy a home.Credit card debt can be either reduced to a amount lower than actual balance or even cleared if you file bankrupty. Contact a lawyer for the best options and do it quickley to protect your income from being attached by credit card company for non-payment.
Posted 2009-07-17T18:25:00Z
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Thank you.  I will take your advice.
Posted 2009-07-18T02:08:08Z
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