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Updated over 5 years ago,
Should I use 414h money to pay off cc debt
I'm just about 62 years old.
I have $266,000 in a 414h account. This is like a 401k but for government employees
I have 50k in assorted credit card debt.
cc interest ranges between 14 and 22%.
My salary is just under 100k a year.
I want to retire at 66 and 4 months old or sooner
I've got another 200k in equity in my home.
I already get a pension of $530 a month
My question is - the payments on my cc debt is over 1000 a month - should I take a 50k disbursement from my 414h account and pay off and wipe out this debt?
Open to any and all advice on this matter - thank you in advance.