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Using 401 to pay-off cards.

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dendeedid



Joined: 12 Dec 2006
dendeedid's page
Posts: 1



57 Magic Points

Subject: Using 401 to pay-off cards.
 
Posted on Tue Dec 12, 2006 3:08 pm  

I have withdrawn $$ from my 401K to pay-off 2 credit cards. What percentage should I offer them to wipe out my debt?
Alex

Alex

Joined: 29 Jun 2006
Alex's page
Posts: 12



768 Magic Points

 
Posted on Tue Dec 12, 2006 6:13 pm  

Hi Dendee,

First you will need to pay off the principal amount but after a good negotiation you can get a waiver of about 40 to 60 % from your other charges and interest payments.

Other thing is that you should have looked at some other option to get the money instead of withdrawing from your 401k account as it not advisable to withdraw out of the 401k retirement account.

Alex

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