Personal Finance Weekday Help and Victory Thread for the week of November 25, 2019 |
- Weekday Help and Victory Thread for the week of November 25, 2019
- Scam emails from Synchrony Bank and/or Amazon Credit Builder
- Beware - Online account hacked, order buried in intentional spam.
- Synchrony Bank / Amazon CreditBuilder Account... Scam?
- Designate a few hours each year to trim your expenses
- A friendly warning about no/low interest financing and accrued interest.
- Weird emails from Synchrony Bank - possible hack?
- How can we set ourselves up for financial success in our early 20’s
- I'm dumping Wells Fargo after 20 years of being their client. What is the best bank to switch to in the western US?
- Manager making public comments about my personal finances at work?
- Considering bankruptcy, any advice?
- Does filing for chapter 7 remove charge-offs from your report? Or should I pay them off?
- What do you invest in?
- Retired Mother Came Into Money And Is Scared To Lose Any Of It
- Paying back a portion of my signing bonus
- Should I help my parent pay off their debt?
- I'm trying to open a new bank account, but don't have proof of address.
- I'm self-employed, so I have no payroll taxes. I want to always know how much of the money in my bank account needs to be set aside for taxes. Is there any software that can do this automatically?
- Getting wildly different estimates on how much house we can afford
- Help me understand interest on a mortgage payoff statement
- Pension Options
- What curbed your spending problem? I feel like I've lost all self control
- Does anyone know if Whole Foods grocery delivery through Amazon is billed as Groceries or as Amazon?
- Personal loan or 401k withdraw to clear 50k of debt
| Weekday Help and Victory Thread for the week of November 25, 2019 Posted: 25 Nov 2019 03:07 AM PST If you need help, please check the PF Wiki to see if your question might be answered there.This thread is for personal finance questions, discussions, and sharing your success stories:
A big thank you to the many PFers who take time to answer other people's questions! [link] [comments]  |
| Scam emails from Synchrony Bank and/or Amazon Credit Builder Posted: 25 Nov 2019 10:12 AM PST I received 3 emails this morning stating two things:
Since I had never heard of Amazon Credit Builder, I called Synchrony Bank via a phone number I found on their website and verified in an email I know was legitimate from them. (I have a retail CC they manage.) The agent who answered guessed why I was calling before I said anything. She asked if I was calling about an email or text message I received this morning. She stated the emails were not sent by Synchrony Bank, and they are still looking into what happened (see edit1). It is unclear if all of their customers received the email, or if my account info in specific was compromised. She stated they would send an email to affected customers when they knew more.
Edit1: Others are reporting that some Synchrony agents are saying they sent the emails, but in error. Sounds like they haven't quite gotten their customer facing message consistent yet. In any case, do not click on any links in the emails. Edit2: Commenters are reporting various similar responses from Amazon and Synchrony. All signs currently (as of 2:30pm ET) point to this being a technical glitch on the part of Synchrony, and not a scam or phish attempt. I will update this post again if either company puts out a statement. Edit3: While we are waiting for a statement, I wanted to share the text of the tweet that @AskSynchrony is using. This is the most official thing I've seen in writing so far: "Thank you for reaching out. We are aware of an unplanned customer notification that is affecting some consumers & are investigating the issue. We apologize for any confusion & concerns this may have caused. You do not need to take any further action at this time." Edit4 - 4:35pm ET: Synchrony added the following banner to their website: "ALERT: We apologize for any confusion an unplanned email from Sycnhrony may have caused today. No action needs to be taken at this time." (Yes, the typo is theirs.) [link] [comments]  |
| Beware - Online account hacked, order buried in intentional spam. Posted: 25 Nov 2019 05:53 AM PST Not sure if this is the correct place, but I have seen a lot of scam posts recently and haven't seen any like this. Last night I got an email from Target thanking me for my online order, a 43" TV. Knowing that I didn't order anything, I asked my wife if she had. Within moments I received another email stating the shipping address was updated successfully. I checked and the new address and it was a warehouse in Jamacia, NY. Moments after the address change, I was subscribed to 60+ Department of State newsletters through govdelivery.com . If I wasn't holding my phone when the first email came through, I would have likely just seen 70 spam emails, unsubscribed from any I could, and deleted everything. When my Target statement came in, I would have shaken my head at my wife for spending more than she told me, and just paid the bill. Target was able to cancel the order, change my password, and issue a new card, but I almost didn't catch it and I know many whose overflowing inboxes would have missed it. [link] [comments]  |
| Synchrony Bank / Amazon CreditBuilder Account... Scam? Posted: 25 Nov 2019 10:32 AM PST Hello all, I used to have a savings account with Synchrony Bank, but it has been closed for some time. This morning I received two emails with no body (aside from the Synchrony Bank small print) and these subject lines: "A Trial Deposit Has Been Successfully Made to Your" "A Trial Deposit Has Been Successfully Made to Your AMAZON CREDITBUILDER" Thing is, I don't have an Amazon Creditbuilder account. I attempted to call Synchrony, but can't get through since I have no account number. Anyone have any thoughts? Update... third email: "Action required on your application" From a below reply: "I called the Synchrony Bank Amazon number (18666348379) and got a customer service rep after navigating through their automated line and being on hold for about 25 mins. She explained that this is a known issue with their system and a bunch of other people received the same emails. She said not to worry about it for now (but an official follow-up email from them would be a lot more reassuring)." [link] [comments]  |
| Designate a few hours each year to trim your expenses Posted: 25 Nov 2019 06:09 PM PST Near the end of every year I always take an entire day to take a high-level look at my expenses and try to identify areas where I can reduce expenses and eliminate waste. I'm not making new year's resolutions like stop eating out so much but am more identifying monthly charges that just aren't necessary or switching insurance providers - stuff like that. I have usually been able to identify more than $1,000 in savings in this one day each year making it a very well-paid day. That $1,000 in savings often tends to also be $1,000 in savings every year going forward rather than a one-time deal as well. These wasteful expenses will be different for different people but here are a few items I identified two years ago as examples:
Total that year was $1,531 going forward. TLDR: You can probably save a good deal of money just by spending a little bit of time identifying and eliminating wasteful expenses. [link] [comments]  |
| A friendly warning about no/low interest financing and accrued interest. Posted: 25 Nov 2019 02:48 PM PST While I'm sure most people on this sub know about accrued interest, a story from a friend (who's usually quite financially savvy) made me realize it might not be common sense and is worth posting. My friend, after purchasing his first house, bought around $14,500 worth of furniture, appliances, etc. from two big box retailers. He had applied and been approved for a 0% interest, 24 month consumer loan for the full amount with no minimum payments. He knew the interest rate on the credit was high (32%), but as he's pretty financially secure with a good job he had no worries about paying it off on time. He apparently was willing and could have paid for everything at the time of purchase comfortably, but figured that a no-interest loan for 24 months is too good to pass up, and he'd be better off investing the money over that time period. He never forgot about it, and with about 2 weeks left he paid off almost the full balance. He transferred $13,000 from his and his wife's easy to access accounts (chequing). He didn't have the full amount in the two chequing accounts and thought it would be a hassle to move around his investments to pay it off, so he figured he'd just bite the bullet and pay the 32% interest for a bit until his next paycheck came at the end of the month. He didn't realize what accrued interest is, and that the terms of conditions of the consumer loan stated that if the full amount was not paid by the end of the promotional period, accrued interest is paid on the owed amount from the BEGINNING of the loan. After the promotional period ended, the $1.5k he had left on the account turned into 12k, as two years of compounded 32% interest from the 14.5k was added. Yes, a fairly simple mistake ended up costing him over 10k. He has taken up the issue with both the financing company, as well as the two retailers (who he claims advertised it as the interest starting after the promotional period), but realistically it is looking like he will be on the hook for the whole amount, as the terms were pretty clearly laid out - he just never took the time to read and understand them. He told this story to about six of us, and most of the people listening were shocked and had no idea that financing loans can work that way. Hopefully this post can stop others from making what is a simple mistake. Tl;dr: For many consumer loans you are paying interest for the ENTIRE time unless you meet all the terms and conditions. While 0% financing can be smart, ensure you don't miss any payments and pay off the whole amount or it can be disastrous. [link] [comments]  |
| Weird emails from Synchrony Bank - possible hack? Posted: 25 Nov 2019 10:23 AM PST This morning I have received 3 different emails from Synchrony bank verified by google mail as a legit email ID (customer.service@mail.synchronybank.com) - . First one was titled verbatim: "A Trial Deposit Has Been Successfully Made to Your" Content verbatim:- " Note: This email was sent to you by Synchrony Bank, the issuer of your Account. You may receive account servicing emails even if you have requested not to receive marketing offers by email for your Account. Synchrony Bank is located at 170 Election Road, Suite 125, Draper, Utah, 84020, USA. This is an unmonitored email box. Please do not reply to this email. Head off identity theft before it happens. For more information about identity theft, please visit the Federal Trade Commission's (FTC) consumer website at www.ftc.gov/idtheft/." Second one was titled: "A Trial Deposit Has Been Successfully Made to Your AMAZON CREDITBUILDER" Content:- " Note: This email was sent to you by Synchrony Bank, the issuer of your AMAZON CREDITBUILDER Account. You may receive account servicing emails even if you have requested not to receive marketing offers by email for your AMAZON CREDITBUILDER Account. Synchrony Bank is located at 170 Election Road, Suite 125, Draper, Utah, 84020, USA. This is an unmonitored email box. Please do not reply to this email. Head off identity theft before it happens. For more information about identity theft, please visit the Federal Trade Commission's (FTC) consumer website at www.ftc.gov/idtheft/." Third one was titled: "Action required on your application" No content at all I am not sure whether to treat this as a scam since email address is identified by google mail and it could be identity theft. Also I have used them before for unrelated credit cards but have no recollection of a similar type of email about those. Also none of these emails address me by my name. How should I proceed? [link] [comments]  |
| How can we set ourselves up for financial success in our early 20’s Posted: 25 Nov 2019 01:53 PM PST My fiancé and I are currently trying to merge our financial live before taking the big plunge. We are starting to figure out how we should handle our finances and set ourselves up for financial success. Here are our basics: Both 21. Her: Employed making ~3800/mo net Him: Employed making~2350/mo net We are both recent college grads, and somehow managed to get jobs in our fields within a few months of graduation. Both put 15% towards 401k Debt: CC ~ 8000/ or 240/mo (we had a major incident and couldn't help but put it to a card) Student loans~28000 or 300/mo (subsidize federal ~4%) Both have credit scores around 750 Savings: 0 in savings(yeah I know bad on us, but we didn't have the money as college students to save) Monthly expenses: Rent and housing(utilities incl): 1630 Car payment: 300 Insurance: 140 Debt Min payments: 550 Gas:140 Cellphones:80 Groceries: 300 Total expenses: 3050 a month. Net after expenses: ~3000 Our plan of attack: 1)Save up 10-12k as an emergency fund 2)Tackle credit card debt. And roll the amount we would be paying towards the next debt. 3) Pay off $7000 car payment to free up the 300 to put towards student loans 4) put every cent toward paying back student loans. We want to be debt free in 2.5-3 years. Now here are where the questions start. Is this the best way to go about paying off our debt? Should we pull back on 401k to pay off higher debt faster since returns on 401k are lower than the interest of credit cards and car loan? Any other concerns you see or budgeting issues you can note? What order should we pay off the debt? Where do babies come from? Why is the sky blue? What is a cronut? [link] [comments]  |
| Posted: 25 Nov 2019 04:26 PM PST Title pretty much says it all. It's just a personal checking so nothing special about it. Free checking would be best. Edit: Thanks guys. I have a snow day tomorrow so I will be checking all of these suggestions out! [link] [comments]  |
| Manager making public comments about my personal finances at work? Posted: 25 Nov 2019 05:15 PM PST Maybe this is half rant, but can somebody please verify to me that this isn't ok? Here's the story. I'm a millennial, born in 1987 and 32 years old. I have 2 degrees and work a decent technical job. It pays ok, but definitely not as good as it would have 2 decades ago. I live in a reasonably expensive city, but not crazily so. I get by ok, but no luxuries. Currently, I drive a 2006 car. It has some problems and needs maintenance to keep it chugging along. I was talking with a similar-aged coworker at work who is handy with cars, and was explaining a car issue with him. Our direct manager overheard and butted into the conversation. He said "why is your car losing so much oil?". I explained that it was from 2006. He seemed shocked. "Why don't you just get a new car and save yourself the headache?", he asked. Almost thinking he was joking, I said "because I don't have the money for a new car." He says "are you kidding? Just get 0% financing. For $500/month, all your troubles will go away!". This is getting awkward. There is definitely no room for $500 extra dollars a month in my budget. My troubles would definitely not go away. So I literally told him "well, you've seen how hard I've been working. Why don't you put in a word with upper management for me and see about getting me a $500/month raise, and I'll get a new car." He just says, "if I could swing that kind of generosity, then I'd be getting that raise for myself, not for you". Since that exchange, he has twice, jokingly, referred to me as a cheapskate in front of other coworkers. So today, I tried to talk to him privately and I told him that he shouldn't joke about me being a cheapskate in front of other coworkers. I even told him I'm good for joking around normally, just not about this. He got pissy and said loudly "well John (name changed) makes less than you and he has a new $40,000 car". I was so embarrassed I didn't even know how to respond. For the record, John is an idiot. I doubt he takes home $40,000 per year after taxes. I don't fare all that much better. A new car is not feasible for me. This isn't ok, right? I shouldn't have to feel ashamed in my workplace about how much money I do or don't take home. I'd love a new car that has no issues, but they're so expensive! It doesn't matter if people are doing it when they can't afford it, it doesn't make it a good choice. [link] [comments]  |
| Considering bankruptcy, any advice? Posted: 25 Nov 2019 06:36 PM PST Hello r/personalfinance. I've considered posting about his for a while, the time has come! Throwaway account because this is some real shit. I am considering filing for bankruptcy due to a bunch of credit card, and various other debts that are consuming most of my monthly income. Life is very crummy eating beans and rice everyday and not being able to upgrade virtually anything around me e.g. winter attite, car tires and maintenance parts, kids toys/clothes, etc. About me: 30 year old, married with a 3 year old child, my spouse does not generate any income and due to certain circumstances it is difficult for her to obtain employment. I work full time and have been the sole earner since several years prior to our child being born. I live in mid to high cost of living area. The debt: $15k car loan - $281/mo payment 5 years remaining on loan. car is worth about $10-11k so I am underwater a few thousand. I had refinanced the loan in fall of 2018 and got the payment down from $372. $11k student loans - $100/mo payment (pending) I stopped going to school a few months after starting a new job in the spring, the loans are coming due soon and I am considering applying for some type of aid or just enrolling in school full time to put them in forbearance (I have a union benefit from work that will cover tuition) $22k approx. Credit cards spread over several cards, total payments = $640/mo I am working with a credit counseling place that has about 3/4 of the total credit card debt in a plan with negotiated lower interest rates and payments. The remaining credit card debt is still in 0% interest promotional periods and not part of the consolidation at this time. When the promotions expire I can roll these debts into the plan. The plan is currently set to have the Lions share of the debt paid in 3 years. Monthly Budget: Rent - $1150 Phones - $50 Internet - $45 Car insurance -$100 Electricity - $150 approx. Gasoline - $150 Food and home supplies - $400 Total: $2045 Income: $2936 take home per month after health insurance and retirement contribution. I have been at this job for 9 months and enjoy the job. Great benefits and lots of promotion potential. I will receive a raise in January which will add ~$90 pet month. I will also be eligible for overtime in January which will add roughly $3-400 per month take home pay. Beginning February 2020 my monthly take home should be pushing $3500 which will help a lot. I've thought about trying to get a night job and grinding that for a year or so to pay down a lot of the debt, but getting to hangout with my family at all sounds pretty lame, and my day job is a bit stressful so 2 jobs might prove difficult to manage mentally. I have also considered donating plasma which could net me $2-300 per month but just haven't actually gone to the donation place. My goal is to buy a house in the next couple of years, I figure that if I file bankruptcy and then save the money I would be spending on the debt, I will have around $20k for a down payment in 2 years, and hopefully after that amount of time the banks would consider loaning me the cash. Do I try to grind it out and throw almost every penny at the debt for a couple of years and then try and save for down payment for another year or 2? Or do I look to file for bankruptcy and take the hit to my credit, but live a higher quality of life in the much more near future, and save for 2 years and try to buy a house? Thank you for reading my novel, any advice for me Reddit? [link] [comments]  |
| Does filing for chapter 7 remove charge-offs from your report? Or should I pay them off? Posted: 25 Nov 2019 03:15 PM PST I've got $35k in debt spread across 10 credit cards. Deciding between trying to pay them off slowly, or wiping them all out at once with bankruptcy. Salary is unstable and unclear in future. If I declare bankruptcy would that be the best option? Would that quickly wipe out all 10 of these accounts and remove their charged off status? The alternative is paying them down one at a time with the "snowball" method (smallest accounts first to get them off the record). But I'm afraid that as I pay them down, the rest are going to come after me and sue me and then I'll have judgements and it will be even worse. Also, my understanding is even as you pay off a charged off account it can be exhausting to update your credit report to get a "paid" status. This is all motivated by the fact I am doing this to try and pass my security clearance coming up. Any recommendations on what to do for this situation? [link] [comments]  |
| Posted: 25 Nov 2019 05:00 PM PST Everyone talks about how much money they put away into their accounts but I rarely see how people invest there money? What options did you choose for your 401K, taxable brokerage account, or Ira? Those of you who have multiple types of account how do you choose a strategy for each and is there a different strategy different for each account? [link] [comments]  |
| Retired Mother Came Into Money And Is Scared To Lose Any Of It Posted: 25 Nov 2019 07:00 PM PST Hello everyone, my mother is recently retired, and as a widow has been living off her pension and some savings. She got into a car accident and won almost $500,000 in a lawsuit last year. Her house is paid for and she took out around $10,000 from her savings last year to be able to pay her bills (because her pension isn't enough). She has a VERY low tolerance for risk, but her money is just sitting in a savings account earning 1% interest. Her lawyers advised her to invest, but she says she'd rather have money to give to her children and grandchildren when she dies, than lose it investing. The problem is she is only 61, and I feel there has to be low risk ways to earn enough interest on that kind of money so she doesn't have to dip into her savings, and so she can live comfortably for many more years. I don't know a lot about investing, but from what I've read earning 1% isn't going to be enough to even keep-up with inflation and all that. Does anyone have any advice I can share with her? I really appreciate any help. Thank you all so much. [link] [comments]  |
| Paying back a portion of my signing bonus Posted: 25 Nov 2019 03:48 PM PST I was hired at a company and as part of my compensation plan I was given a $10k bonus, on the condition that if I left within 24 months, I would have to pay back a prorated amount. I have received another job offer that I'm going to take. I have already paid the taxes on that signing bonus, but now that I'm going to pay it back, how should I deal with that in my taxes? EDIT: To make it clearer, I'm leaving my job *this* year, but I won't have to pay back the portion of my signing bonus until next year. [link] [comments]  |
| Should I help my parent pay off their debt? Posted: 25 Nov 2019 01:46 PM PST My parents have roughly 300k in debt split between a mortgage (250k), a car (15k), and a second loan (35k). They're about 60 years old and I'm worried they won't be able to handle it seeing they bring home only 90k a year. I'm currently making 110k a year (100k salary +10k bonus). After maxing out 401k and putting money in commuter benefits, I take home roughly 4,200 a month. 700 goes into my emergency fund and 400 goes into Wealthfront investment account. I moved in with them so I can pay 1000 a month to help pay off their debt. Should I reduce the amount I'm saving to help them pay off their debt? I'm not sure if it's the right move for me or not because everyone says I should focus on my own finances, but I'm worried they won't get out of this rut without any help. [link] [comments]  |
| I'm trying to open a new bank account, but don't have proof of address. Posted: 25 Nov 2019 04:20 PM PST Essentially the title. I'd like to open a new account without involving my parents, but I just turned 18, so I don't have any utility bills or any other documents to prove my address. I also do not have a driver's license. Not sure this helps, but I am also a US permanent resident with an SSN. Is there anything I can do about this situation, aside from getting my license? [link] [comments]  |
| Posted: 25 Nov 2019 06:29 PM PST I'd love software that connects to my bank accounts and watches for income, and then figures out what I owe in taxes so that I can never think I have more money than I actually do (due to the money I owe in taxes for the following year). Does this exist? [link] [comments]  |
| Getting wildly different estimates on how much house we can afford Posted: 25 Nov 2019 04:25 AM PST My husband and I want to buy a house that we can comfortably afford. We live around Charlotte, NC and our pre-tax incomes are 63k and 55k, for a total of 118k. Total student loan payments of $750/mo, but both cars are paid off and we have no credit card debt. We currently have a down payment savings of 40k, but could easily save up for another year or two to get a bigger down payment. I am seeing a lot of houses that I like in the 275-300k range, but I'm getting wildly different results on different websites' mortgage affordability calculators:
These estimates have a range of 185k, which is...confusing. 480k seems crazy to me, but if we can afford more than 300 while still staying in a comfortable zone, I would be interested in looking at houses in the 315-325 range. I also don't understand why the income x 2.5 method, which doesn't take monthly debt into account, is the most conservative estimate. Any help would be much appreciated! [link] [comments]  |
| Help me understand interest on a mortgage payoff statement Posted: 25 Nov 2019 04:34 PM PST Working on refinancing my house. I just looked at my mortgage payoff statement for the current mortgage and the interest is almost double the amount of interest I pay in my normal payment each month. I never really though about it too much, but I always assumed that I was either paying for the interest accrued this month (in which case I'd have nearly a full month's interest to pay since it's almost the end of the month), or I was pre-paying the next month's interest (in which case I'd own nothing). Neither of these scenarios lead to a situation in which I owe nearly two months interest, so I'm obviously missing something but I have no idea what. [link] [comments]  |
| Posted: 25 Nov 2019 07:16 PM PST My father (60 M) worked for 15 years for an organization that closed recently and he was presented with a few options for pension payments. 1) They will gave him 50,000 cash that's it or 2) they can gave him 25,000 cash and will get 250 every month for the rest of his life or 3)Wait till he is 65 and he will get 500 per month for the rest of his life. Although he is my parent he has never been good at handling money or building savings for himself. He is the type to lose money, literally could have $50-100 cash on him and misplace it (like its in my pocket let me put it on this chair and go about my day). He is also the type to buy unnecessary items that he does not need nor want with money and he is also the type to wake up and say I would like to do this business idea let me go try to do it and loses his money before anything is even started. Now my mother on the other hand is pretty good with money but her and my father bought their house a few years ago and their mortgage left is about $23,000. You would think that my father would pick option 2 so him and my mother can pay off their house but Noooo he would like the 25,000 and invest it. I am frustrated with him because growing up we were never financially stable and the concept of the "Man is the bread winner" was never the case in my house as he was unemployed for most of my childhood until my sibling was born. Now he has the opportunity to be somewhat stable and get rid of a debt and he is picking fight with me and my mother saying that he doesn't care about the house and wants the money to invest. When I asked him where would he invest it? He had no response, he said he has no idea how to invest and he truly doesn't. I work in finance so he came to me with his options and he was hoping that I would tell him to invest it but I do not think it would be wise. [link] [comments]  |
| What curbed your spending problem? I feel like I've lost all self control Posted: 25 Nov 2019 10:10 AM PST I've been using YNAB for a couple years now, and while it does give me an overview of what I have been spending, I find myself constantly just allocating more to my budget when I start running over my "limits". I understand how to budget and how much to budget, but I keep buying impulsively for myself, or for someone else (dates, family, presents, etc. I have been fortunate to receive an above average salary which only fuels this monetary fire. I spend close to $4200 a month on myself, leaving only about $400 in savings per month. Thankfully I do auto-contribute to a 401k / HSA, but that's not enough. This is less about providing a break down of my expenses and how to budget, because I know what I should be budgeting. My question is: How do I stop blowing money? Telling myself no is not enough. In the last week I have spent $1000. I felt my heart sink as I had saved essentially an entire pay check due to luck with how my pay cycle works / timing of bills, and then I watched as I depleted it all when importing my expenses today in YNAB. [link] [comments]  |
| Does anyone know if Whole Foods grocery delivery through Amazon is billed as Groceries or as Amazon? Posted: 25 Nov 2019 06:47 PM PST I have two credit cards. My Discover card currently gives me 5% back at amazon, 1% else. My Cap One card gives me 2% on groceries, 1% else. I'm going to be buying and ordering groceries from Whole Foods from Amazon, and I'm not sure which card to use. Obvoiusly if it bills as grocery, I would use my Cap One card to get 2% instead of 1%, but if it bills as Amazon I'd want to use Discover for 5% instead of 1%. Also, if anyone happens to know the same question but for Prime Pantry that would be helpful too. [link] [comments]  |
| Personal loan or 401k withdraw to clear 50k of debt Posted: 25 Nov 2019 06:38 PM PST I need to get rid of 50k in credit card debt trying to determine best course of action A 401k withdraw seems attractive as it will wipe out the credit card debt in one go allowing for a clean start. However I believe that to be the most costly option in the long run. A personal loan would likely be less than the credit cards but trading a loan for a loan. We also have a recently purchased house and a new car. I will be changing jobs soon and relocating so we will have the additional cost of an apartment as well for some time. I and my spouse make decent money both low six figures. but are having difficulty keeping up with the interest on the debt with our other expenses. Unfortunately since I am changing jobs and she is in hers less than one year a 401k loan doesn't seem like an option or I would do that. I considered a home equity loan but don't have enough equity built yet. [link] [comments]  |
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