Comments on: Can You Use A Roth IRA To Pay Off Credit Card Debt? https://hotsidehustles.com/can-you-use-a-roth-ira-to-pay-off-credit-card-debt/ Drop your 9 to-5 for good Wed, 25 Oct 2023 15:28:46 +0000 hourly 1 https://wordpress.org/?v=6.5.3 By: Chuck Burkett https://hotsidehustles.com/can-you-use-a-roth-ira-to-pay-off-credit-card-debt/#comment-8113 Tue, 24 Oct 2023 11:22:28 +0000 https://hotsidehustles.com/?p=2526#comment-8113 Borrowing from their 401k might be a better option and leaving the money in the Roth. Interest on a 401k loan is around 9% so its not a big loss in the money not being invested. They need to stop debt accumulation, it seems their debt mindset is off.

]]> By: Paul https://hotsidehustles.com/can-you-use-a-roth-ira-to-pay-off-credit-card-debt/#comment-8115 Tue, 24 Oct 2023 04:24:02 +0000 https://hotsidehustles.com/?p=2526#comment-8115 They’re going to end up in the same hole they are in now in a few years. Sounds like they want to have their cake and eat it too with the trips, 401k contributions, and the desire for a house. Hate to say it but they probably better off following Dave Ramsey’s baby steps at least for a season.

]]> By: Lyle Myers https://hotsidehustles.com/can-you-use-a-roth-ira-to-pay-off-credit-card-debt/#comment-8114 Tue, 24 Oct 2023 02:46:32 +0000 https://hotsidehustles.com/?p=2526#comment-8114 😂😂]]> Great shoutout to my guy Josh 😂😂😂

]]> By: CCR X2 https://hotsidehustles.com/can-you-use-a-roth-ira-to-pay-off-credit-card-debt/#comment-8112 Tue, 24 Oct 2023 01:51:56 +0000 https://hotsidehustles.com/?p=2526#comment-8112 They obviously have a fundamental spending problem that needs to be addressed. Wow.

]]> By: Greg K https://hotsidehustles.com/can-you-use-a-roth-ira-to-pay-off-credit-card-debt/#comment-8111 Tue, 24 Oct 2023 01:26:06 +0000 https://hotsidehustles.com/?p=2526#comment-8111 They are limited to their Roth contributions. If they contributed less than the $50k, we would need to sccount for the penalties and taxes.

]]> By: ron engle https://hotsidehustles.com/can-you-use-a-roth-ira-to-pay-off-credit-card-debt/#comment-8110 Tue, 24 Oct 2023 01:02:25 +0000 https://hotsidehustles.com/?p=2526#comment-8110 In reply to Ken H.

Yep

]]> By: Ken H https://hotsidehustles.com/can-you-use-a-roth-ira-to-pay-off-credit-card-debt/#comment-8109 Tue, 24 Oct 2023 00:49:58 +0000 https://hotsidehustles.com/?p=2526#comment-8109 If they want to buy a home, the proposal would improve the debt/income ratio. Big improvement in cash flow. The one thing I’d be concerned with is this is the easy fix and if it does not alter the borrowing behavior that brought on that much debt they’ll be right there again in a few years. At that age and stage and income level, stop borrowing after that home purchase.

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