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Contributor
I make around 310k per year. My new wife makes 72k per year.
She just finished selling her home and she used all the proceeds to pay off all her debt.
Me, I'm still in a lot of debt, because I used high interest CC's to pay for an elite college (zero fin aid, family didn't help, didn't qual for private loans)...so much so that I feel "broke". I pay 4K (48k year) in min payments monthly (not including mortgage and regular bills). I just left my job and I'm working a new job and I have around 200k in 401k money that I could use to pay off everything.
I'm torn because I'm 40, however I feel that if I use that money to pay everything I could redirect 48k + max 401k (18.5k) to savings. Plus we could move away from the bad area we currently live in (new child).
Is my logic bad? I have zero equity in my house...bought at the wrong time and I had to pay a lot of money just to get to where I am now because the bank would not re-adjust my principle. Am I nuts?

1 REPLY

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Hi Google me,

 

I would recommend you giving our Financial Improvement Team a call. FIT helps members with Debt Management, budgeting and building and maintaining good credit. If you would like to speak to this team, please call (800) 245-9360 between the hours of 8am-6pm central time. Best of luck to you!