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 Post subject: need help with credit card debt
PostPosted: Tue Aug 09, 2011 1:14 pm 

Joined: Mon Aug 08, 2011 8:02 pm
Posts: 1
I am currently a graduate student earning $22000 a year through my assistantship. I have incurred a debt of $15000 mainly on credit cards due to lack of emergency funds and a whole load of problems. In addition, I have had bad management skills to live within my means. At this point, I have 2 more years until getting my doctorate degree and thanks to this and other forums and resources are starting to plan my financial situation. I currently have saved $2400 for emergency fund and do have $30K on retirement (401K).

I was considering taking money out of my 401k to cover the costs of the credit card debt and start fresh with more responsible habits but from what i have read this is not a good idea. Any advice on organizing myself to pay this debt. I currently transfer all the owed money to one credit card so that I can zero percent for a year so as to pay as much as possible interest free.

Any advice you can provide me will be helpful.

Thanks
missengine


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 Post subject: Re: need help with credit card debt
PostPosted: Tue Aug 09, 2011 2:10 pm 

Joined: Mon Feb 04, 2008 7:35 am
Posts: 1148
Location: Maryland
If you write out your monthly budget, we'll help you trim the fat.
Until then, we can't really help except to say 'don't take money out of your retirement unles you're retired.'

Good for you for wanting to right the sinking ship.


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 Post subject: Re: need help with credit card debt
PostPosted: Mon Aug 15, 2011 10:51 pm 

Joined: Mon Aug 15, 2011 10:31 pm
Posts: 2
Location: USA
I think , First you should take a list of your priorities, And after that, You should see what suits you more and what does not. If this calls for withdrawing your earning, Then go for it, But you can think of various other ways too.

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Smuline


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