need help with credit card debt

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missengine
Posts: 1
Joined: Mon Aug 08, 2011 8:02 pm
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need help with credit card debt

Postby missengine » Tue Aug 09, 2011 1:14 pm

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

peachy
Posts: 1146
Joined: Mon Feb 04, 2008 7:35 am
Location: Maryland
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Re: need help with credit card debt

Postby peachy » Tue Aug 09, 2011 2:10 pm

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.

Smuline
Posts: 2
Joined: Mon Aug 15, 2011 10:31 pm
Location: USA
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Re: need help with credit card debt

Postby Smuline » Mon Aug 15, 2011 10:51 pm

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.
Smuline


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