jessica617
Confused about dryer sheets
Hi all. I haven't posted on here in years, but I need some advice and you've all been so helpful in the past.
I have been making a lot of progress in the past few years, but I'm still struggling with some credit card debt. I've negotiated with my creditors and lowered my interest rates, sold my car, and moved in with three roommates to save money, but I'm still not happy with my debt. On top of this, I just started grad school, digging my student loan debt further into the hole.
I have $17k+ in my 401k and I modeled a loan scenario with Fidelity. I could borrow up to $8500 with a repayment interest rate of 5%. This is still lower than my credit card rates. My instinct is to use that money to pay down some debt, because I figure I'm still young enough and it's not that much money to make a huge difference in the big picture.
I guess I'm just looking for advice from anyone who has done this, and wondering if there are hidden dangers beside the obvious. Oh, and since the payments come straight out of my paychecks, is there a way to pay it back in full if I want to?
Any help is much appreciated as always! Thank you!
Jessica
I have been making a lot of progress in the past few years, but I'm still struggling with some credit card debt. I've negotiated with my creditors and lowered my interest rates, sold my car, and moved in with three roommates to save money, but I'm still not happy with my debt. On top of this, I just started grad school, digging my student loan debt further into the hole.
I have $17k+ in my 401k and I modeled a loan scenario with Fidelity. I could borrow up to $8500 with a repayment interest rate of 5%. This is still lower than my credit card rates. My instinct is to use that money to pay down some debt, because I figure I'm still young enough and it's not that much money to make a huge difference in the big picture.
I guess I'm just looking for advice from anyone who has done this, and wondering if there are hidden dangers beside the obvious. Oh, and since the payments come straight out of my paychecks, is there a way to pay it back in full if I want to?
Any help is much appreciated as always! Thank you!
Jessica