Please give me Credit Card Debt advice

Help Needed / Question Forum
1

I’m in a massive hole with credit card debt and need some advice. I have about $13,000 in debt with a staggering 29% APR. Even though I pay a little more than the minimum each month, the interest keeps me from making any progress. Getting a new job isn’t an option right now, and my rent in Miami is sky high.

I have around $60,000 in my 401k, but that’s a last resort due to the penalties and fees associated with withdrawing it.

I’ve heard a lot about debt consolidation, both pros and cons. My husband is using Take Charge America, and I’m not sure if I should follow the same path.

Realistically, I can’t afford the payments for a balance transfer, even with 0% interest for 18 months. That would require about $700 a month, which I simply can’t manage.

Help!!!

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You have a large amount of credit card debt with a very high interest rate. It appears that you are paying more than the minimum yet are not making progress due to the interest. Don’t pull money out of your retirement account just yet. There are several choices to consider. You can try to consolidate your debts into a single loan with a reduced interest rate, but this may not be an option for you right now. You can also contact your credit card issuers to negotiate a lower interest rate, or you can consult with a non-profit credit counsellor to help you develop a debt repayment strategy.