Need input on best way to pay off credit card debt?
I һаνе аbουt 120,000.00 іח mу companys ESOP рƖοt. I һаνе аbουt 15,000 worth οf credit card debt. WουƖԁ іt bе best tο consolidate wіtһ a equity loan οr retreat money frοm mу һаνе a supply οf?
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If I were you I would sell the have a supply of to become debt free for 2 reasons.
1. NO loan really pays of debt. It simply renames the debt.
2. $120,000 is WAY to much to have in any single investment. You need to diversify NOW. Can you say ENRON? If the average Enron employee had their 401(k) in ANY mutual fund, instead of 90% Enron have a supply of, they could have walked away from the collapse with no more impact than losing a job at McDonald’s.
Sean T: I will give you the benefit of the skepticism and assume you reflect an ESOP is a tax late plot (It isn’t). Not 15 min ago I heard Dave Ramsey tell a caller he would be out of debt in 20 min if he had enough money in an ESOP. He routinely tell people the NEVER have ANY funds in individual stocks.