Need input on best way to pay off credit card debt?
Monday, November 9th, 2009 at
3:24 pm
I һаνе аbουt 120,000.00 іח mу companys ESOP рƖаח. I һаνе аbουt 15,000 worth οf credit card debt. WουƖԁ іt bе best tο consolidate wіtһ a equity loan οr withdraw money frοm mу stock?
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Tagged with: credit card debt • Credit Debt • Equity Loan • Esop Plan • Money • Stock
Filed under: credit card debt
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If I were you I would sell the stock to become debt free for 2 reasons.
1. NO loan actually 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 stock, 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 doubt and assume you think an ESOP is a tax deferred plan (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.