Comments on: Need input on best way to pay off credit card debt? http://howto-howto.info/credit-card-debt/need-input-on-best-way-to-pay-off-credit-card-debt/ How To Get Out Of Debt Sat, 04 Jun 2011 12:01:18 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: STEVEN F http://howto-howto.info/credit-card-debt/need-input-on-best-way-to-pay-off-credit-card-debt/comment-page-1/#comment-2330 STEVEN F Mon, 09 Nov 2009 02:24:34 +0000 http://howto-howto.info/credit-card-debt/need-input-on-best-way-to-pay-off-credit-card-debt/#comment-2330 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. 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.

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