I have a consulting job at a big 4. Currently on the bench looking for a new project but if I don’t find one within like a month or two I’ll lose my job. I’m panicking. I currently make $160k and am the breadwinner at home. I have little savings and $15k in cc debt which I never miss a payment and pay more than the minimum. My goal was to knock that out completely this year. I’m actively applying to jobs and am considering getting a pt weekend job to throw complete at cc debt to get rid of it faster. Would I be nuts to cash out an ira or my son’s college fund to pay my mortgage if I do lose my job? He doesn’t want to go to college but may do trade school which I’d still pay for him. Any advice? Feeling way too much stress and depression from this. It’s eating me alive.
Advice on account to pull from
byu/Ok_Tomorrow_5648 inpersonalfinance
Posted by Ok_Tomorrow_5648
2 Comments
what kind of account is the college savings in?
your kid can borrow money to go to school, but you cant borrow money for your retirement, so retirement savings would not be the first place to scavenge from.
I personally would stay the course and pay down the debt. Let the family know about the finances and the situation. I’ve been in your shoes below. It takes awhile for it to all work out.