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I’m $15k in credit card debt and living paycheck to paycheck. I have $3k in Cisco stock from their ESPP and $40k in a Roth IRA. I have no other investments and stopped contributing to my 401k because of my debt. Idk what to do. I’ve budgeted, cut down expenses, sold what I can, but bills keep piling up. Is it worth selling Cisco stock and withdrawing from Roth IRA to eliminate the rest of the debt or should I hold onto the stock and withdraw the full $15k from my Roth?
How old are you and TC
32 $200k TC
To not post tc & not even bother reading how ira paybacks work
TC or GTFO
1. Change habits (not many on here will but I recommend the total money makeover.) 2. Just Cisco stock Total money makeover isn’t the most “efficient” but it attacks your habits that got you here and I’ve never gone back.
The Cisco stock could definitely be the start of a snowball. Use that win to fuel you and the use the work you put in to change habits get you the rest of the way.
$200 TC in tech is not a lot. You could focus on a change in habits and work to switch jobs to get higher TC. Agree only Cisco stock and change habits, otherwise.
200k at Cisco is a lot. What are you, grade 11 at 32. I call BS.
200k is not a lot at Cisco, my TC is 330k and I’m Gr 11. For IT maybe though.
200k a lot for Cisco 😂😂😂 wtf who is this its only a lot if you are Grade 6 or 8 anything above that has atleast 200k .
Sell the stock and start aggressively paying off the remaining balance. Figure out a budget or your cash flow so this doesn’t happen again. Please do not touch your Roth IRA. You will regret it. You can pay this off quickly.
Dude please don’t tell me you’re doing something like paying 20% interest on credit cards. You could refinance by doing a balance transfer to a 0% APR card and using a larger monthly payment to attack the loan. Set all your other contributions to 0 for 2-3 months and pay off the debt. Then restart the contributions. Get a side hustle like door dash or Uber. No reason you can’t knock this out in 3 months
This post of all things needs TC to genuinely help you and understand how you can pay faster. Do you get any bonus? Can you use that pay the debt?
Have you addressed why you are in credit card debt? If you are still spending more than you are taking in you’ll end up in the same situation again later.