I am 68 years old, on social security and have 53,000 in ira. I am taking $350 in withdrawals from my ira. My credit card debt is about $8,000. I cannot pay all my bills on my income. Should I withdraw $8,000 from my ira and pay off my credit cards?
I hope you won’t, @doddjanet3. It does not sound like you can afford it. Your credit card debt is unsecured, meaning the main things they can do are try to scare you into paying or sue you (and you have no way to pay a judgment). There is no collateral to seize. The creditor who screams the loudest is not necessarily the one you need to pay first. I would talk to a bankruptcy attorney first. In many cases initial consultations are free.
Please let us know what you decide.
Thank you for your response, Bev. I had thought of not paying, actually stopping payment on the credit cards. I will take your advice and talk with a bankruptcy attorney before I make a decision. Thank you.