checkmyscore99

Yes, I have considered following the 'snowball'  approach, but I need a quick fix for other reasons too complex to get into here. My brain says don't touch the retirement fund, but my needs tell me otherwise. I definitely won't be getting into debt again.  The question is which approach provides the most relief now, and is best in the long run?

  There is a 10% penalty although I need to consult a tax advisor since I have read that when you turn 55 you can get the penalty waived if you withdraw retirement funds in equal payments over the course of x nbr of months/yrs.  I have a line of credit with a payoff of $10,000 and apr6.750. I have a mastercard w/ balance of $5,981.25 and apr 5.750. I have a Lowe's credit card of $2100.00 with an apr of 16%.  It seems like i'm not making any headway on these loans, as I've been in this situation for quite awhile. I have a daughter that is in college and diverting any 'extra' funds I can use to double my payments on these accounts.  I have another daughter that will start college in 2 yrs that I am trying to save money for as well. I thought if I could pay off these loans, I can re-build my savings account in lieu of making these monthly payments w/ interest.