Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Retirement
Profile Image

Question By
carebear45

0 Contributions
0 People Helped
Debt VS. Savings
I inherited an IRA. I am trying to decide if I should withdraw the funds and pay the massive amount of taxes to just pay off all my debt and be free from everything?? I'm trying to afford a home soon. Should I leave the funds in the IRA and try to use the equity in the home to consolidate?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
7363 Contributions
3809 People Helped
Most Helpful Response

Helpful to 1 out of 1 people

Don't touch that IRA until retirement unless you want to pay a bunch of penalties, which is what would happen.  Let it continue building.  Do not take out a home equity loan to pay debts, either because doing so actually puts the house at risk if you should default on that loan repayment.  Instead,look up Dave Ramsey and follow his intelligent advice on debt repayment.  Also, re-read the articles here so you can better understand how credit works and how you can make it work for you. 

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.