After mortgage and monthly bills, I am spending the majority of my paychecks paying down credit card debt (totalling about $19K).
I have about 22,000 in a 401k. Because I have almost no faith in the stock market for the forseeable future, I am considering cashing out my 401k to pay off my debts. If I do so, I will be able to put about $1000 into saving and/or other investments each month.
I understand that I'll pay a big penalty on cashing out, meaning I'll actually get a little more than half of that $22,000. But, it will nearly end all my debts (other than mortgage).
Most sites I've looked at strongly recommend against doing this, but I'd like to hear from folks here that are outside the standard government/keynesian mode of thought.
I appreciate any input. Thanks!
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