Are you paying off credit cards with your retirement funds or home equity?

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If you're paying off credit card balances using money you've taken from your retirement account or received from a home equity loan, you're entering dangerous (financial) territory. Let's take a look at this.

- Do you have a realistic chance of paying off those credit card accounts in full in the reasonable future? If the answer is "No", then you're simply throwing good money after bad in the unreasonable hope that it will all work out later.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Malcolm Ruthven | Attorney Advertising

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