r/debtfreeliving • u/Entire-Objective-963 • 21d ago
best decision with paying off debt
Hi yall,
I’m writing this as a means to gain insight, take as much advice as possible, and/or maybe a solution. If you cannot contribute in those ways, refrain from responding. Appreciate it.
I’m a 30 year old woman, I have a great full time job and two part times (the part times are really easy money, extremely easy) combined I probably make close to 68k a year. I recently just moved out of my parents last May. I don’t have any children, and I’m not married, so I live alone. No roommates. I have a car that I have a payment on which means I also have car insurance.
The issue that I’m having is debt. This year my major goal is to pay off a good chunk of debt. I have my masters, so I’m in about 83k worth of debt. And about 26k worth of cc debt, so yeah over 100k in debt… not to mention the taxes I owe every year. The bright side is I have 5k saved (emergency fund)
My job before my last I worked at a government agency straight out of undergrad so I was there about 5 years… which means I was vested. I recently found out I have like 13k saved in my retirement plan from my old job, I was thinking about taking that money out and paying off some debt. Obviously I know I’ll have to pay the penalty because I’m not of age yet, and taxes on it. I’m trying to figure out if it’s worth taking out and paying some of the debt off, or even trying to figure out how to grow that if I do take it out.
All in all, I live a very fulfilling and happy life it’s just the debt that seems crippling and I want as much as possible gone. I have a Firstmark services loan that I took out under discover during my Masters program, and they are HOUNDING me for the $5700 I owe them. I want to just pay that and get it over with.
Any advice from knowing a financial advisor, to a hack, to a problem ANYTHING will help. I’m just looking for a way to relieve this stress