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When Eliminating Debt May Be A Mistake
Nata
While I am all for eliminating and living debt-free, there are occasions when getting rid of your is not the best idea.
Reason #1. If in the process of paying everything that you owe to your creditors you are losing all of your retirement savings, you have to slow down. While living free is great and everyone should try to free themselves from creditors, it is not a good idea to obsess about it. If you take out your 401K or IRA savings you are going to lose a tremendous amount of money on taxes and penalties. In 99% of cases it is not worth it.
Another danger, besides losing money is that if you lose your job, you will have to pay back a 401K loan, or it will be penalized and taxed.
Eliminating is also a bad idea when you are not saving any money towards your retirement. Many employers match half of your 401K contributions, so if you are not putting anything towards your future, you are losing free money from your employer. By letting this opportunity slip away you may be losing much more money than if you just put all the money towards your current debt. Everyone’s plans, debts and interest rates are different, so if you do some math before making any decisions and see whether it is worth using your potential retirement to pay your credit off.
Reason #2. Getting rid of is also a bad idea if you are targeting the wrong debt. Paying off your mortgage before paying off your car loans, student loans and credit cards is not a good tactic, because mortgage is usually low interest and tax deductible while your other debts are not. If you don’t get your priorities straight, you will end up losing more money paying high interest rates. A mortgage is and it still should be paid off, but it in most cases it should be paid last.
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