We received our 401k check in the mail yesterday. $10,924. This is the smaller of two 401ks that we have. The penalty was less than the interest we would have ended up paying on credit cards without cashing it out. We will not be touching the larger 401k.
I found out that our 0% interest rate on the Citi card actaully expires March 1st, not April 1st, so we decided to take all but $500 of our savings (yes, we took half our emergency fund) and made a big payment on the Citi card today.
We paid $12,700 on the card today! I can only imagine what the credit card company is thinking!! I am sure they were looking forward to cashing in on interest from us. Too bad for them!
We now have a balance of $3,376 on the Citi card. I will still apply the regular month payment and the $500 extra we have each month in the month of February. That should bring the balance down to about $2600 by March 1st.
Our overall debt is now under $100,000. Whoo Hoo!!!!
We will slowly build back our $500 emergency fund to $1000.
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