Ask the Dolans: Should I raid my 401(k) to pay off debt?

Ken and Daria Dolan, America's first family of personal finance, answer your questions every Friday.

Click here to ask Ken and Daria your question.

When money is tight, it can be tough deciding what your money priorities should be. One of the biggest challenges can be balancing short-term vs. long-term needs. Watch Ken and Daria Dolan of Dolans.com help Joe, a WalletPop reader facing a money dilemma that pits his retirement vs. his debt.

Dear Ken and Daria,

I lost my job last year and have accumulated substantial credit card debt. I have over $600,000 and am 58 years old. Should I take money out of my 401(k) and pay off my debt?

--Joe

If you are in over your head, don't panic! Learn about all of your options for getting out of debt at Dolans.com.


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