Thinking about paying off your credit card debt with your IRA? Adam Bergman describes the different methods you can use, noting the difference between Roth and traditional IRAs.
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About IRA Financial:
IRA Financial Group was founded by Adam Bergman, a former tax and ERISA attorney who worked at some of the largest law firms. During his years of practice, he noticed that many of his clients were not even aware that they can use an IRA or 401(k) plan to make alternative asset investments, such as real estate. He created IRA Financial to help educate retirement account holders about the benefits of self-directed retirement plan solutions.
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Am I able to pay credit card debt with a self directed IRA?
Thanks for putting this out there it's good to know.
I eventually gave in and took out $7k from my Roth IRA. Throughout the years I have $15k of contribution and like what he says at the 6 min. mark, I'm not going to be taxed or incurred any penalty since I'm only taking out money from my contributions only. Now I'm debt free, less stressed, healthier and happier. I'm able to save more and invest more. This time compound interest is actually working for me and not against me.
Hi