Credit card crash is next

[Feign]

IIRC unless you are seriously behind in your payments, CC Cos. will not negotiate a payoff less than your balance. If you are behind this may be a option. If you are not behind may I suggest stopping your 401k contribution and putting that money toward the CC balance until it is payed off, then resume the contribution again. Borrowing from your 401k may cost you more in the long run. My 2c.

I'm through ING so I can borrow against myself and pay it back incrementally and not be dinged for it come tax year, or I can get a hardship loan and not have to pay that amount back, but also not be able to contribute to any funds for 6 months, IIRC. I'm waffling back and forth because my employer does have a match and I want to take advantage of that as much as possible!

And I want to be able to tell a story like kludge's sometime in the future too. My debt is a bit higher than his though.

 

[Disposable Heart]

I had thought of that, but small Plainfield plastics company! Not offered! Darn. But hey, about 50-75 bucks a week into IRA (until Lynn, the accountant, tells me to stop! HeHe) will build it up quick!

One of my former jobs after college had 401K. I put into it for about 6 months (about 500 dollars). That would be a soda when I retire .

 

[NEOCON]

Congratulations Kludge you got it going on!
I have about $7500 left on the house and 18 acres here and we will be totally debt free. It's been a long road but the journey has been the learning part. Never borrow again! The rewards are great today and will only get better as the retirement fund grows and grows.

 

[Pete-FWA]

Would the "recession" or "recession like tendencies" of today's markets be a "ripple" as you say? I have always been interested in economics and love to talk about it, specifically to learn about it. Lack of spending+bad loaning market=recessionary tendencies?

Yes, to both of your questions.

While I'm not an economist by any stretch of the imagination, I did study some of it and try to keep a wandering eye on the topic. A recession is technically defined by a decrease in gross domestic product (GDP) for at least two consecutive quarters of a year.

What drops GDP? One way is exactly what we're discussing in this thread: housing and credit issues. Price inflation or deflation can be results of a recession.

It's an interesting discussion. Well, that is until one of us is on the short end of something during a recession, then it gets to be a bit stressful.