Don’t Use your Retirement to Pay Down Credit Card Debt

Financial guru Suze Orman says do not use your retirement funds to pay down credit card debt.  We agree with her.  In fact, that is one of the biggest mistakes a consumer with credit card debt can make.


Outstanding credit card balances have risen to $856 billion dollars in the United States. Many consumers are looking for other ways to pay down this massive amount of credit card debt. Suze Orman says raiding you retirement plan is the last thing to do, and declaring bankruptcy is a better option than dipping into retirement funds.

Debt settlement performed by an experienced debt settlement law firm may be a better solution than bankruptcy.  Debt settlement done by a law firm can result in large reductions in the principal balance owed on a debt without the harsh effects of bankruptcy.  Debt settlement is a sophisticated legal negotiation with creditors for large reductions and payoffs of the principal balance of a debt. If you are a consumer struggling to find a way to pay down large credit card balances, contact a qualified debt settlement attorney today.


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Kevin Fallon McCarthy

Kevin Fallon McCarthy is the McCarthy Law PLC’s managing attorney and an experienced Phoenix debt attorney. Mr. McCarthy has also worked as general counsel for a large corporation. He has corporate counsel experience in human resource matters, general corporate governance, and union class action litigation.