Is it wise to dip into one’s RRSP/401k to pay down credit card debt.
I was planning to withdraw some money to pay the credit cards down. Once they were down I was then planning to aggressively deposit back into the Retirement pot.
Is this wise??
I would not do it. Your 401K is for your retirement needs. If you dip in it for consumer debt it becomes a slipper slope. Additionally, you may be subject to some penalties for doing so. I would just keep cutting back on expenses and paying down your lowest credit card, then go to the next one as you get excited.