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401k? High Interest Loan? Transfer to other credit card?

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i have about $25k in credit card debt. i have excellent credit. i'd like to pay off all this debt, but i need some advice on how to do it.

shall i borrow from my 401k?
should i take an unsecured high interest rate loan?
shall i transfer the balances onto one of my lower interest rate credit cards?
other ideas?

thanks for the advice!

what interest rates are you paying on the cards? What are your balance vs your limits, how many cards do you have? Sometimes what you have currently is much better than dipping into your savings, retirement etc. Those high interest loans are killers and not normally a good idea for anyone simply due to the huge interest amounts that they charge.

Sub: #1 posted on Tue, 07/29/2008 - 21:41

smo65d11 smo65d11

(Posts: 1468 | Credits: 133.12)

If you have excellent credit, then why not negotiate with the credit card companies you are indebted too, sometimes if you call and speak with them, and inform them you are considering changing companies, they will accomodate you to keep you as a customer. Take a look at the video below: redit.html

Sub: #2 posted on Tue, 07/29/2008 - 21:49

Shazzers Shazzers
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If you have excellent credit then why would you need to take out a high interest loan. Are you a member of a credit union? Even if you're not, with excellent credit, you should be able to take out a significant personal loan for around 8%.

Sub: #3 posted on Tue, 07/29/2008 - 21:52

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It is impossible to borrow your way out of debt. Shifting the debt around does not solve the problem. With that said there is nothing wrong with consolidation which is what you basically want to do. Once you consolidate you need to get on a budget and stick to it in order to eliminate the unsecured debt. I would only consolidate to an unsecured source with a lower rate. There is no reason to conslidate to a higher rate. I would not borrow against my 401k to eliminate unsecured debt.

Sub: #4 posted on Tue, 07/29/2008 - 22:28

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