[USER]

Combined less than 40k. I am not contributing to my 401k while we attack this. He IS contributing to his 401k. No kids, renters in NYC (approved for mortgage, but not ready yet).

[Amy]

This is a good rule of thumb for order of operations. You should contribute enough to get the company 401k match if they provide one. Then tackle highest interest debt first.

[Ben]

If you have a company match, the return on that far outweighs the credit card interest. At least contribute enough to max out the match.

[Maria]

You should both be contributing to 401k.

Also, if newlyweds, who brought the cc debt into marriage? I personally would not feel comfortable taking on someone else’s cc debt, but that’s just me.

Hoping you get this paid off asap, and can start putting money away towards your joint goals!

You can check also: Need advice, tips, words of wisdom on a mindset thing with credit card debt?

[Nancy]

After it’s gone. Keep at it while getting an emergency fund – since your job loss is what put you here. Be ready for the next one.

Congrats on the marriage! Good luck attacking.

[Rashida B.]

Though there are different factors to consider with the 401k’s (employer matches, etc), I personally would NOT feel comfortable not contributing to my 401k while my partner contributes to theirs…

If we have joint debt, then WE need to BOTH be contributing to paying it down.

What are we missing?

[Kristen]

Both of you should at least get the match. But this question also depends on how long it would take you to pay the cc debt off and if you are behind on retirement. If it were me both would stop anything above the match to get the credit card debt knocked out faster but that’s a marital choice.

[Author]

Posts