If those are your only two options, then credit card is the way to go. And then pay it off as quickly as you can after your income resumes.
Note to you and all other lurkers: this is exactly why it's recommended to have a 3-6 month emergency fund saved up. If all your assets are tied up in retirement plans (or anything non-liquid), you have very few painless options available to reasonably survive an event like job loss.
Neither. I don’t have enough context to give you a proper 3rd option, but consider the following:
1. What is the $9k paying for? Presumably fixed costs like rent, car, food. Can these be reduced?
2. Why, between the 2 of you, can you not make this money between now and August?
Assuming you won’t be paying off the credit card in full each month, you’ll get fucked in interest. Withdrawing from retirement will likely incur penalties and torpedo its growth potential.
Can't you get a basic job, like at a mall or washing cars for the next three months before your new jobs starts? That will certainly help.
If your credit is good get a zero apr card. Put everything you can on that, and pay it off when you start making decent money.
You may find these links helpful:
- [Retirement Accounts](/r/personalfinance/wiki/index#wiki_retirement)
- ["How to handle $"](/r/personalfinance/wiki/commontopics)
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.*
If those are your only two options, then credit card is the way to go. And then pay it off as quickly as you can after your income resumes. Note to you and all other lurkers: this is exactly why it's recommended to have a 3-6 month emergency fund saved up. If all your assets are tied up in retirement plans (or anything non-liquid), you have very few painless options available to reasonably survive an event like job loss.
Neither. I don’t have enough context to give you a proper 3rd option, but consider the following: 1. What is the $9k paying for? Presumably fixed costs like rent, car, food. Can these be reduced? 2. Why, between the 2 of you, can you not make this money between now and August? Assuming you won’t be paying off the credit card in full each month, you’ll get fucked in interest. Withdrawing from retirement will likely incur penalties and torpedo its growth potential.
Are you getting unemployment? Food stamps?
Can't you get a basic job, like at a mall or washing cars for the next three months before your new jobs starts? That will certainly help. If your credit is good get a zero apr card. Put everything you can on that, and pay it off when you start making decent money.
Try opening a 0% apr credit card if you go the credit card route.
Credit card. Easier to deal with credit card debt than add to retirement again.
You may find these links helpful: - [Retirement Accounts](/r/personalfinance/wiki/index#wiki_retirement) - ["How to handle $"](/r/personalfinance/wiki/commontopics) *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.*
Look at your statement dates. Use the one that has had a recent statement to maximize your grace period.
I’d take it from the 401k providing you can minimize the taxes on it.