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If you have debt but have retirement accounts is it better to pay off the debt with the money in the retirement accounts?
Wiki User
∙ 8y ago
Yes. Paying off debts is always in your best interests.
Not necessarily. Unless the debt is substantial, it's far better to pay off the debt with money outside of a retirement account. Otherwise you are sacrificing your retirement and years of compound interest that can't be replaced. Your retirement accounts aren't a piggybank--if you aren't of retirement age, they should only be tapped in the case of an emergency, and just having a debt isn't an emergency.
Wiki User
∙ 8y ago
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Can retirement accounts be seized by the government for student loan debt?
NO.
What is Primerica?
Primerica is a financial a MLM service company. They help families Save money, make money, and get out of debt. Products they have. Life insurance Retirement investments Debt management solutions College pre-paid options Pre-Paid legal Services
Where can one find more information about getting out of debt?
Freedom Debt Relief, Money Management, Get Out of Debt, Bank Rate, Better Money Habits, Dave Ramsey, MSN Money, and Family Credit are all places an individual may visit online in order to get more information regarding how to get out of debt.
Distinguish between debt forgiveness and debt retirement?
Debt retirement refers to the paying off of a debt in order to avoid future interest payments, this can only be done if the current funds available are able to clear the outstanding balance of the debt. Debt forgiveness on the other hand can be considered to be an amnesty by lending institution for countries who are heavily indebted, this is usually done to help alleviate the debt burden faced by such countries. Therefore the difference between debt retirement and debt forgiveness is that one is paid off by the country who is able to pay off the debt and the other is an amnesty given to remove the debt for countries who cannot afford to pay it off.
What is credit and what is debt?
Credit is having a certain amount of money available on a pre-approved line. Debt is what happens when you use that line of credit and have to repay the money with interest. It is better to save up the money and pay cash or use debit
Can retirement accounts be seized by the government for student loan debt?
NO.
What can you do to better manage your money?
Stay out of debt.
If you do not have money to pay when sued will you go to jail?
no they will take the money from accounts, collage funds, or reposses your things 1 by 1 until your debt is payed
When is bad debt removed from accounts receviable?
When bad debt amount is recovered then it can be removed from accounts receivable as receivables.
What is Primerica?
Primerica is a financial a MLM service company. They help families Save money, make money, and get out of debt. Products they have. Life insurance Retirement investments Debt management solutions College pre-paid options Pre-Paid legal Services
What is a book that teaches how to make money and stay out of debt?
One of the best ones out there is an oldie. It's called "Money for Dummies". A simple straightforward book on how to properly save and plan for retirement.
Can the spouse's retirement be garnished if the debt was before the marriage?
No.
Where can one find more information about getting out of debt?
Freedom Debt Relief, Money Management, Get Out of Debt, Bank Rate, Better Money Habits, Dave Ramsey, MSN Money, and Family Credit are all places an individual may visit online in order to get more information regarding how to get out of debt.
To what does the term accounts receivable refer?
Accounts receivable is an aggregate total amount of money that clients owe to a business entity. This number is used to evaluate the total amount of debt the company currently has.
How do you make a debt on doodle god?
Bank + Money = Debt Money+ House = Bank Gold + Paper= Money
Do debtors and accounts receivable mean the same thing?
No. A debtor is someone who owes money, and the debt is the money he owes. An account receivable is an amount of money due to a business arising in the course of the business. Accounts receivable are debts and the people who are bound to pay them are debtors. However, debts can arise in circumstances that have nothing to do with the operation of a business. In such a case, the term "account receivable" which is only applicable to business accounting does not apply. The money owed is a personal debt.
Why doubtful debt is treated as an asset and Bad debt as an expense?
Doubtful debt is treated as asset because it is reduction in accounts receivable before it happen and at actual bad debt time it is offset against bad debt account. Bad debt is expense because this is the loss which business incurred due to bankruptcy or not receiving money from debtors.
