Credit card debt: Pay with stocks/profit sharing?

Unfortanely, I have racked up credit card bills. I am roughly $6,000 in debt. I do have money going into my 401k, stock and other funds monthly. I am wondering if I should sell stock to pay off my credit card debt. I may be leaving my current company and could also take my profit sharing money versus rolling it over. I know I will have tax/fees with doing either of these. Doing one or the other would pretty much cover almost all of the credit card debt. Currently I make the minimum monthly payment on my credit card. Sometimes a little over. The interst rate is apprx. 12%. I wonder if using the stock or profit sharing would be wise or not. Once the credit card is paid I can stick the monthly credit card amount into savings or my 401k. What is the best thing to do? I had racked up credit card bills do to a medical situation and a few emergencies. All is good again and I want to be debt free. Any advice? Thanks.

Credit card debt: Pay with stocks/profit sharing?

I would not suggest it. Whatever funds you take out of a retirement account, will get slammed with back income tax, plus a 10% penalty. So taking $10,000 out would cost around 3,500-$4000. [1,000 penalty, and then $2500-$3000 in income tax (assuming 25-30% bracket)].

Credit card debt: Pay with stocks/profit sharing?

Eventually you will have to pay taxes on the money in your 401K no matter what so that in itself, should not be an issue. If you want to pay off your cards and have access to the money to do it I would highly recommend doing so. The credit cards will cost you more than taxes in the long run. If you choose to do that you should also destroy the cards, at least all but one and save that for EXTREME emergency. You can live without credit cards believe me.

Credit card debt: Pay with stocks/profit sharing?

dont touch the 401k. Sell the stock. Pay the cards. Cut em up and cancel em. Start piling cash in the bank for emergencies.