Liquidate some investments to pay off credit cards?
To make a long story short, I've been unemployed for a few years. I had worked hard and saved quite a bit for a decade, I also have roughly $280k in investments in my portfolio (I'm 40ish). My health has been pretty affected by long/covid and going back to work has been difficult. I finally was able to get health insurance this year after leaving the workforce and while the doctors haven't done much for me, I have been feeling a little better recently so I am hoping to get back to work soon.
My home that is pretty new and is well taken care of is paid off, almost new car is paid off, and I don't have any real debt other than some student loan stuff that is quite minimal.
My question is this: I have roughly $18,000 in credit cards, I ran some up intending to pay them off right away when I moved into my new home about 18 months ago, but a few unintended things came up and didn't. One credit card is ~$10,000, another is ~$4000 and I have a couple other small things.
I am considering liquidating about $20,000 of my investments to put $10,000 in cash for the next few months and pay off the big credit card. I have enough cash to pay off the $4000 card on hand.
I am hoping and intending to be back to work in the next 6 months.
With the market being more "up" right now than it has been, would it be the time to liquidate some before it possibly officially tanks to the point it'll take a while to recover? Things are getting a little tighter, and it would be advantageous for me to wipe out a couple bills until I get back on my feet.
Posted Apr 1, 2023, 6:58 PM UTC