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Non Financial-Financial Advice on Credit Card Borrowing

Long story short:
I’m 10k in the hole in Credit Card debt that I borrowed when doge was mooning. I would borrow 10k, buy doge, cash out when it went up, make a few hundo, then pay off the CC immediately. Obviously that’s a horrible Idea and now I owe that money back with horrid interest. Overall I had 30k in Crypto, including said 10k. My portfolio is now worth 11k.

Should I exit and pay off the CC @ a 20k loss, or cash out 10k from my Roth and 401k, pay off the Debt, and HODL till the market recovers, which I think it inevitably will?

Obviously only un-official advice is requested. Laugh and Joke all you’d like as well. I’m a big boy. This was a great learning experience and I’m fortunate enough to still have a nice savings/retirement plan regardless of this huge f up.

What do you think?

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5 Comments

  1. You are the only person who can answer this question. Whatever course of action you take, there will be consequences. Decide which consequences are the least damaging and lowest risk. Don’t assume Doge will go back up anytime soon. That type of assumption is what got you in trouble to start with.

    Never borrow money to invest. It always ends the same way. Nothing goes up forever.

  2. Why take a loss 1doge=1doge. I can’t tell what price you bought it at but if you believe the market will recover then keep hodling because CC interest would be about 20%-25% if you bought at $0.70 and it eventually gets to $1 2 years later you won’t have made as big of a loss if you sold at $1. If the 10k is going to affect your CC utilization and affect your home buying ability then yeah sell it when that time comes. Until then hodl on.

  3. Yes and make withdrawals from those other accounts especially if you have roths, you can take gains out penalty free.

    Use your doge loss to offset any capital gains as well, I’d you are going to report any of this. Pay off the debt immediately and don’t use leverage especially high interest to buy anything except maybe real estate where the math works better

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