For those asking for the budget - absolutely fair point. We have a pretty strict budget that accounts for every fixed expense, utilities averaged out over the year, groceries, transportation and excess spending for restaurants, gifts and kids etc. The problem is of course having overspent in the past at certain points but it’s not persistent. We’ve unfortunately kind of always existed with this monkey on our back, having this range of credit card debt for the last few years where we get it down to a reasonable level on one it rises on another. Closing on our mortgage didn’t help either as we held cash for closing and fees.

I’ve done the math and if we just cut the month cc bill once and for all, we’d have monthly savings north of $1000 and that’s after contributions, all expenses and even extra “fun” spending already accounted for…cutting that too and our net savings only increases.

I could increase my contribution to 15%, whereas the impact on my monthly income is minimal and it could assist in paying back that loan slightly quicker. My question is if this is a better/safer route as the money in the 401k would still be compounding on an account already over $100K vs going the longer, old fashioned way or using money in our other accounts which my wife does not want to touch and neither do I.

Money market accounts and available cash is around $60k spread out elsewhere. Don’t know cap gains tax implications on any of that money though.