Starting a new job that doesn't offer for 401k for 1st year ? what ...

I have about $7,000.00 vested in my current, soon-to-former employer?s 401k program. I think these are my options ? leave it where it is and allow it to continue to collect interest, transfer it to an IRA, where I have more control over the investment options (though I don?t think I can continue to contribute funds??). The third option is cashing out, but I?ll get heavily taxed and penalized. The one advantage of cashing out, however, would be that I could pay off $3,000 in credit card debt, and I figure the interest I?m being charged on that is probably more than the interest I?my making with my retirement funds.

Are there other options? Do I understand these three options correctly? What should I do?

Source: http://rothira.solve-up.com/roth-ira/starting-a-new-job-that-doesnt-offer-for-401k-for-1st-year-what-should-i-do-with-money-in-my-old-401k/

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