Using 401K loan to pay off credit card debt?
Saturday, October 31st, 2009 at
2:34 am
5% rate οח 401k loan. Wһаt аrе tһе pitfalls іח doing tһіѕ? Visa debt οf approx k wіtһ much privileged interest rate.
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Tagged with: credit card debt • Credit Debt • interest rate • Pitfalls • Visa Debt
Filed under: Free Money Saving Tips Debt Relief
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It is rarely a excellent thought to take money out of your 401k.
"But I’ll be paying myself back with interest" you say.
Hogwash. If something happens and you quit or get fired before it is paid back, you will be constrained to pay it back immediately or suffer the fees and penalties associated with a 401k withdrawal.
Why not just lower or suspend your 401k contributions and throw that money at the credit cards?