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Should I take a loan on my 401K?

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mjgckg01 Joined: 29 Oct 2009 Posts: 1 1.30 Dollars($)	Posted: Thu Oct 29, 2009 6:18 pm    Post subject: Should I take a loan on my 401K? Like 0 Dislike 0 thinking about taking a 401 k loan due to drowning in credit card debt...should i do this
smithsussane Joined: 18 Sep 2008 Posts: 10030 Location: Alaska 919.49 Dollars($)	Posted: Thu Oct 29, 2009 9:26 pm    Post subject: Like 0 Dislike 0 Hi mjgckg! Welcome to forums! You can check out the given page to know whether or not it would be a good idea to take a loan from your retirement account: http://www.mortgagefit.com/401k-403b-loans.html Sussane
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12330 Location: bloomfield, ct 50.03 Dollars($)	Posted: Fri Oct 30, 2009 2:31 pm    Post subject: Like 0 Dislike 0 most suggest that such a loan is a bad idea...but then again, there's a lot of argument in the other direction as well. _________________ George M. Akerley Independent Contractor - Mortgage Consultant Word of Excellence Editing/Writing/Proofreading 860-221-5044
raymond Community Expert Joined: 03 Jul 2009 Posts: 1166 Location: Irvine, California 24.79 Dollars($)	Posted: Sat Oct 31, 2009 11:19 am    Post subject: Like 0 Dislike 0 It's a bad idea in that it inhibits growth of your retirement vehicle. But if you're drowning in credit card debt, it could be a good idea, but only if you're able to pay off the credit cards in full every month, after you've paid them off from your 401k. Your FICO score will get a tremendous boost also, so it'd be helpful from that perspective, in case you're considering purchasing or refinancing a home. _________________ Raymond Denton www.raymonddenton.com
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12330 Location: bloomfield, ct 50.03 Dollars($)	Posted: Sat Oct 31, 2009 4:46 pm    Post subject: Like 0 Dislike 0 well said raymond...i guess if i'd had the time to think clearly about it, that's where i'd go with it. it's a matter of money management more than anything else. if someone can do this as a quick fix and then recover and make more contributions while keeping the credit card situation under control, then it's not a bad thing (for that person). _________________ George M. Akerley Independent Contractor - Mortgage Consultant Word of Excellence Editing/Writing/Proofreading 860-221-5044

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