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403b loans to pay off credit card debt

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jerseygrrl1976 Joined: 24 Mar 2010 Posts: 2 1.00 Dollars($)	Posted: Wed Mar 24, 2010 8:10 am    Post subject: 403b loans to pay off credit card debt Like 0 Dislike 0 Typically, how long does one have to pay back loans from their 403b accounts? I am considering doing this to pay off high interest credit card debt and have a substantial amount of time till retirement (about 25+ years). I already have in excess of $50,000 saved in my 403b so I am thinking this option makes sense for me.
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Thu Mar 25, 2010 12:39 am    Post subject: Like 0 Dislike 0 Welcome jerseygrrl, You will have to pay back the whole amount that you take as a loan from your 403b plan. If you are unable to pay it off, then the loan would be considered as an early distribution from the account. You will owe federal and state income taxes on that amount. To know more about 403b loans, check out the given page: http://www.mortgagefit.com/401k-403b-loans.html _________________ Procrastination is the enemy of your financial success

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