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hAve you taken money out of your 401k?
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mrsb1
LIF Toddler
Member since 2/10 423 total posts
Name:
las1 from LIW
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Re: hAve you taken money out of your 401k?
I know that if you leave your job or get laid off you have to pay back the money you borrowed pretty quickly. With my plan they said you must repay the loan within 90 days in this situation. I would check your plan to see if this is the case as well.
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Posted 7/11/12 6:09 PM  |
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mommy2Alex
3 babies for me :)
Member since 5/05 6683 total posts
Name:
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Re: hAve you taken money out of your 401k?
i have never borrowed against my 401K. The interest you pay yourself back is not the same rate of return you would get if you kept the money in there. If it is for a small $$ like you are looking at. I would look for a 0% interest cc and write myself a check and figure out what the monthly payment would be over the life of the 0% promo rate and make that payment.
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| Posted 7/11/12 6:18 PM |
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JP826
=)
Member since 9/06 10903 total posts
Name:
Me!! All about ME!
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Re: hAve you taken money out of your 401k?
I borrowed against it to pay off debt.
I am currently repaying it back AND still making my monthly contributions via automatic deduction from my paycheck. Do your research & know all the facts (pro's & cons) before you take out a loan.
Doing this could be the best OR worst thing you can do.
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| Posted 7/12/12 8:40 AM |
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| Pages: 1 [2] |
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