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Tag Archives: borrow from 401k

I’m Unemployed, Looking for a Debt Consolidation Loan, and Paying Bills From IRA. – Becky

stressed woman

“Dear Steve, Consolidating debt to avoid high interest rates or deplete 401K. Have taken on about $50K in credit card debt and have secured mostly 0% interest rate cards that are coming due over the next several months. I have depleted my brokerage savings but still have an IRA and 401K that I could tap into that would just barely ... Read More »

We Have Great Credit But Want to Take Money From IRAs to Pay Down Debt. – Doris

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“Dear Steve, 48 year old female, married, 1 child 14 years olds in 9th grade – college bound. 11 years at job with vested pension, Roth and traditional IRA’s, home owner – 174,000.00 at 6% (fixed VA) monthly payment with taxes and insurance – 1507.00, 800 credit scores, 2 cars financed at 2.5% totaling – $40,000.00, 16 years before retirement, ... Read More »

Many Draining Retirement Accounts Rather Than Deal With Debt

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I’m not sure how many times I can say it, don’t drain your retirement assets to pay debt. It’s a bad idea on so many levels. In a couple of posts I even talk about the long term consequences of tapping those funds. See Here’s Why a 401(k) Loan to Pay Off Debt Can Cost You a Massive Amount in ... Read More »

How to Borrow From a 401k in a Make Sense Way

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Borrowing from a 401k is a major decision. It is important you make certain considerations before borrowing from your 401k, so that your loan doesn’t negatively impact your retirement. The key aspect to borrowing from a 401k vs withdrawing from one, is you won’t have to pay taxes or penalties unless you default on your loan or in some circumstances ... Read More »

Here’s Why a 401(k) Loan to Pay Off Debt Can Cost You a Massive Amount in Retirement

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Over the years I’ve been asked time and time again about if a 401(k) loan is a good idea to take out to pay off debt. I typically say the same thing, in most cases it makes no sense to touch the money in the 401(k) that is protected from creditors if you can qualify for a chapter 7 bankruptcy. ... Read More »

I’ve Got a 401(k) Just Sitting Stagnant. – Steve

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“Dear Steve, I am a state employee and am fully vested in the state’s pension plan. My job is secure and I will be able to retire with a full pension. I also have an older 401k from a previous employer with approximately $30k just sitting stagnant. My wife and I have some credit card debt and a home equity ... Read More »

Credit Card Debt is an Understatement. – BEH

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I have over 42k in credit card debt. And also have about 40k in debt to my 401K. I am a mess. I am a professional and make enough money to keep all of these bills paid, but just seem to continue going further in debt. I closed one card since they wanted to raise the rate on me, so ... Read More »

Should We Borrow From 401k and Life Insurance to Settle Our Debt? – Moke

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“Dear Steve, My wife and I are 81K in unsecured debt and 5K in back taxes. All the unsecured debt is now reflected as judgements. We are now both facing garnishments. We are both working and have a yearly combined gross income of about 110K. We own a home and are paying off two cars. Four years ago I lost ... Read More »

Should We Borrow Money From Our 401K to Buy a Dependable Car? – Mickie

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“Dear Paul, Work car is on its last leg..Husband needs transportation 45 miles to work and 48 back. Need dependable car. Husband wants to go into 401 K to get money for car….wife does not…we are in our late 50s and feel we should not touch it. Should we borrow money from 401 K to buy a dependable work car ... Read More »

Is 401k Borrowing a Smart This to Do to Pay Off My Credit Cards? – Roxanne

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“Dear Damon, I am 40 years old and am currently unemployed after leaving a great position to spend time with little ones. I now am regretting decision with the bills that are piling up. My husband and I had banked on him getting a promotion, but now we are forced to live off of his $35,000 salary and support 3 ... Read More »

My Disabled Husband Wants to Take Money Out of Retirement to Pay Credit Cards. – Stacy

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“Dear Steve, My husband is 53-1/2 years old and recently put on permanent disability because of numerous complications from diabetes. He also will be receiving a small pension from his former employer. We understand that he will not be penalized (10%) for touching his 401K since he is disabled, but will be taxed on whatever he draws. He has an ... Read More »

Boyfriend Cheats Me Out Of Money To Feed His Debt Habit

Photo Credit: crnewbedford

I’d like to follow up with my previous article, How Do You Value Your Quality of Life? Debt Solutions to Fix The Future In this article I showcased a friend of mine, Michael. I should point out that Michael was much more than a friend to me, we had been in a very serious relationship for a year and a ... Read More »

How Do We Eliminate Our Debt? – Brenda

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“Dear Steve, Husband is employed and I am a stay at home mom. We have loads of credit card debt and need advice on how to eliminate it. Ok, here goes. My husband and I have about 60K in credit card debt. Ugly, I know. I am now a stay at home mom with 3 little kids. We have always ... Read More »

Is There Any Way to Settle Our Debts With AMEX and Beneficial? – Jennifer

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“Dear Steve, We got ourselves into trouble with credit cards, espeically with our amex and a beneficial loan which are 18000.00 combined. Our other loans/credit cards are one for 2k, one for 1300.00 and one for 2400. the payments on the first two are killing us financially each month. Is there a way to negotiate with the creditors (mainly amex ... Read More »

Cashout 401k and Then Reimburse? – Roger

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“Dear Steve, Cut back in hours at work. Hard to keep up with the bills. Now have to do something! Why not cash out or take a paritical cashout. Could you not pay off high intrest loans or credit cards. The money you would save intrest would save money. Then increase what you were putting in your 401. No? Roger” ... Read More »

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