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Tag Archives: borrow from retirement

Many Draining Retirement Accounts Rather Than Deal With Debt

black-hole

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 »

Hank is on Disability And Wants to Borrow From His Retirement Plan to Pay Off Credit Card Debts

Your Financial Mudslide

“Dear Steve, I am on disability retirement. My income is about $3,200 monthly. I currently have about $40,000 in credit card debt, excluding a mortgage (which is upside down). I am $1,100 in the hole every month and desperately need help! I have asked my wife to take out a $20,000 loan from her retirement plan at work. She will ... Read More »

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