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 Posted: Fri Feb 15, 2008 10:59 am Subject: Should I cash out 401k to elimate unsecured debt? |
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I have 30,000 in unsecured debt. I'm barely making minimum payments. I have a 401k that I can cash out which, after tax and penalties would eradicate this debt. I would appreciate any thoughts or suggestions.
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chris_brady
Joined: 15 Feb 2008
Posts: 1
Debtcc Points: 30
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| Posted: Fri Feb 15, 2008 11:28 am Subject: |
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Any way you can just take a loan out on the 401k?
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volleyballmom
Debt Samaritan
Joined: 27 Aug 2007
Posts: 4178
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| Posted: Fri Feb 15, 2008 11:45 am Subject: |
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How old are you? Do you have time to build up another descent 401K? If so, this may be an option. You may also want to check out the option that volleyball said, see if you can take a loan out against the 401k.
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jos82003
Joined: 18 Jan 2008
Posts: 177
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| Posted: Fri Feb 15, 2008 11:59 am Subject: No loan |
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As this 401 is from a past employer, it's not available for loans. I'm 48 and do have time to build up again (hopefully!) and logically if the credit card debt is paid off, I will be able to bump up contributions to 401k.
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chrisbradynyc
Joined: 15 Feb 2008
Posts: 2
Debtcc Points: 64
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