Hello All New To Forum !

Most experts would advise against using your retirement to pay unsecured debt. Are your accounts current right now?

Hi, welcome to the forums!

I wouldn't reccomend using your retirement to pay off debts..The penalties in the long run could end up being really nasty!

Have you considered a consolidation company? That could work for you..

Yea i realy dont want to use it, but i realy dont see any alternitive to my solution . And no i havent yet seeked any professional help yet im just looking around right now at some places like ( Phoenix Fin. Services or Superior ) and its been about a month now that im behind!

I borrowed some money from my 401k to pay off some debt and I'm still paying on it. I really wish I would have never did it and I am starting regret it. It makes me sick to my stomach everytime I look at my 401k account. I should have tried harder to find another means to pay the debt. I would strongly urge to NOT use your retirement money.

You will lose about 1/2 of whatever you withdraw to the government in taxes, penalties and interest. So if you withdraw 10k then you will only end up with about 5k to use for whatever you want. Basically it is a very bad deal for you.

Some companies will let you borrow money from your retirement. It will cost you less in the long run but it still isn't a very good deal. I would try to settle the debt without touching protected retirment accounts.

Mine is not a 401 , if i take it out its all or none . But i do have to pay a penalty and taxes at end of year on the amount !