Hardship
Date: Tue, 01/19/2010 - 09:37
Has anyone taken a hardship loan from their retirement to combat the debt. I know not the wisest choice - but feel we have no choice. Could you share your experiences?
Yes, I did. At 3.5% interest I might add. Paid off one of my set
Yes, I did. At 3.5% interest I might add. Paid off one of my settlements. I would not take one to catch up while still keeping the credit cards. All that does is give you a pension loan plus bills if you keep charging. I will be taking another one in April to payoff a credit card settlement. By august of this year I will be debt free except for the pension loan. If you have a 401k and you are over 59.5 years, you can make a withdrawal with no penalty. You just have to pay taxes on the amount withdrawn when you file your income tax return.
