- How It Works|
- FAQs|
- Help
- Log In to your account |
- Sign up now for free!
Credit Advice
Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!
Question
should i use 401k loan to pay off all credit card debt trying to buy house have a 588 score
Asked by
toolman174
1 year ago
Flag this Question
2 responses
- Prev
- 1
Reply To This Question
The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.
Let the community lend a hand!
3 Most Recent Questions in Mortgage
Credit Card Offers Just For You
These are the most popular credit card offers from Credit Karma members with credit similar to yours.
Credit One Bank® Visa Platinum Card
- Pre-Qualify for a Visa credit card without affecting your credit score
- Get a starting credit line up to $1,500
- No enrollment fee
Capital One® Secured Mastercard®
- Get the credit you need with no processing fees or application fees
- Automatic reporting to the 3 major credit bureaus
- Track credit with access to your credit score and other tools
Copyright© 2007-2012 Credit Karma™, Inc. Credit Karma is a registered trademark of Credit Karma, Inc. All Rights Reserved. Product name, logo, brands, and other trademarks featured or referred to within Credit Karma are the property of their respective trademark holders. This site may be compensated through third party advertisers.
NO do not use retirement funds to pay off debt. Better to pay off your debt the old fashioned way. The interest you lose will more than offset any interest savings
jte1958 1 year ago
I think it depends on how much debt you are talking about and how much time to pay back the loan. If you can borrow the money from your 401k and pay it back within a year go for it. The interest on your CC debt which is probably anywhere from 10-30% is more than what you would earn in the market. However if you're talking about $50,000 in debt which is the max you could borrow then forget it it would take years to pay that back and you could lose or change jobs in the interim.
Whygohome 1 year ago