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k1200stn

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Should I borrow 13500 from my 60000 401K and pay off all my debt?
Have 10,000 in CC & 3,500 in auto loan. Should I borrow against my 401K acct of 60,000, which I would repay in 24-36 mos @ 5% interest? Repayment is after tax directly from my pay prior to direct deposit.

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Think about it. What brought you to this point and are you commited to yourself to change whatever make you get to where you're at. Usually the answer will be yes but its not as easy as it seems, it takes time and failing to understand that getting out of the hole ain't a piece of cake. Explore other avenues, try selling any valuables you may have, you can even downgrade your car, cut back on expanses, anything you can think of that will get you through this; but DON'T TOUCH DON'T MESS with your future (401k) specially when you don't have much in it. It may be the fastes way to get rid of all the none sense debt but trust me it isn't the best way to deal with it, and chances are that after you see yourself debt free, you'll be tempted to fall right back into it.

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You would have to pay that 401K "loan" back and you will have lost the interest that might have been earned towards your retirement.  YOU CAN"T AFFORD THAT!!! Take it from one who does get Social Security--it's not that much.  You need what you can save up just to live a modestly comfortable lifestyle after retirement.  Rethink other options first and still, don't touch your retirement income!!!

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