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by Brian1102 on December 27th, 2006

Brian1102

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I have 23000.00 in debt. i want borrow half of my 401k.then combine that with my salarie from my part time job. to pay my household bills for one year. then use my full time salarie to pay off all my debt.that will get me out of debt in just one year.

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Answers. 3 helpful answers below.

  • by Pogster on December 27th, 2006

    Pogster

    You don't say how much is half your 401K. You also don't say anything about paying back that loan from your 401K. You do have to pay that back or face a penalty for early withdrawal.

    You also don't say what is the nature of your 23,000 debt. Is it all credit card debt, or is a mixture?

    Now, the big question. You don't ask a question. Maybe that's due to your problems with spelling and grammar.

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  • by Sebulba on May 13th, 2009

    Sebulba

    I agree, don't touch the 401k, just not worth the penalties and tax.


    http://www.ezdebtcure.com

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  • by SarahK on March 1st, 2008

    SarahK

    I wouldn't touch the 401(k) because you'll be taxed taking it out, have to replace the funds with money you've already been taxed on, and will have to pay a 10% penalty.

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