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by Anonymous on July 26th, 2008

Anonymous

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I have money in a 401K account but my company says I can't withdraw it. I need this money to pay off credit card bills so I don't have to file for bankrupty and ruin my credit which is in good standing. How do I get this money?

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Answers. 2 helpful answers below.

  • by deltabtry on July 26th, 2008

    deltabtry

    No penalty for the loan but, interest must be paid and your 401 will be frozen until it's paid. Although you can still contribute to it. To withdrawal the funds your will take at least a 50 percent hit or better.

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  • by J and B on July 26th, 2008

    J and B

    You can borrow money from your 401k, but I believe there's a stiff penalty, plus the interest on the loan. You need to speak with someone at your company credit union. If your company doesn't have one, try your bank.

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