Taking 401(k) Loans–11 Pros and Cons You Should Know
Money Girl
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The Pros and Cons of Taking a Loan From a Workplace Retirement Plan
Nalima: I took a loan from my 401k for $40,000 at 4.5% interest to buy real estate. But we have $45,000 in credit card debt with a 25% APR costing $800 per month in interest charges. Should we use the 401k loan to pay off the credit card? This show will answer your question and review 11 pros and cons of taking a loan from a workplace retirement plan like a 401k or a 403b.
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