ST Alpha - "never a good idea, since the penalty is so high.. -- nm" (Reading a Post)

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In response to "STIS -- What do we think of the idea of taking a loan from an 401(k) in order to pay down credit card debt?" by znufrii

never a good idea, since the penalty is so high.. -- nm

Posted by colin (aka colinski) Jun 15 '09, 07:34

(No message)

Responses:

there are no penalties -- nm - decline Jun 15, 07:40
there's no penalty for a loan, just a $50 application fee. -- nm - znufrii Jun 15, 07:34 4
- eh, still.. not a fan of touching that money.. -- nm - colin Jun 15, 07:52 2
  - it's far from an ideal situation, but then again, so is my credit card situation. - znufrii Jun 15, 07:53 1
    - shoot me an email.. we're probably in the same boat right now.. -- nm - colin Jun 15, 07:58
- at least, if there is I'm not seeing it in the fine print. -- nm - znufrii Jun 15, 07:35
plus if he loses his job, he owes the loan back. -- nm - loosilu Jun 15, 07:34 2
- no. if he loses the job, the loan becomes income and he pays taxes on it as if he took a distribution -- nm - decline Jun 15, 07:41 1
  - either way, it's in the "not good" category... - znufrii Jun 15, 07:42

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