Using a 401k Loan to Pay Off Credit Cards

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Information Using a 401k Loan to Pay Off Credit Cards

Title	:	Using a 401k Loan to Pay Off Credit Cards
Lasting	:	13.11
Date of publication	:
Views	:	11 rb

dumb advice closing out old accounts That will kill your credit score maybe store cards, but not credit cards Don't close your credit cards out, your credit score will go down I went from 600 to 850 Not by closing out accounts
Comment from : Jason Williamson

Great detailed video I had 5000+ in debt at about 30 after all feds rate increases I think I had about $180 a month just in interests I used to pay about 500 a month I’m repaying about $50 a week In 25 months or about 100ish payments I’m done I have FT job and have side gigs like DD and Uber eats I’m so happy I took that decision Just wanted to share this
Comment from : iDuino

Can I close 401k and transfer into life insurance?
Comment from : HEAVENLY ANGELS

So just to be clear, if you take out a loan, you'll be taxed on the money you pay back twice The first time is when they take the momey from your net pay instead of gross And the second time is when you retire🤔
Comment from : LeeLee

⁹⁹999pi
Comment from : dulceboricua60

What if you leave the company you work for? How can I keep paying the loan myself?
Comment from : Wallet Invest

Hello, considering taking out the loan to pay off my last card debt (paid off 3 cards so far!!!) Terrified of the inflation triggering rates to go up too high on card debt My TSP savings loan at 4 vs bank card rate increased to 13 $23,900 Trying to sit down and figure out how to pay off in two years/$1,000 a month Lucky right now, my employer does not penalize for loans, just a small fee $5000 and fixed rate
Comment from : L Sanders

I've done this twice! Agree if you pay it off, close the accounts!
Comment from : bisquitngroovy

Had no choice but to borrow from my 401k My payment is not bad only 68 dollars every 2 weeks for the next for years I work primarily for tips in a casino so it's not a big deal if my checks are slightly smaller
Comment from : TheMangler24

I thought if u take a 401k loan and u loose your job, u no longer owe and they just deduct the balance from your principle 401k contribution? I want to pay off my mortgage and be done with this rat race As long as my home is paid, I’m good
Comment from : Big D

This guy explains this better than anybody els
Comment from : jesse cantu

nice video i was thinking about doing this but the interest rate for the 401k loan is higher than the auto loan so ill pass this time but i have done them in the past and it worked out fine
Comment from : KW 5150

Great video! I've borrowed from my 401k a few times and always paid it back w out a problem , also, I've been at my job 12yrs and counting, bottom line, if you decide to take out a loan, don't Quit or get fired and you'll be fine
Comment from : Van Jones II

This confirmed for me that my thought process on this topic was fairly darn accurate Thanks SO much for good knowledge on the subject
Comment from : Kristina TK

Get Real!!!!
Comment from : Chloe Charleston

How are people going to take you serious with your hair looking like you live in the FN Jungle!?!?!?
Comment from : Chloe Charleston

So does the monthly repayment go back into your 401k? Or does it actually go to your company?
Comment from : Clark Fenyus

super helpful!! thank you
Comment from : Katy Brooke

With traditional 401k you pay taxes through payroll deductions to pay back the loan and when you retire you and take contributions you pay taxes With a Roth 401k you pay taxes before you contribute to 401k pay taxes before you pay the loan back through payroll deduction and don’t pay taxes when you retire and take contributions?
Comment from : Kelly Knight

Yes use 401k as a last resort to pay off high interests rates and dont get into more debts stay out of debt as much as possible
Comment from : gterobert

Very helpful information
Comment from : Elena Thomas

I'm curious if the CARES Act makes this a more attractive option Prior to COVID-19, I was trying to just buckle down and pay for my old mistakes I didn't want to touch my 401k Since Covid-19 created a lot of uncertainties I started paying minimum balances and saving cash incase I become furloughed for any period of time I have some credit card debt that I want to pay off, looking at either withdrawing or taking out a 401k loan to pay this off I was recently told that if CARES 2 does not pass my hours will be reduced to essentially ZERO, so I am considering withdrawing some of my 401k to get out of high-interest debt and making our expenses more manageable through this hard time
Comment from : Chad Craig

Stacy - love this post, great job!
Comment from : Dawsons Path

Thanks so much for the advice!
Comment from : ozumytrevizo

Alphaonecreditsolutions@outlookcom is a very amazing credit repair agent Paid off my mortgage loans and all card debts
Comment from : Nata Siss

What is the site to apply
Comment from : CUFGANG FRESHMEN

can you take out a 401k loan if you no longer work for the company?
Comment from : Crys Crain

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Comment from : Mark Reid