Should I Use a 401(k) Loan to Pay Off My Credit Card Debt?

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Title	:	Should I Use a 401(k) Loan to Pay Off My Credit Card Debt?
Lasting	:	6.11
Date of publication	:
Views	:	59 rb

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Comment from : The Ramsey Show Highlights

5:18 5:59 5:59
Comment from : Eileen Watt

David Ramsey is a good idea for undisciplined people with little income Very similar to John Maxwell on leadership
Comment from : John Hope

I unequivocally disagree This really depends on how old someone is and how much debt Being buried in debt and not making any headway year after year Taking out a 401k loan or cashing out CAN be a way out It's not for everyone though I did it in my 30s and don't regret it Sometimes the cycle of debt has to be broken first It depends on a person's mindset
Comment from : Odseus

Dave 'what's your household income' Ramsey
Comment from : Phoenix639

Callers, stop asking Dave how he's doing, please 🥺
Comment from : John Allen

People, when you take out a 401k loan, you don’t owe the IRS The interest is paid back to yourself There is no pre-payment penalty No one is making money off interest on that loan except you, the borrower Also the interest comes out to 4-6 depending on the 401k servicer Not saying it’s a good idea but seems there’s a lot of misinformation here about what actually happens when you take out a 401k loan
Comment from : Nadya Pena

24robbery!
Comment from : TheShawn Palmer

HMU 🤙 @kevintuner he can help you with whatever dumps+pin approver for loans and other stuff all though the dark web
Comment from : Koistinen Denver

You're very sweet people, BUT HOW LONG HAVE YOU BEEN LISTENING?
Comment from : Barbie Blue

DR, please tell people you can round numbers off lol You don't have to give the exact amount, especially if its $05 under something lol
Comment from : Barbie Blue

24 percent of 10k is 2400 dollars the loan is cost of about 200 for loan Much cheaper to take the loan and save 2200 dollar interest Especially with that income the loan should be affordable
Comment from : Chess Master111

Dave: “How long have you been listening to the show?”brCaller: 👁👄👁 bGives long indirect answer/b
Comment from : Oscar Medina

People that treat 401k as an emergency fund are financially illiterate Why you have an emergency fund on the side
Comment from : Dexter M

I love this
Comment from : Will Elliott

Ouch24 interest and $51K income The hole is filling with water as you climb out
Comment from : Simple Schools TV

hmm taking unsecured debt and turning it into secured debt that has a 40 irs penalty lol not an answer
Comment from : matthew williams

Dave hypocrisy when it comes to women being part of the financial solution and working is dumbfounding and ancientbrbrHe should have told her " THE ONLY TIME SHE SHOULD SEE THE INSIDE OF THE CHURCH IS IF SHE GETS TO KEEP THE OFFERING PLATE WITH MONEY IN IT"
Comment from : Spoken Truth

I did one time and promises myself to never do it again
Comment from : S B

Balance transfer
Comment from : Pickopen Forever420

I think Dave's face in the thumbnail is my exact reaction
Comment from : Agatha Chris

Save Cerro Gordo
Comment from : Gee R

"Never borrow on a 401k"
Comment from : Dean Albertson

Is Dave still single ?
Comment from : hoiendehe

The only think I agree with is NEVER borrow from a 401K
Comment from : john Smith

Coworker of mine is wanting a 401k loan to pay for his daughters braces
Comment from : keeping it real

😁👌🖖👍✌😎
Comment from : john mirbach

Making only 51k combined in Destin FL? Ouch One of y'all needs to get another job The What-A-Burgers are hiring at 16$ an hour there
Comment from : Patrick Jones

Dave: How long have you been listening to this show? 👀🥴😆
Comment from : Nedra Hines

I'm gonna say no
Comment from : becca

Put the bible down and get a job how come Dave didn't tell her to start delivering pizzas? Rice and beans, baby, rice and beans
Comment from : Beefinthehole

i think i have the answer to this: get another full-time job?
Comment from : gus mueller

Compounding interest baby! More money sooner is always better!
Comment from : Mr King Kitty

💪😎Stay StrongGet out of debt It's so rewarding and i only have one regret☝😊👉I wish I had accomplished it sooner
Comment from : FACTSMATTER

I need more information here My debt is higher I am working part time to work this off
Comment from : Ohhhhh Pickles!!!

What taking out of 401k for a down payment on a house? That’s what I’m looking at doing
Comment from : Subject To Christ

Happy to see Rachel on with Dave; she is great!
Comment from : David

Thank you thank you thank you!!!
Comment from : Ohhhhh Pickles!!!

Nope! Don’t withdraw from your 401k, spend less, don’t eat out, pay off your debt and keep plugging that money into the 401k
Comment from : Chuong Doan

I have been pondering this and am so happy it has posted
Comment from : Ohhhhh Pickles!!!