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Reply to "Explain to me why it's a bad idea to borrow against your 401k?"
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[quote=Anonymous]So if your 35, have cc debt of 20k at 13.99% and you have 50k in your 401k earning much less than 13.99% doesn't it just make sense to get a loan against that 401k, pay off the cc debt and have the payments taken out of your paycheck automatically? Assuming you have another 25 years to contribute to your 401k why is this such a bad idea?[/quote]
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