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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]I wondered about this too, but couldn't get any of the posters proclaiming it to be a dumb idea on that other thread to explain why. In my case, I can only borrow a small amount (10% of the total, maybe?), BUT the 3% interest I pay on the loan goes right back to my account. I'm paying myself to borrow from myself. HOW is this not better than paying a credit card company a much higher rate? [/quote]
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