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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][quote=Anonymous]If you take a one-time loan from your 401(k) to pay off higher-interest credit card debt *AND* you cut up your credit cards - that is not a bad idea. But if you think of your 401(k) as just another fungible source of funds, then you have a spending problem. You are robbing Peter to pay Paul. Your debt will mount, and you won't be able to pay back the loan, and then you'll be hit with withdrawal penalties, additional taxes, etc., etc. OP, if you can't see the difference between the two approaches, you probably have a spending problem.[/quote] Yeah, what he/she said^^[/quote]
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