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Money and Finances
Reply to "Would it make sense to go into 401k to pay down debt?"
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[quote=Anonymous]I'd only do it through a loan. Taking it out would mean Uncle Sam gets nearly 50%. BUT -- If you think your job is in any sort of risk, then don't even take out a loan. You'd have to pay it back in 90 days or pay taxes (with the 10% penalty) on the entirety. If the debt is high-interest (e.g. credit card), then it might not be a bad idea to have a 401k loan pay off the credit card debt. IMO, it's no use to save save save and be miserable and indebted in the interim. Saving is used to help you through hard times/finance future consumption. Second job -- see if you can find Internet piecework to do online, for like 10-20 hours a week at $10-$20 an hour. If you have kids, you might find childcare eats up anything you might make in a WOH job.[/quote]
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