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Reply to "401K loan to pay credit card debt"
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[quote=Anonymous][quote=Anonymous]Yeah, we have thought about this for a down payment. My 401k enables me to pay interest on that loan back to myself. [b]Win, win.[/b] I think it matters how old you are, but then again you still have the debt. But if you're 30 I think it's a no brainer. [/quote] It's not win/win - in all but the most dire circumstances, it's a bad move. First, the amount you take out in a loan is not appreciating. Second, many plans won't allow you to contribute when you have a loan balance, so you are losing multiple years of contributions (including the tax benefit) while the loan is outstanding. [/quote]
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