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Reply to "401K loan to pay credit card debt"
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[quote=Anonymous]I am not a financial planner, but perhaps it makes sense to take out the loan for the $7000, and use that to pay off at least some of the highest interest rate credit card first. Then, in a year, reevaluate. I am extremely opposed to pulling from a 401(k). What I might do instead of pulling from is not contribute for a year and take that money and aggressively attack the credit cards. Also, let's say that you pay $7000 to one card immediately, and then keep paying that card down. In a few months, you might be able to negotiate a lower payment with the credit card company. While you will still have debt outstanding, the difference is that your total amount owed vs. total amount loaned ratio will be better. [/quote]
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