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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]What 2106 said...I took out a loan for thousands, after working for the company many years. But then my company went bankrupt, I lost my job, couldn't pay it back in time -was due very quickly upon being laid off - and had penalties/taxes to pay at the end of the year. In hindsight I should have handled it differently. But there are other times when you have no choice but to raid your 401K, if you're out of work for a long time for example and have no other options to keep a roof over your head.[/quote]
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