Quote:
Originally Posted by Bizzymammabee  A good way to pay down debt and save yourself money would be to borrow from your 401k if you are not too close to retirement. It's a good way to get the funds, pay it back at a lower interest rate and the biggest plus is that the interest goes to you and not a credit card company. I used from mine to do put in my new kitchen and install hardwood floors throught out my house.
I love the fact that I am in debt to myself only and every single penny of interest goes into my account. |
So.....you are not penalized for borrowing from your 401k? For some reason, I thought you were.....I haven't looked into it. What is the criteria for paying it back...how long do you have, interest, etc. I would love to hear about it.