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Tough economy 401K loan


Forum: Financial Planning and Budgeting

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  #1  
July 4th, 2011, 02:27 PM
JessP's Avatar Lovin life and family
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New sign of tough economy: More 401(k) loans - CBS News

Would you take out a 401K loan?
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  #2  
July 5th, 2011, 03:17 PM
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Nope!!!!!
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  #3  
July 6th, 2011, 05:40 AM
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We have in the past. After Tim had his heart attacks, we needed some way to pay the massive bills. We also used it to purchase a vehicle so that we could do voluntary repos on our other vehicles.
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  #4  
July 6th, 2011, 10:11 AM
JessP's Avatar Lovin life and family
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I don't have a tradtional 401K with the military. I think I could borrow from my Thrift Savings Account but have never found a sufficent need to.
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  #5  
July 6th, 2011, 10:24 AM
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I would only take the loan as a last resort (and I think I would even try to get loans from family before that). I would borrow against my roth first also.
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  #6  
July 7th, 2011, 08:33 AM
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we have in the past, but will not again
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  #7  
July 7th, 2011, 05:12 PM
Happy Song's Avatar Nicole
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I am not a fan of 401K and wouldn't have oen to begin with.
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