We are thinking of borrowing from my 401k(has a balance of ~$165k) to pay off about $10k in debt which has an average interest of 18%. Is this a good idea? Below is from my 401k website. Thanks very much for the help.Plan Rules for General Purpose LoansMaximum Amount Allowed:$50,000.00Minimum Amount Allowed:$500.00Incremental Principal Amount:$100.00Current Interest Rate:3.25%Application Fee:$20.00Maximum Payment Amount:No LimitMinimum Repayment Term:12 MonthsMaximum Repayment Term:60 MonthsIncremental Repayment Term:1 MonthAnnual Maintenance Fee:$10.00
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