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Personal Finances / Credit Cards and Consumer Debt


Subject:  Thinking Of Borrowing??? Date:  10/29/2013  7:55 PM
Author:  mstrlucky74 Number:  307430 of 313016

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 Loans

Maximum Amount Allowed:$50,000.00

Minimum Amount Allowed:$500.00

Incremental Principal Amount:$100.00

Current Interest Rate:3.25%

Application Fee:$20.00

Maximum Payment Amount:No Limit

Minimum Repayment Term:12 Months

Maximum Repayment Term:60 Months

Incremental Repayment Term:1 Month

Annual Maintenance Fee:$10.00
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