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| Subject: Thinking Of Borrowing??? | Date: 10/29/2013 7:55 PM | |
| Author: mstrlucky74 | Number: 307430 of 312293 | |
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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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