Episode Details
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Should You Borrow From Your 401k to Pay Off Credit Cards?
Description
In today’s episode, Ralph Estep Jr. and Juliet answer whether you should borrow from your 401(k) to pay off credit cards, and what happens to that loan if you lose your job.
In This Episode
✓ Jobless claims fall to 189,000, a 57-year low
✓ Gas drops to $4.10, still $1+ above last year
✓ Check washing and how to protect your checks
✓ Should you borrow from your 401(k) to pay off credit cards?
✓ Why a job loss can turn a 401(k) loan into a tax bill
✓ Ralph’s story of becoming “man of the house” at eight
If you have ever wondered whether your 401(k) is the answer to credit card debt, this episode shows what to check first.
Resources
Connect with us:
https://www.becomingfinanciallyconfident.com/connect
IRS 401(k) plan loan FAQs:
https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-loans
FTC credit freezes and fraud alerts:
https://consumer.ftc.gov/articles/credit-freezes-and-fraud-alerts
FinCEN check fraud analysis:
AAA gas prices:
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Companies Mentioned
AAA
Delmarva Power
JCPenney
Sears
Life Savers
Burger King
Matchbox
Disney World
Mercedes
Pontiac
Smile Train
Samaritan’s Purse
Tunnel to Towers