Is it wise to pay off a 401k loan ($30K) with 0% credit card for 16 month & after that the rate goes up to 19.99%?

28% tax bracket. Asked by stefano07 7 months ago Similar questions: wise pay 401k loan $30K 0% credit card 16 month rate 19 99% Business > Financial Services.

Similar questions: wise pay 401k loan $30K 0% credit card 16 month rate 19 99%.

Only if you are planning on paying it off within the 16 months; or are going to be forced to default on it. Otherwise, you are trading paying interest to your own retirement for a brief spell with out interest, and then paying LOTS of interest to someone else.

I lost my job so I'm forced to pay back the 401k loan. The credit card loan will help me with the 10% penalty and the taxes. I was wondering once I find another job can I borrow from my 401k or Ira again to pay for the credit card?

At least I'm not losing more than $10k in penalty and taxes. Any advise? Stefano07 7 months ago .

Under those circumstances, yes, you are probably better off using the credit card to buy time. (that falls under being forced to default on it, BTW) presumably once the 401K is active for another employer, you will be able to open another loan.

Thanks for your advise. Stefano07 7 months ago .

" "a couple of weeks I borrowed from my 401k do I have to pay this loan back before I can borrow more?" "I have a $25K loan, $4500 credit card, $1500 credit card. They are all in collections, what should I pay off first?

I am 58 years old took a loan from 401k and now have been terminated will I have to pay penalty.

I have a $25K loan, $4500 credit card, $1500 credit card. They are all in collections, what should I pay off first?

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