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Is it advisable to withdrawl from your 401k to pay off debt?

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February 08 - West San Jose

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Kathleen Wray MA, ePro, "realtorkathy"
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Kathleen Wray MA, ePro, "realtorkathy"

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That is best as a last resort ONLY. Try to find other ways to deal with it first. You might want to consult a financial advisor.

kathy
Temecula, Ca.

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March 27

sunnyview
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Anytime :) Really glad that you came to a decision. It is tempting, but long term I agree that it's not the best way to go. I know you didn't ask, but a few calculators really helped me tighten my budget up. Maybe they would help you too. You might look at the snowball technique for reducing debt and this budget calculator was the most complete that I found. Yes I know it's on Oprah's website, but it lists everything you might spend money on and allows to to see where your money really goes. Anything you can find to cut, you you can use to cut more off your debt. Debt sucks, but you can dig out. Make a plan, keep your eye on what you want and you can do it!

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nkc65
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Thanks for your input. I have been doing some research and have come to the same conclusion myself, no matter how appealing it is to get out from under debt.

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sunnyview
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Generally no. Your 401K should be left alone because even if you owe on bills, they cannot go after your 401K even if you go bankrupt on that debt. You also can have penalties to pay on permanent withdrawals except in very specific allowed cases. It may also be counted as income on your taxes for that year if you fail to pay it back before the end of the year. I would avoid it and find another way.

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Question If I put down 20%, can I qualify for FHA without PMI or MIP? thank you

Question Is it advisable to withdrawl from your 401k to pay off debt?

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