In case you work with a 401(k) Loan to pay for Off Your charge cards?

In case you work with a 401(k) Loan to pay for Off Your charge cards?

Numerous 401(k) plans allow users to borrow on their your retirement savings. It’s a fairly low-interest loan option that many people used to combine credit debt — meaning, using an even more favorable loan to repay a few high-interest bank card balances. But NerdWallet cautions against going for a 401(k) loan except as a resort that is last.

What exactly is a 401(k) loan?

Company guidelines can vary, but k that is 401( plans typically allow users to borrow as much as half their retirement balance for at the most 5 years. Read more