Tag: get out of debt

If you have quite a bit of high-interest debt, you may be looking into ways to pay it off faster. But if you’re considering using a 401k loan to pay off credit cards, you should know a few things first (plus why we don’t recommend you do it!). Related: FREE Credit Card Payoff Spreadsheet (Get Out of Debt in 2022!!) Can I take a loan out of my 401k to pay off my credit card debt? Technically, yes. Many different 401(k) plans allow you to borrow against your retirement savings. One of the benefits to many people is that it’s a low-interest loan option and will make it easier to pay it back vs. high-interest credit cards. Related: When Can