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401K Tag

Bankruptcy Attorney Brian Barta > Posts tagged "401K"

Why Borrowing Against Your 401(K) May Be a Bad Idea

401K retirement borrowing

Twenty-five percent of Americans have made early withdrawals from their retirement plans using a 401(k) loan, according to a recent report by online financial guidance service HelloWallet. However, many people who tap into their retirement funds may do so without being fully aware of the risks involved in doing so. Particularly in the aftermath of the recent recession, people who borrow against their retirement savings often do so to pay off other, higher-interest debt such as credit card balances, vehicle loans or medical bills. Others use the funds to make ends meet when dealing with unexpected financial difficulties such as a...

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