Should You Borrow From Your 401k to Pay Off Credit Cards?

In today’s episode, Ralph Estep Jr. and Juliet answer whether you should borrow from your 401(k) to pay off credit cards, and what happens to that loan if you lose your job. In This Episode ✓ Jobless claims fall to 189,000, a 57-year low ✓ Gas drops to $4.10, still $1+ above last year ✓ Check washing and how to protect your checks ✓ Should you borrow from your 401(k) to pay off credit cards? ✓ Why a job loss can turn a 401(k) loan into a tax bill ✓ Ralph’s story of becoming “man of the house” at eight If you have ever wondered whether your 401(k) is the answer to credit card debt, this episode shows what to check first. Resources Connect with us: https://www.becomingfinanciallyconfident.com/connect IRS 401(k) plan loan FAQs: https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-loans FTC credit freezes and fraud alerts: https://consumer.ftc.gov/articles/credit-freezes-and-fraud-alerts FinCEN check fraud analysis: https://www.fincen.gov/news/news-releases/fincen-issues-depth-analysis-check-fraud-related-mail-theft AAA gas prices: https://gasprices.aaa.com Follow Becoming Financially Confident LinkedIn: https://www.linkedin.com/company/becomingfinanciallyconfident Facebook Group: https://www.facebook.com/share/g/1HpWqv8jp9/ Instagram: https://www.instagram.com/becomingfinanciallyconfident Skool Community: https://www.skool.com/becoming-financially-confident-7556 TikTok: https://www.tiktok.com/@becoming.financial Have a money question? Send it here: https://www.becomingfinanciallyconfident.com/voicemail Companies Mentioned AAA Delmarva Power JCPenney Sears Life Savers Burger King Matchbox Disney World Mercedes Pontiac Facebook Smile Train Samaritan’s Purse Tunnel to Towers