If you are looking for solid debt advice, here is a tip for you: Do not use your 4012k to secure a consolidation loan. There are just too many drawbacks to using your 401k in general, plus you need to be sure you don’t just gather up more debt in the future.

When you use a 401k, you are drawing from your retirement fund, which is bad enough. However, you should understand that you also have to pay taxes on that money, plus you have to pay fees and other costs involved with your consolidation loan. That could just put you back into more debt, and you don’t want to know what that means for you now.

What happens if you do get into debt again? Your retirement account is wiped out, you have no savings and you have no way to pay your bills. It is a no-win situation, and besides, you have so many other options. Work out a new payment plan with creditors, or transfer credit balances to lower your interest rate. Do not panic!

Making a budget, debt reduction plan and seeking out good get out of debt advice would be a better solution for you. Seeking the help of a professional would be the best thing you can do to make sure that you understand your options and don’t draw from your future to pay for mistakes in the past. Even if you have to sacrifice more now,
you will appreciate it in the future.

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