How can I get money from my 401K? | 401k Questions

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Asked 11/4/2008

How can I get money from my 401K?

I have excellent credit (FICA 759), but having extreme financial hardships and cannot get a loan to consolidate high interest unsecured loans.

With high interest unsecured loans, is it best to withdraw money from my 401? I'm not sure I can repay a "loan" given the interest rates etc.

What is the best alternative to get the most from my money?

i

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Answer 1/1 - Submitted 11/5/2008

Withdrawing early from a 401K incurs a 10% penalty and the money you get out will be treated as taxable income when you file taxes. However if you are paying 18% interest on credit card debt it may make sense to take the early withdrawal hit to pay down the cards.

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