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Asked 8/26/2010

Should I pay back my 401k loan?

Is it smart to pay back my 401k loan when I borrowed from it a couple years ago when the market was high (2007ish) and now the market is low and everyday in the market is an up and down day etc..... Just wanting to know if I pay my monthly obligation does the money go out the window or how does this work exactly? Does the money go back at what those price of stocks etc.. were or does it go at what todays price of stocks are? Any information would be greatly appreciated...

 
 
 
 
 
Answers

Answer 1/2 - Submitted 8/26/2010

Unless you're planning on quitting your job, you really have no choice but to have the payments on the loan to continue to be deducted from your paycheck.

 
 

Answer 2/2 - Submitted 8/26/2010

My 401k has the option to be canceled at anytime with penalties etc... wanting to know if the money that I'm paying back is being wasted since the market is up and down right now etc...

 
 
 
 
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