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Asked 3/7/2006
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Advice for borrowing against value of retirement? Already borrowed max FROM 401k. Home equity at max. Credit cards maxed. Friend needs to borrow 20k BAD. Considered hardship withdrawal from retirement but would prefer not to. Any sincere advice on this? Are there banks that will loan against the value? Alternative options?? Please? Thanks. |
Answer 1/4 - Submitted 3/7/2006
Did you try to raise your home equity line of credit? then you can take out more. Or try opening a signature line of credit...A little different then a home equity loan
Answer 2/4 - Submitted 3/7/2006
Rule #1
NEVER borrow against your retirement !!!
You are digging yourself a very deep hole.
Does "WalMart Greeter" hold any meaning for you?
Because you are destroying your retirement.
Let your friend borrow their own 20K from the bank.
Answer 3/4 - Submitted 3/7/2006
My recommendation to you would be for you to go see a credit councellor -- whoever is having the credit problem. I would look into a debt consolidation loan and take a scissor to all the credit cards.
Answer 4/4 - Submitted 3/7/2006
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