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madurolover · 06-04-2009, 11:01 AM

If there are any Financial Advisors on the forum (or just a financial guru) then I have a question for you.

Should I withdraw money from my 401k to pay down my credit card. The interest on the card is going to 19%, my balance is $6000 and I can only withdraw up to $5000 from 401k. Would the penalty on the withdrawal be more than the interest even over time?

This question is being posted for my girlfriend. If anyone could help it would be much appreciated. If anymore information is needed please let me know and I will respond back with it.

06-04-2009, 11:01 AM	#1
madurolover That's what she said Join Date: Oct 2008 Location: Myrtle Beach Posts: 136 Trading: (0)	Financial Advise??? If there are any Financial Advisors on the forum (or just a financial guru) then I have a question for you. Should I withdraw money from my 401k to pay down my credit card. The interest on the card is going to 19%, my balance is $6000 and I can only withdraw up to $5000 from 401k. Would the penalty on the withdrawal be more than the interest even over time? This question is being posted for my girlfriend. If anyone could help it would be much appreciated. If anymore information is needed please let me know and I will respond back with it. __________________ I Like Thin & Crispy