Q: We have $30,000 in credit card debt and it seems it will take forever to get it paid off. Should I use money from my 401(k) to pay off that debt? I am 35 years old.
A: I realize, when you see that money sitting in your 401(k), that there is a temptation to tap into it so you can make that credit card debt disappear. I also realize that it seems to take forever to make progress on your credit cards, especially if all you are paying is minimum payment. But using your 401k money to pay off credit card debt is not a good option for several reasons. Here are four:
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