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Kain99
Guest
Anything, that makes it easier to go into debt is a bad idea.
New Debit Card Borrows Against 401k
- Thread starter nhboy
- Start date
Bustem' Down
Give Peas a Chance
I don't see why, if it's free money why not?
C
czygvtwkr
Guest
One claims he needs that 5% extra in his paycheck. I explained that its not even 5% extra because of tax advantages.......I lost him.
Bustem' Down
Give Peas a Chance
Even still, 5% isn't that much. At 60k anually it's only $250, they must be living paycheck to paycheck.
godsbutterfly
Free to Fly
Exactly. I'm still waiting to see how many people lose their vehicles by doing those "Just borrow against your Car Title" Quick Loans they are always showing on T.V.
Booboo3604
Active Member
It will be the next foreclosure boom!
Maybe it will reduce traffic, I'm ok with that
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czygvtwkr
Guest
There are buildings all over the south that offered car title loans for years, not really a new thing.
That is the dumbest freakin' thing I've ever heard. Draining your retirement savings so you don't have to tighten your belt!
Anyone who would do something like that is a moron and I have no sympathy for them when they're left high and dry at 65 because they pissed away their 401k on eating out and big screen TVs. And, PS, I don't want to pay for those dummies, either, but I'll bet that's exactly what will happen.
I agree, it would be smarter to refinance and get a lower interest rate with some cash out instead of taking money out of your retirement because I know I dont plan on working until im old and grey.
I know of a few places in Waldorf that will give you a loan holding your car as collateral(if its paid for and is in your name) however the interest rates are between 15-35%