How many have taken a loan from your 401k to pay off debt? Was it a positive experience?

Contemplating going this route to save on how much I’m paying monthly.

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Depends on the nature and interest rate of the loan, and how that compares against the interest, penalty fees, and potential lost compounded earnings from the 401k in the same period

If, considering all that, it makes sense to do so, then go for it

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I should have prefaced this would be a 60 month term and I’ll be 42 at the end of the loan.

I did it for a down payment on my first house, and I have no regrets. I paid it back in 3 years and didn't decrease contributions during that timeframe. I know a lot of people are against 401k loans, but it really set me up well financially.

I did it to help with the down payment on my home. It was fine, but just make sure your job is stable. If you leave your company before you pay it, it can make your rollover process a little trickier.

I had to pay off my loan in full when I left a previous employer. Some plans allow you to keep making payments, but others don't, so it's definitely something to look into before you make a decision

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