401K Loans and Credit Cards…Help!!?
Monday, October 8th, 2007
Hydee asked:
I have two huge credit cards that need to be paid off, as well as two small ones. I was thinking about taking out a loan from my 401K to pay the small ones off and some of the big ones. It won’t pay them completely off. I am trying to figure out how the credit card companies calculate their minimum payments. I need to know this in order to figure out how much my monthly payments will be so that I can fit everything into my budget. It is hard because I can take alot out of my 401K but like I said it won’t pay the big credit cards off all the way so I still have a balance that I have to worry about, as well as my 401K loan payment. It is just really difficult to make this all work right so I don’t get in over my head. If anyone can give me some helpful advice I would appreciate it.
Question posted courtesy of: Dawn
I have two huge credit cards that need to be paid off, as well as two small ones. I was thinking about taking out a loan from my 401K to pay the small ones off and some of the big ones. It won’t pay them completely off. I am trying to figure out how the credit card companies calculate their minimum payments. I need to know this in order to figure out how much my monthly payments will be so that I can fit everything into my budget. It is hard because I can take alot out of my 401K but like I said it won’t pay the big credit cards off all the way so I still have a balance that I have to worry about, as well as my 401K loan payment. It is just really difficult to make this all work right so I don’t get in over my head. If anyone can give me some helpful advice I would appreciate it.
Question posted courtesy of: Dawn
