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    pinterich's Avatar
    pinterich Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jul 31, 2007, 06:41 AM
    Credit card debt
    I have a 401K plan with approximately 18,00 in it. I am in credit card debt, can I withdraw what I need to pay off my debt. [email protected]
    CaptainRich's Avatar
    CaptainRich Posts: 4,492, Reputation: 537
    Cars & Trucks Expert
    		  
    #2

    Jul 31, 2007, 07:42 AM
    You can access your 401k for hardship purposes only, I'm told. There are other ways, less costly, to alleviate credit card debt.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Jul 31, 2007, 07:46 AM
    You might be able to withdraw some or all the money, it depends on your plan provisions. But it would be a mistake to do so. You probably will not qualify for a hardship withdrawal, which means you will have to pay a 10% penalty. Plus the amount will be added to your taxes for the year increasing your tax liability.

    Check to see if you can take a loan against the balance.
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