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Has anyone borrowed against their retirement fund?

Yes I understand that it may be taxable and yes it is for need only purposes
right now we have exhausted all loans and lines of credit, we are now paying 1000 more than what is coming in.
Next step is bankruptcy but that still does not help that much cause we still would have 500 in bills that we cant afford every month.

so has anyone done this? what was the outcome?

 
Anonymous

Asked by Anonymous at 6:45 PM on Mar. 21, 2010 in Money & Work

This question is closed.
Answers (3)
  • We did it. It was a last resort but my husband was injured at work and while he was off we were using our credit way too much. Robbing Peter to pay Paul. So eventually we took out a loan to consolidate it.
    Anonymous

    Answer by Anonymous at 6:52 PM on Mar. 21, 2010

  • Anon this is OP
    so do you think that doing a debt consolidation loan is more appropriate then borrowing against the retirement.?
    Anonymous

    Answer by Anonymous at 6:55 PM on Mar. 21, 2010

  • We didn't think our credit was good enough to get a regular loan.
    Anonymous

    Answer by Anonymous at 7:02 PM on Mar. 21, 2010

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