Home Equity Loans Have Advantages Over 401(K) Loans
Anytime anyone takes out a loan, they seek out the best deal. After all, no one is eager to pay more in interest and fees than he or she has to. And anyone who has a lot of debt, be it credit card debt or a student loan, would be wise to consolidate that debt into a smaller, less expensive payment plan. One such source of funds would be to borrow from a 401(K) fund, which most employed persons can obtain through their place of work. Since the interest rate on Federally funded student loans increased July 1, 2005, many who missed the deadline may be wondering - Is a 401(K) loan a good debt consolidation option? We have previously pointed out the...