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  • Kiplinger

    Taking a 401(k) Loan to Fill Income Gaps? Tips Before You Dip!

    by Alan Vorchheimer, Certified Employee Benefits Specialist (CEBS) Mar 26, 2021 2 minutes

    One of my first positions was in a 401(k) call center, where one of the most common questions people asked was about taking a plan loan to pay off their credit card debt.

    When I went to my manager for guidance, I was told in no uncertain terms that we were never ever to broach this topic, as it bordered on financial advice. Throughout my career I have seen that employers refuse to discuss 401(k) plan loans as a source of debt financing. To the extent plan materials provide any advice regarding loans, the message is usually centered on the dangers of borrowing from your retirement

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