Laid off and facing a long job search, Bob Cundiff was worried about making ends meet.
Cheryl Ambruse needed a “breather” from her mortgage payments.
Jan Gentile lost her job and her family’s health benefits. She faced mounting medical bills on top of mortgage payments and other day-to-day expenses.
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Tapping retirement funds
blogmama08 7 weeks 1 day 4 hours 21 min ago
Several of the retirement loans offer very good interest rates and I think there is no harm in doing this to simply fix a short-term cash flow problem. I would even safely say that the amount of interest to be paid back on this type of loan far outweighs the interest rates of credit card bills, etc. which is what a lot of people take these loans out.
I feel that for many people, myself included, it isn't necessarily not being able to carry these debts or not earning enough income, but more about cash flow (when bills hit during the month, the interest fees continually accruing for credit card balances, etc). Sometimes to pay off a credit card, or car and having the loan payments just deducted from your paycheck weekly or bi-weekly frees up much more available cash during the month.
Just my thoughts.
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