Even though there didn't seem to be any negative comments about it - it may not be the most ideal solution mathematically to take money out of your 401, but at the end of the day, it's your life and your decision. I can very well understand that mentally it's important for you to pay off the credit card debt with your “own money” instead of taking out a new loan. That being said, you are still young enough and your future income potential is high, so you have enough time to make up for the “loss”.
Hi again! Yeah I really struggled with the decision, and I definitely still feel a little torn even afterwards. I feel like a weight has been lifted in a way, but I think I’ll always think still think about what compound interest could’ve done to my 401k in its entirety if I’d not taken the loan. So there’s good and bad for sure. Thanks so much for the comment! :)
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Even though there didn't seem to be any negative comments about it - it may not be the most ideal solution mathematically to take money out of your 401, but at the end of the day, it's your life and your decision. I can very well understand that mentally it's important for you to pay off the credit card debt with your “own money” instead of taking out a new loan. That being said, you are still young enough and your future income potential is high, so you have enough time to make up for the “loss”.
Hi again! Yeah I really struggled with the decision, and I definitely still feel a little torn even afterwards. I feel like a weight has been lifted in a way, but I think I’ll always think still think about what compound interest could’ve done to my 401k in its entirety if I’d not taken the loan. So there’s good and bad for sure. Thanks so much for the comment! :)