According to a WSJ article, more people are borrowing form their retirement funds. 28% of participating workers had borrowed from their 401(k) as of the end of 2010, up from 26% in 2009.
Most financial advisers might tell you not to raid your 401(k) because the money you invest in your 401(k) is sheltered from income tax, while you must use after-tax dollars to pay back whatever you borrow from the 401(k). Furthermore, if you leave your job, you have to pay back your loan in a short period of time. 75% of employees who leave their job with loan outstanding end up defaulting.
Don't raid your retirement fund. Instead, if you are struggling in today’s tough economy, City Loan is always here to help. Whether you own a car, truck, RV, motorcycle or boat – City Loan can give you a loan today. Bad Credit? No Credit? No Problem! Contact City Loan today and get the cash you need. Visit us at http://www.cityloanfastcash.com or Call 1-877-CASH-SOS.
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