No we have to do it this way....he is using that -sm
Posted By: relieved MT on 2008-10-15
In Reply to: Don't borrow from the 401(K)!! - BeenThere
to pay his, I am doing CCCS I guess. We do not want to do bankruptcy, plus we own some property, which he does not want to see, though neither do I, and they would go after that in a bankruptcy. We have done a loan before on the 401K, not a big deal, paid it back in 5 years. We will do the same thing again and still make our current contributions of about $10K a year to it. So we are not shortchanging ourselves too much. He is starting to get mad now though, shock is wearing off, wish it wasn't. But I made the mess and have to live with the consequences. He just wants all the loose ends tied up quickly. I have faith that we won't lose our house....he is now convinced we will....we have never been late with the mortgage and I don't intend to now....with his cards paid off it will free up about $500 (after the loan payback), and I know mine will be reduced so that will free up probably another $500, so we will be okay, actually in better financial shape than before in terms of cash flow, though in debt for 5 years.
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