Archive for June, 2009

Temporary loans from 401K to pay off credit cards

Tuesday, June 9th, 2009 by Al Lewis (alewis)

The average American adult owes more than $7000 in revolving debt, at interest rates that would make anybody not in the Tax Refund Anticipation or payday loan businesses gag.   At a 16% interest rate, over six years that debt costs you about the same amount in interest as the principal you owe…but at the end [...]

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“Peace of Mind” bill

Friday, June 5th, 2009 by rcoons

My bill would allow the withdrawl of a Qualified Savings Plans (401k’s and the like) for the sole purpose of paying off your primary residence mortgage loan. The withddrawl has a 15% long term tax rate for the federal government, no other taxes. No 10% penalty no state tax just the 15% long term capital [...]

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