401(k) Loan Pitfall #3: Your borrowing amount is limited.

If you need a loan for more than $50,000 – OR your 401k balance is less than $50,000 – you can only remove 50% or $50,000 … whichever is less. In other words, a 401k loan is not the vehicle for ANY hefty loans more than $50,000. Hopefully you don't have that much debt to pay off … but if you do, consider some other alternatives …

Next: 401(k) Loan Pitfall #4

Related Articles:

• Dolans' Debt Clinic Part 1
• Dolans' Debt Clinic Part 2

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