{"id":79347,"date":"2026-05-06T16:34:34","date_gmt":"2026-05-06T16:34:34","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/401k-loan-vs-debt-relief-which-is-better-for-getting-rid-of-credit-card-debt-now\/"},"modified":"2026-05-06T16:34:34","modified_gmt":"2026-05-06T16:34:34","slug":"401k-loan-vs-debt-relief-which-is-better-for-getting-rid-of-credit-card-debt-now","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/401k-loan-vs-debt-relief-which-is-better-for-getting-rid-of-credit-card-debt-now\/","title":{"rendered":"401(k) loan vs. debt relief: Which is better for getting rid of credit card debt now?"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div id=\"\">\n<figure class=\"embed embed--type-image is-image embed--float-none embed--size-medium\">\n<p>      <span class=\"img embed__content\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets2.cbsnewsstatic.com\/hub\/i\/r\/2026\/05\/06\/a20966fb-c12a-4387-9d7d-15a343b7f1db\/thumbnail\/620x413\/fc917f89c7b16e2bddce52cd73c3e642\/gettyimages-1223446543.jpg#\" alt=\"401k loan phrase in the notepad and calculator. \" height=\"413\" width=\"620\" class=\" lazyload\" srcset=\"https:\/\/assets2.cbsnewsstatic.com\/hub\/i\/r\/2026\/05\/06\/a20966fb-c12a-4387-9d7d-15a343b7f1db\/thumbnail\/620x413\/fc917f89c7b16e2bddce52cd73c3e642\/gettyimages-1223446543.jpg 1x, https:\/\/assets2.cbsnewsstatic.com\/hub\/i\/r\/2026\/05\/06\/a20966fb-c12a-4387-9d7d-15a343b7f1db\/thumbnail\/1240x826\/b3b6f80a3f09779a57ad43f73a9a9c38\/gettyimages-1223446543.jpg 2x\" loading=\"lazy\"\/><\/span><figcaption class=\"embed__caption-container\">\n<p>                  <span class=\"embed__caption\">A 401(k) loan and debt relief solve the same problem through very different means, and at very different costs.<\/span><\/p>\n<p>                  <span class=\"embed__credit\"><\/p>\n<p>                Getty Images\/iStockphoto<\/p>\n<p>                          <\/span><br \/>\n              <\/figcaption><\/figure>\n<p>Credit card interest rates haven&#8217;t budged much recently, and that&#8217;s hardly an oversight on the part of credit card issuers. When the Federal Reserve started hiking its benchmark rate in early 2022 to combat inflation, <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/why-are-credit-card-rates-so-high-2026-what-experts-say\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">credit card rates went up in tandem<\/a><\/span>, and at one point even hit a new record-high. But as the rate environment has eased, particularly over the last year, some borrowing rates have declined, but <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/why-credit-card-rates-are-so-high-now-what-to-do-about-it\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">card rates have remained stuck<\/a><\/span> at above 21% on average instead. That has left credit card balances accruing interest at very high rates, and the <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/how-are-credit-card-minimum-payments-calculated\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">minimum payments<\/a><\/span> are now barely making a dent for most credit card users.<\/p>\n<p>That dynamic is forcing more people to reconsider their repayment strategies \u2014 and quickly. In turn, borrowers&#8217; retirement accounts have become an increasingly tempting source to draw from for relief. For those with a 401(k), the ability to borrow from their own retirement savings, <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/can-i-use-my-401k-to-pay-off-credit-card-debt\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">pay off their credit card debt<\/a><\/span> and then pay themselves back, generally at lower interest rates than their credit cards, can look like a straightforward solution. But tapping long-term investments to solve short-term debt isn&#8217;t always as ideal of a route as it appears.<\/p>\n<p><span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/important-debt-relief-options-to-know\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">Debt relief programs<\/a><\/span>, meanwhile, offer a very different path. Instead of borrowing more, they aim to reduce what&#8217;s owed, often through negotiated settlements with creditors. That approach can be appealing for those already <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/cant-make-your-credit-card-payments-consider-this-instead\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">struggling to keep up with payments<\/a><\/span>, but it comes with its own set of trade-offs. So, choosing between these options requires a clear understanding of how each works and what&#8217;s truly at stake.<\/p>\n<p><a href=\"https:\/\/secure.money.com\/pr\/a68c45e313e3?s1=https%3A%2F%2Fwww.cbsnews.com%2Fnews%2F401k-loan-vs-debt-relief-better-option-credit-card-debt\" target=\"_blank\" rel=\"sponsored, noopener\">Find out how you can get help with your high-rate debt today<\/a>.<\/p>\n<h2><strong>401(k) loan vs. debt relief: Which is better for getting rid of credit card debt now?<\/strong><\/h2>\n<p>When it comes to <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/why-now-is-a-critical-time-to-pay-off-credit-card-debt\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">paying off your credit card debt<\/a><\/span> with a 401(k) loan or a debt relief strategy, it&#8217;s important to know that neither option is without tradeoffs \u2014 but one option may be significantly riskier than most people realize. Here&#8217;s how they compare:<\/p>\n<h3><strong>What a 401(k) loan actually costs you<\/strong><\/h3>\n<p><span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/can-you-borrow-from-401k\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">A 401(k) loan<\/a><\/span> lets you borrow against your own retirement savings, and you can typically withdraw up to <a href=\"https:\/\/www.irs.gov\/retirement-plans\/retirement-plans-faqs-regarding-loans\" target=\"_blank\" rel=\"noopener\">50% of your vested balance or $50,000<\/a>, whichever is less. You then repay yourself with interest, usually at the prime rate plus one percentage point, which currently puts that rate around 8% to 9%. Compared to what you&#8217;d pay with a credit card rate of 21% or higher, that&#8217;s a meaningful difference in cost.<\/p>\n<p>But the real cost of borrowing from your 401(k) isn&#8217;t the interest rate. It&#8217;s the opportunity cost. <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/can-you-use-a-401k-hardship-loan-to-pay-off-credit-card-debt\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">The money pulled from your 401(k)<\/a><\/span> stops compounding, which means every dollar you borrow has a long-term price tag that doesn&#8217;t show up in your monthly statement. And, if you leave your job, voluntarily or not, the full balance typically becomes due within 60 to 90 days. Fail to repay it, and the outstanding amount is treated as a distribution, which is subject to income taxes and a 10% early withdrawal penalty if you&#8217;re under 59\u00bd.<\/p>\n<p>For someone with stable employment, manageable debt and the discipline to repay on schedule, <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/does-credit-card-debt-qualify-for-401k-hardship-withdrawal\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">a 401(k) loan<\/a><\/span> can be a cost-effective bridge. For anyone in a less certain employment situation, it introduces layered risk on top of existing financial stress.<\/p>\n<p><a href=\"https:\/\/secure.money.com\/pr\/a68c45e313e3?s1=https%3A%2F%2Fwww.cbsnews.com%2Fnews%2F401k-loan-vs-debt-relief-better-option-credit-card-debt\" target=\"_blank\" rel=\"sponsored, noopener\">Compare the debt relief options you qualify for online now<\/a>.<\/p>\n<h3><strong>What debt relief actually costs you<\/strong><\/h3>\n<p>Debt relief, <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/important-facts-to-know-about-debt-settlement-according-to-experts\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">and specifically debt settlement<\/a><\/span>, works differently. With this approach, <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/best-debt-relief-companies-plus-advice-borrowers-need-to-know-now\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">a debt relief company<\/a><\/span> negotiates with your creditors to settle your balance for a lump sum that&#8217;s less than your full balance, typically after you&#8217;ve stopped making payments and allowed your accounts to become delinquent. The pitch is that you&#8217;ll pay back less than you owe, but the reality is often more complicated.<\/p>\n<p>The prolonged payment delinquencies generally\u00a0<span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/does-credit-card-debt-forgiveness-hurt-your-credit-score\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">hurt your credit score<\/a><\/span>. Your creditors aren&#8217;t obligated to negotiate or agree to settlement offers, either, and some may prefer to pursue <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/what-debt-collectors-can-do-and-what-they-cant-if-you-owe-money\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">lawsuits, bank levies or wage garnishment<\/a><\/span> rather than settle. The forgiven debt may also be considered taxable as income, depending on your circumstances. And debt relief companies typically charge <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/how-much-does-a-debt-relief-program-cost\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">fees ranging from 15% to 25%<\/a><\/span> of the enrolled debt if your debt is successfully settled.<\/p>\n<p>That said, debt settlement can be a legitimate option, particularly for those who are already in severe financial distress, have accounts that have already gone to collections or are <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/how-much-debt-is-worth-filing-for-bankruptcy\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">weighing bankruptcy as the alternative<\/a><\/span>. It&#8217;s not a shortcut to getting rid of debt, though. It&#8217;s an option with real credit and tax consequences that can take years to recover from.<\/p>\n<h3><strong>Which option makes more sense for your credit card debt?<\/strong><\/h3>\n<p>If your employment is stable and your debt is manageable relative to your retirement balance, a 401(k) loan is likely the lower-risk move. When you take this route, you&#8217;re not surrendering <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/whats-good-credit-score-determining-factors\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">your credit score<\/a><\/span>, you&#8217;re not exposing yourself to creditor lawsuits and you&#8217;re paying yourself back rather than a lender.\u00a0<\/p>\n<p>On the other hand, debt relief generally makes more sense when you&#8217;re unable to make even the minimum payments, your credit is already damaged and the debt volume is too large to realistically tackle through borrowing. <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/pros-and-cons-of-each-debt-relief-option\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">There are obvious tradeoffs<\/a><\/span> with this route, but you&#8217;ll likely face less damage to your credit and finances if you&#8217;re already behind when you pursue this option, as the damage has already been done, at least in large part.<\/p>\n<h2><strong>The bottom line<\/strong><\/h2>\n<p>A 401(k) loan and debt settlement both solve the same problem through very different means, and at very different costs. The right answer between the two is unique to your situation, but generally hinges on how much you owe, how secure your job is and how much credit score damage you can afford to absorb. What neither option rewards, though, is delay. The longer your high-rate debt sits, the fewer good choices remain.<\/p>\n<section class=\"content__body--footer\">\n<p class=\"content__meta--editors\">\n      Edited by<\/p>\n<p>                                  <a href=\"https:\/\/www.cbsnews.com\/team\/matt-richardson\/\" class=\"byline__author__link\" data-invalid-url-rewritten-http=\"\">Matt  Richardson<\/a>\n                      <\/p>\n<\/section>\n<section class=\"content__body--footer\">\n      <!-- tags --><br \/>\n    <\/section>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cbsnews.com\/news\/401k-loan-vs-debt-relief-better-option-credit-card-debt\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A 401(k) loan and debt relief solve the same problem through very different means, and at very different costs. Getty<\/p>\n","protected":false},"author":1,"featured_media":79348,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32],"tags":[],"class_list":["post-79347","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-stories"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>401(k) loan vs. debt relief: Which is better for getting rid of credit card debt now? - World News<\/title>\n<meta name=\"description\" content=\"The math on credit card debt is brutal right now, but the fix you choose could cost you more than the debt itself.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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