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re: Paying Down Debt Vs Saving
Posted on 2/6/16 at 9:51 am to gobuxgo5
Posted on 2/6/16 at 9:51 am to gobuxgo5
1. Can you refinance your student loan to a lower rate? Shop online for this. If your rate drops significantly, maybe you choose to stay on the same path as before.
2. If not, IMO, i would not pull any money out of the 401k, but I would decrease the amount I put in the 401k, while still putting in enough to get the company match. The extra money I would aggressively put towards paying down that 5.6% interest loan.
2. If not, IMO, i would not pull any money out of the 401k, but I would decrease the amount I put in the 401k, while still putting in enough to get the company match. The extra money I would aggressively put towards paying down that 5.6% interest loan.
1
Posted on 2/6/16 at 11:16 am to Stingray
quote:
2. If not, IMO, i would not pull any money out of the 401k, but I would decrease the amount I put in the 401k, while still putting in enough to get the company match. The extra money I would aggressively put towards paying down that 5.6% interest loan.
This would be my suggestion as well.
Absolutely do not pull money out of the 401k, but cut back your contribution if you're making extra. Anything over 4% is my threshold for paying loans back at an accelerated rate.
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