Take loan against 401k or Balance Transfer to credit card?

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I like the idea of the balance transfer.

Take loan against 401k or Balance Transfer to credit card?

I wouldn't recommend taking the loan against the 401k. If you have to consolidate, then the 0% for 15 months would sound appealing to me. That way you could pay down as much as possible, then try and find a similar deal or a low interest rate card 15 months from now.

Take loan against 401k or Balance Transfer to credit card?

Do the balance transfer or credit card advance, BUT do not use the card for anything else otherwise your payments will not go to anything that you purchase and dont pay for. They apply payments to the 0% interest rate first.

Take loan against 401k or Balance Transfer to credit card?

Watch the small print in those credit card transfers - with 0% interest they are most likely hitting you with a stiff fee right up front to transfer the balance - the same may hold true for the 3.9% (which is a good trade from 8% if there are no other fees). I would not play with the 401K - dipping into retirment is never good and it is costing you another 4.3% in fees.

Take loan against 401k or Balance Transfer to credit card?

First of all the question is can you pay off the $3500 in 15 months or two years? If you can do that than take out the 0% credit card transfer. If you cannot pay off the $3500 in a reasonable amount of time, then keep paying the way you have been paying, knowing that your available limits on your credit report are showing less than the beginning balance. Your credit report will get a double ding if you show you're taking out new credit and have a maxed out limit. It is normally not a good idea to borrow from your 401K because you also have tax penalties.

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Take loan against 401k or Balance Transfer to credit card?

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