is it smart to borrow against your 401k to pay off credit card debt?

Question by dancindopey: is it smart to borrow against your 401k to pay off credit card debt?
I have 8,500 in credit card debt and about 15,000 or more in my 401k. I'd like to know if it would be a smart idea to take a loan against my 401k to pay off my credit card debt, that way there would only be one payment and it would be much lower. I'd also like to mention that i'm only 24 and won't be retiring any time soon.


Best answer:
Answer by jlfNo, it is not smart.

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