New York man wants to borrow from 401(k) to pay $33K debt. Dave Ramsey is against it, but here's when it makes sense
View original at finance.yahoo.comNew York man wants to borrow from 401(k) to pay $33K debt. Dave Ramsey is against it, but here's when it makes sense The Ramsey Show Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below…
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Dave should get on a budget and clean up his debt mess instead of trying to find a hack
80% confidenceThe average credit card APR is 22.83%
80% confidenceDave should spend the next 12 months paying only for essentials and put the rest of his paycheck toward debt
80% confidenceIf you leave your employer, you would have to repay your 401(k) loan in full in a short time frame
80% confidenceOne asset will surge 400% in a year
80% confidenceThe average 401(k) loan amount is $11,067
80% confidenceDave should stop saving and investing until he's debt-free
80% confidenceAt the end of 2024, 13% of 401(k) plan participants had an outstanding loan against their balance
80% confidenceMedian weekly earnings for American workers were $1,196 during the second quarter of 2025
80% confidenceThe goal is to get people out of debt so they can build wealth, change their family tree, and be outrageously generous
80% confidenceNearly 50% of Americans are making one big Social Security mistake
80% confidenceOfficialHomeInsurance.com can save users an average of $482
80% confidenceThe average U.S. consumer pays $1,237 in monthly debt across their various obligations
80% confidence