Borrowing from 401-K to wipe out a debt - good idea or not?

[Northwoods]

If that "payment protection" is a life or disability insurance product don't waste your money on it.  For the same cost you can get many times the coverage in regular term life insurance or open market disability insurance.  And then the benefits from the policies can be used for anything, not just debt repayment.

[MechAg94]

I don't like signing up for any of those plans the CC companies offer.  I am skeptical though. 

I agree that news cars make sense to me.  I was just relating that guy's opinion.  IMO, there are a lot of "commodity" cars that are relatively cheap and have long warranties.  As long as you make sure they have a reputation for durability, it is a good plan. 

I think where new cars don't make sense is for people who don't make enough to pay the payment and still be able to save.  If the payment takes away too much of your disposable income, it isn't worth it or you need to wait and put down a bigger down payment. 

[Green Lantern]

IMHO I hink it probably depends on a number of things, such as;
Your health, are you in good health are is there a possibilty that you may die or get disabled?
Your lifestyle, do you do things that may result in your death or disability?

Decent health.  I don't smoke or drink at all.  I DO like to drive kinda fast...

And, as I said earlier, I abide by the "no guns at work" policy...

Hmm, "upon further review" I did see a case where CO refused to honor the insurance on a guy - but the "biggie" (a State sued them) was 'cause they sold it to people who didn't work in the FIRST place and thus weren't eligible for the protection.

[Green Lantern]

Bump...

Finally got around to calling the CC company.  They shot me down, but told me to check back again every so often...

Anyhoo, no worries about me borrowing from the 401K in the immediate future - turns out the amount available for a loan isn't what I was expecting at the moment...