Strategy to Payoff High Interest Debt
I have about $3500 in high interest credit card debt and about $11,500 in loans ranging from 6-13%. I've been increasing income to pay off debt but it's slower than I'd like. My financial advisor suggested to take a loan from my 401k to clear my debt and at least pay myself the interest instead of a bank. Thoughts on this idea? P.S. I have control of my spending now and will not be running up debt again.
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