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Just Put It on My 401(k) Debit Card [View All]

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spotbird Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-16-08 04:21 PM
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Just Put It on My 401(k) Debit Card
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Borrowing against your nest egg is becoming as easy as stopping at an ATM.
A growing number of companies now offer employees the option of being issued a debit card that taps a 401(k) loan. The card, called ReservePlus, allows workers to withdraw funds from their 401(k)s.

The immediate concern for consumers is that impulse spending desires could trump their long-term savings needs.

Here's how it works: After a company adopts the program, employees can transfer their approved loan line into a ReservePlus account online. Later, they receive a debit card that they can use to take out as much or as little as they need of the loan amount -- on average taking out 35% less than they applied for, says David Young, director of Reserve Solutions at The Reserve, the company offering the cards.

http://biz.yahoo.com/ts/080114/10398317.html?.v=2&.pf=r...
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  -Just Put It on My 401(k) Debit Card spotbird  Jan-16-08 04:21 PM   #0 
  - never heard of this, but borrowed from my 401K many times before  russian33   Jan-16-08 04:36 PM   #1 
  - Be careful mentioning that some people use things responsibly, that kind of talk is not always  RGBolen   Jan-16-08 04:41 PM   #2 
     - Worst case it could result in a very short thread ... eom  TheBorealAvenger   Jan-16-08 04:46 PM   #3 
  - Another ploy to bankrupt Americans.  RC   Jan-16-08 05:05 PM   #4 
  - Seems to defeat the whole point of having a 401(k) in the first place  fujiyama   Jan-16-08 06:05 PM   #5 
 

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