Saturday, December 15, 2007

Americans Find a New ATM... Their 401k Accounts

From CFO.com (via Calculated Risk): Americans in record numbers are tapping their 401k's. The HELOC loan has been tapped, the next mortgage payment looms large... give up and walk away? Hell no!
"In the last four or five months we have seen an absolute onslaught of people trying to do hardship withdrawals and loans out of 401(k)s,"
Well, now we know where the money is coming from to finance the holiday shopping this year... Americans seem dead set on making paupers of themselves and are succeeding rapidly.

Not that I'm a great fan of the 401k, but that's grist for another post.

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