Cash-strapped Americans raiding their 401(k)s

[Viva_La_Revolution]

Cash-strapped Americans raiding their 401(k)s
By Jilian Mincer | Dow Jones Newswires

Despite potential tax and investment problems, more investors have been borrowing from their 401(k) plans or taking hardship withdrawals in recent months, some retirement plan providers say.

Many in the field expect more borrowing in 2008, as consumers struggle with tighter credit and potentially higher mortgage payments.

"I don't think it's a groundswell but it's enough to be noticed," said Rick Meigs, president of 401khelpcenter.com, which provides information on 401(k) plans.

Increased borrowing on 401(k)s could be because of the credit crunch and slumping housing prices. To be sure, the indications are preliminary; it's too early to say why it's happening, according to the Hartford Financial Services Group.

http://www.chicagotribune.com/business/yourmoney/chi-ym-borrowing-1014oct14,0,5181066.story

[tom_paine]

1. Yes, the Bushies plan is working.

That 401(k) money is THEIRS. And as with the Jim Crow Laws the Bushies enacted inthe 1870s and 1880s, these bastards are going to have their way, one way or the other.

This time, the rich KNOW the Great Depression is coming, hell they are MAKING it come, just like last timebut this time they are doing it consciously; you won't see too many Bushies who haven't gotten the word jumping out of windows like in 1929.

Now, they'll be stealing our cash and pushing us out the windows in the waiting arms of Blackwater's Thugs.

[Lasher]

2. I did that back in the 80s

I was really strapped for cash and couldn't otherwise get the kids Christmas presents. It's a bad thing to have to do but sometimes can't be helped. Those were tough times.