Debtors usually want to get out of a financial crisis immediately by using available resources to pay it off.
Dallas, TX (PRWEB) April 12, 2013
This April, National Debt Relief published a post aimed at consumers wanting to use their 401(k) for their debts. Although generally frowned upon by financial experts, the debt relief company proceeds to provide the needed tips in order to stay true to their intention of being the best source of debt relief information online.
The article entitled “6 Things To Do Before You Use Your 401(k) To Pay Off Your Mortgage” specifically discussed the different options that consumers should consider prior to the use of their 401(k). Showing their deep knowledge of how consumers in debt think, the article points out how debtors would want to get out of the financial crisis immediately by using available resources to pay it off. Since mortgage payments can lead to very stressful conditions, the article expresses the natural reaction of debtors to consider using their 401(k).
The post focuses on various tasks that consumers should look into in order to ensure that using their 401(k) fund is the only option left. For instance, the article cited that mortgage lender Fannie Mae and Freddie Mac have refinancing options that could work just as well as the other. Although this is subject to some strict qualifications, it should be worth some further probing.
The “6 Things To Do Before You Use Your 401(k) To Pay Off Your Mortgage” article also advises consumers to consider the amount that they will get from their retirement fund. This type of debt solution, if it will be used for something as expensive as a mortgage, may not be enough to cover for the whole debt. At the most, debtors will only be able to pay off a portion of the mortgage balance.
The article encourages consumers to look at their other debts as well. Although the mortgage usually makes up a huge percentage of the total debt obligation, eliminating other unsecured debt could remove enough of the stress to allow the consumer to focus on one payment only. With one or only a few debts to their name, the article implies that the need to tap into their retirement fund may no longer be necessary.
The debt relief company does not really promote using the 401(k) but in case consumers feel strongly about using it to for debt payments, they can find adequate information about it in the website. In fact, the site holds a wide variety of articles that educates site visitors about debt relief, general money making tips, proper financial management and other finance related issues.
To get a free consultation, call 888-919-9212 and talk to one of the many debt relief experts of NDR. All of their debt relief professionals are accredited by the International Association of Professional Debt Arbitrators or IAPDA.