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A couple of years ago, I took out two loans against my 401(k). The total amount owed is $6200, and I pay $136.95 to pay them back every other week. I would like to refinance the debt, to allow the cash to be returned to my 401(k), and hopefully get a better return than the 6.00 - 9.25% I am currently paying myself. I would plan on making payments of $300 per month, so this loan will be paid off quicker than 3 years. I am also a Prosper lender with an account worth ~ $1200. I won't be making any more loans until this loan is paid back. The monthly payments into my account as my loans are repaid would also be paid towards this loan. My credit card utilization is high because I refinanced a couple of semi-private student loans (which had interest rates of close to 8%) onto low interest credit cards (1.99% - 4.99%). Although I lost the tax-deductibility of the student loan interest, my final rate was still lower. That total debt is approximately $17000, against which I pay $350/ month. The rest of my revolving credit balance is a Home Equity Line of Credit, which I used to purchase my home. |
