Posted 3/13/2024, 9:28:51 PM
401k Hardship Withdrawals Triple as Americans Struggle with Soaring Debt
- Hardship withdrawals from 401k retirement accounts hit a record high, tripling pre-pandemic rates
- 1 in 7 Americans has a loan against their 401k, with nearly half borrowing to avoid foreclosure
- Household debt hit a record $150,000 while credit cards charge 24% interest
- 75% of 401k hardship withdrawals were for $5,000 or less
- Credit card debt in America topped $1.13 trillion and interest rates are around 28%
