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Questions & Answers > Debt Management Help > Should I borrow to pay off my debts?

Should I borrow to pay off my debts?

By Derek Brown
Published: Sunday, September 20th, 2009

While repaying your debts, you may get into a bad habit of borrowing money from your friends and relatives. This won’t help you out in any way. You have to repay the money from your own budget and if you start borrowing you debts are never going to end and will snowball and would go out of your control. It is better idea to pay your debts slowly rather than borrowing from your friends.

Also never use a loan to pay off your debts. You may be tempted to borrow home loans to pay off your debts because interests are less than those of credit card loans. So you may again run into debts. You should never touch your 401k money. It is the money for your retirement and you may regret using it to repay your loans.

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