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Be Smart About Paying Off Debt

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Be Smart About Paying Off Debt
Cashing out your retirement plan to pay off a car isn't a good idea. RetroClipArt/Shutterstock
Dave Ramsey
Updated:

Dear Dave,

Should I cash in my 401(k) to pay off my car? I have just enough in the account to pay off the car and free up money in my budget.

Dave Ramsey
Dave Ramsey
Author
Dave Ramsey is CEO of Ramsey Solutions, host of "The Dave Ramsey Show," and author of best-sellers including “The Total Money Makeover.” Follow Dave at DaveRamsey.com and on Twitter @DaveRamsey.
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