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401 (k) LOANS AND HOUSEHOLD BALANCE SHEETS

National tax journal, 2010-09, Vol.63 (3), p.479-508 [Peer Reviewed Journal]

2010 National Tax Association–Tax Institute of America ;This article is in the public domain. ;COPYRIGHT 2010 National Tax Association ;Copyright National Tax Association Sep 2010 ;ISSN: 0028-0283 ;EISSN: 1944-7477 ;DOI: 10.17310/ntj.2010.3.04 ;CODEN: NTXJAC

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Title:
401 (k) LOANS AND HOUSEHOLD BALANCE SHEETS
Author: Li, Geng ; Smith, Paul A.
Subjects: Applied economics ; Balance sheets ; Consumer credit ; Consumer loans ; Cost control ; Credit cards ; Evaluation ; Finance ; Financial analysis ; Financial reporting ; Fiscal policy ; Home equity loans ; Household income ; Household savings ; Households ; Income tax ; Investment analysis ; Loan payments ; Loan rates ; Loans ; Mortgage loans ; Opportunity costs ; Personal debt ; Retirement plan loans ; Salary reduction savings plans ; Studies ; Tax returns ; Tax systems ; U.S.A
Is Part Of: National tax journal, 2010-09, Vol.63 (3), p.479-508
Description: We show in a simple model that households will choose 401 (k) loans over other consumer loans if the opportunity cost of 401 (k) loans — i.e., the foregone asset returns — is less than the cost of other loans, and that few households would carry high-cost consumer debt without first utilizing 401 (k) loans. Using data from the Survey of Consumer Finances, however, we find that households typically turn to 401 (k) loans only after utilizing more expensive credit. About half of our sample households could benefit from shifting debt to 401 (k) loans, generating average savings of about $200 to $275 per year, or 10 to 15 percent of interest costs.
Publisher: Chicago: National Tax Association
Language: English
Identifier: ISSN: 0028-0283
EISSN: 1944-7477
DOI: 10.17310/ntj.2010.3.04
CODEN: NTXJAC
Source: Alma/SFX Local Collection
ProQuest Central

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401 (k) LOANS AND HOUSEHOLD BALANCE SHEETS

2010 National Tax Association–Tax Institute of America ;This article is in the public domain. ;COPYRIGHT 2010 National Tax Association ;Copyright National Tax Association Sep 2010 ;ISSN: 0028-0283 ;EISSN: 1944-7477 ;DOI: 10.17310/ntj.2010.3.04 ;CODEN: NTXJAC

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