Borrowing from 401(k) plan has its dangers

During a tight economy, some individuals may look to their 401(k) plans as a source to borrow money.

Borrowing from a 401(k), however, has a decided downside.

If you are considering dipping into your retirement plan, you might want to first check out some of the Web sites that contain information about borrowing from a 401(k). Here are a few:

-- 401khelpcenter.com: Provides an overview of borrowing from a 401(k) and pros and cons.

-- Bankrate.com: Features calculator to determine the cost of borrowing from a 401(k).

-- Credit Union National Association: Offers borrowing basics, with a calculator to show how borrowing can affect a 401(k) balance.

-- Financial Industry Regulatory Authority: Details 401(k) borrowing rules and weighs positives and negatives.

-- Smart Money: Discusses pitfalls of tapping a 401(k) and the circumstances when it may be necessary.