401(k) loan vs. debt relief: Which is better for getting rid of credit card debt now?

A 401(k) loan and debt relief solve the same problem through very different means, and at very different costs. Getty Images/iStockphoto Credit card interest rates haven't budged much recently, and that's hardly an oversight on the part of credit card issuers. When the Federal Reserve started hiking its benchmark rate in early 2022 to combat inflation, credit card rates went up in tandem , and at one point even hit a new record-high. …