Borrowing from your 401(k) is not advisable. Because if you quit or lose your job, you’ll likely have to repay the loan within three months – see your tax adviser to know for sure. If you aren’t able to do that, you’ll owe income taxes on the money, plus a 10 percent penalty if you’re under 59-1/2.

A better strategy is to consider selling things you own to raise the money to pay off your debt.  Also, consider selling anything, except your home, that will take more than 18 months to pay off.

Durango, CO resident and personal finance coach Matt Kelly owns Momentum: Personal Finance.