More and more Americans are borrowing from their 401(k)s to pay their bills, but fewer are putting any money back. Result: They are defaulting on loans made to themselves with their own money.
A new study estimates that such defaults might total $37 billion a year, a sharp increase from 2007, when defaults totaled only $665 million. Student loan defaults, by contrast, total about $8 billion.
The study -- titled "401(k) Loan Defaults: How Big Is the Leakage and What Can Policymakers do to...Full Story