I’ve written several articles about 401(k) loans in the past pointing out the negatives, and at one point I asked the question, Are 401(k) accounts piggy banks?  Well, excuse me for being so retro, because now through the combination of modern technology and consumer marketing comes the 401(k) Debit Card. An article in TheStreet.com by way of InsuranceNewsNet tells us that a 401(k) plan participant who wants a loan can say Just Put It on My 401(k) Debit Card.

But before I could even post about this, Jeremy at his Generation X Finance blog wrote, The 401k Debit Card: Probably One of the Worst Ideas Ever. No generation gap between me and Jeremy on this one!

HT to Dave Baker at BenefitsLink.