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Would be horrible to lose my house. My sister was videoing the flooding around her house. Hers stayed dry.
Wish there were some statistics on how taking 401k loans worked/didn't work out for past natural disaster survivors.
I would think it would just make the struggle longer & more painful festering wound vs. ripping a band aid off a fairly nasty cut. Much easier to get immediate help from gov/red cross whoever as opposed to 4 months down road when everyone has forgot about Harvey.
I agree, and am very glad to hear your sister did not lose her house!
Im not sure if there are any stats or not. It would be hard to track or even quantify from a "success rate" standpoint. If they dont pay it back, but have a home/car/clothes/job .... is that a failure or success in this circumstance?
I do see your point. People would be behind on retirement savings, thus forcing them to delay retirement or maybe not be able to retire at all. When you have tens of thousands doing this in the same city, one can only imagine what negative affects it will have long term on the work force. On the flip side... you cant have a work force at all unless those workers have homes to live in and clothes on their back.