As a result, they may be wondering if it's a good idea to tap their retirement savings to pay off the debt.
Stopping your 401(k) contributions for a while — or at least cutting back — and redirecting those funds to debt payoff might make sense.
For most others, though, there are more appealing options than a withdrawal, Rossman said.
"Using a 401(k) loan to pay off high-interest debt, like credit cards, could reduce the amount you pay in interest to lenders," said Jessica Macdonald, head of editorial content at Fidelity Institutional.
Other benefits to a 401(k) loan, Macdonald said, are that they don't require a credit check and they don't show up as debt on your credit report.