401K - cashing out, penalties?

[Bowyn Aerrow]

Do I understand correctly that if I cash out my 401 k before its time I will be losing around 50% of it?

10% plus 45-55% tax? That is what I understand, is this a mistake?

Or is it just one more way that 2012 will be a crappy year for me?

I do not see any other choice at this point in the game. I have next to nothing left in savings and while I have a couple of credit cards without any debt on them, I am sickened by the idea of using them and running up a debt that I can't pay off.