If you have a whole life insurance policy, you may be able use it to consolidate debt. Whole life insurance is a policy that has cash value even if you are very old when you die. Other insurance either reduces in value as you get older or the rates get higher.
Some whole life insurance policies allow you to borrow against the value of the policy. Obviously this reduces the amount of money your family will get if you die, but if you are in dire straits it might be a good option.
Since you are really borrowing from yourself you don’t have to worry about the bank taking your house or other collateral, but you need to seriously consider the impact it might have on your family if you were to accidentally die.
Check with your life insurance agent to find out more about how you might be able to borrow against your life insurance in order to pay off your high interest debt.
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