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Before you consolidate debt, weigh all the options available to you.
Understand the risks associated with your debt consolidation method.
It’s not the most desirable way to consolidate debt, by far, but if have to choose between life insurance loan or bankruptcy, borrowing from your insurance may be best.
You can typically borrow up to the cash value of your loan and use the proceeds to consolidate debt.
These loans may be offered by major banks or from so-called non-profit debt consolidation companies.
Your insurance company won’t require you to make payments as long as the loan is less than the cash value of the policy, but it’s a good idea to make payments anyway.
If you don’t repay the loan, then the death benefit will be used to cover what you borrowed and your survivors may not get anything at all.
It's not worth it to consolidate debt and end up paying more.
You can borrow against the equity in your home using a home equity loan or home equity line of credit and use the loan to pay off your credit card debt.