What is the best way to get out of credit card debt when your income and credit score aren't enough to get a consolidation loan?
Answers | 2
Depending on your age and health, the best way to get out of debt is to utilize cash value whole life insurance. Here's how and why:
The cash value in the policy earns a minimum guaranteed interest crediting rate as well as dividends, so your cash value grows each year, no matter what, and accumulates tax-free as well (under current tax law). This same cash value is accessible to you at any time tax-free via the loan provisions in the policy - if you have a properly structured policy, you can use the policy and its growth to pay your debt off much sooner than you would using traditional methods.
At the same time, you'll be using the best possible place to store your cash, grow it, and even have a supplement to your retirement, as well as permanent death benefit coverage for your family. The best part about this is that it's possible that you can successfully use this to get out of debt in ten years or less without spending more than what you're currently spending. Of course, it's important to make sure you're partnered with the right insurance agent who understands this intimately and can structure this correctly for you. Let me know if you want more information on this strategy or want to discuss over the phone.