Value of consolidating credit card debt tool
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.
This is another last resort method you can use to consolidate debt.
You can transfer just one or two of your highest interest rate credit card balances to ease some of the debt pain.
Before you consolidate debt with a balance transfer, make sure you’ll actually be saving money with the transfer.
Home equity loans and credit lines often have lower interest rates and higher borrowing limits than other types of loans. You’re securing your credit card debt with the equity in your home.
Most retirement plans allow you to borrow against them, but there are some drawbacks to consolidating with a 401k loan.