How to Get Out of Debt and Build Savings Using Whole Life Insurance

How do you get out of debt and build your savings at the same time? It is possible – and we can show you how.

If you’ve got worrying amounts of consumer debt, you’re far from alone. Canadians as a whole owe over $1.5 trillion (yes, that’s trillion, with a ‘t’) in consumer debt – a figure that’s gone up just in the past quarter by $122 billion (Toronto Star). Per capita, that means we owe nearly $21,000 on average. That’s a lot. Now, that also includes what many financial advisors call ‘good debt’ of mortgages, not just the more debatable kind racked up with consumer electronics, cars and other costly options. Still, after years of warnings about how Canadians are spending on their credit cards, it’s amazing that more people haven’t gone looking for alternatives to a credit and banking system that keeps selling them into more debt.

The worst part is that a lot of this debt is owed for interest on the principal – in other words, you’re paying a premium for the privilege of paying later. Credit cards, often promoted and distributed by the same banks where you have your savings account, are a big contributing factor: when you’re paying close to 20 percent interest, compounded, the bad debt adds up fast and it’s really hard to get ahead. It’s not uncommon for you and everyone you know to have multiple credit cards, paying a minimum balance to avoid the harsh truth that you’re putting your future on hold so you can live in the moment.

Far too many Canadians don’t realize that there is an alternative. They say, “the banks set the rules – what can you do?”

Actually, there is another way – and we’re the experts who can help you transform how you use your money, so you get more use out of it.

* Disclaimer * This strategy is NOT right for everyone. You must have financial discipline and be ready to say goodbye to your bad debt forever in order for thsi to work. If you don’t yet have good money habits and have not broken the debt addiction, this may not be right for you.

Infinite Banking. Debt Swap. Get Out of Debt While Building Your Future.

Most times when you pay off your debt you are left with $0 in liabilities, but you also have $0 in savings – you literally have nothing to show after paying off your debts and need to start at the beginning to build your savings again.

With the debt-swap strategy, you can pay off your high-interest debt and build your savings at the same time.  It takes some coaching and some discipline but it is possible.

Instead of paying close to 20 percent in interest fees, how about swapping those interest terms for something more in the single digits – on terms that you arrange?

When you put your money into a whole life insurance policy that pays dividends, you can come out ahead. You have your money available when you need it, according to terms that you set – instead of being held hostage by onerous terms you see from traditional lenders. The cash you put away is available for you to use for whatever you want, guaranteed. That includes paying off expensive credit card debt. As well you can use your money on your own terms. You are in control. The best part is that when you pay off all your credit cards, you actually have some savings in your bank that’s growing. You don’t have to start all over again at zero.

Like we said, there’s good debt and bad debt. Getting credit for big purchases, whether it’s tuition, a car, mortgage, or other kinds of big purchases is just part of life. The Infinite Banking Concept creates a pool of money that’s there when you need it, on your terms.

We’ve pioneered a way that you can pay off your debts while still building your savings – so you can actually have something to show when you pay off all your credit cards.  We call it a “debt-swap”.

Ask us if a Debt Swap Infinite Bank is right for you. We are happy to set this up for you and show you how to use if to your advantage.

Disclaimer: This strategy is not right for everybody, but it could be right for you if you are serious and actively trying to build your savings and get out of debt.