Borrow money from life insurance

You can take a policy loan of the cash value built up in your insurance policy. But the policy must be three years old before this loan is an option. The compound interest will be calculated according to the terms set by your insurance company.

Don't break the policy if it is for paying your credit card debts. This is not going to be the right move thinking about your future.

If you can help it, don't borrow off your life insurance. We did that before and we had every intention of paying it back and never did and then one thing led to another and I lost the policy after having it for years. If you can come up with what you need any other way, do it. Not worth paying years and years into only to have it gone.

Also, don't touch the retirement plan like the 401(K). It's a big investment security in your old age. I will surely look for some other options for paying the unsecured debts.