8. Loan Against your Life Insurance
If you have already unsuccessfully tried other avenues for debt consolidation, you may want to consider borrowing against a life insurance policy, if you have one. Generally you are allowed to borrow up to the cash value of the policy and can use this money to consolidate debt. You can choose to take the money from the proceeds of the loan without making payments to the insurance company, or set up a payment plan designed to replace the principal benefit. This option should only be considered after all other avenues have been explored since you are essentially draining an asset and reducing the payout to beneficiaries.