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Waiting 30 minutes after eating before getting in the pool, alligators in the sewer, and the Loch Ness Monster is real. These all have one thing in common – they’re myths. When it comes to debt, most of us have heard similar myths, like the classic advice that “passing on your weekly latte will get you out of debt.” We’re covering some common myths about debt and what you can do to navigate the tricky ins and outs of finances.

“If anyone knew how much debt I was in, they’d judge me”

According to Debt.com, the average American has $90,460 in debt. That includes all types of consumer debt, from credit cards to personal loans, mortgages and student debt. While nearly everyone accrues at least some debt, you don’t have to stay in that place forever. Most of us carry some form of debt, so there’s no reason to worry about judgment.  

“I’m not good enough with money to pay off my debt”

Tracking down where your money is going, what you owe and when and how much you should be paying each month is a lot of work. Quility’s Debt Free Life solution provides an easy way to organize all your financial information in one place with the debt elimination report.  

Once you begin your debt free journey, your certified Debt Free Life consultant will walk you through your debt elimination report, which will redirect your inefficient funds to pay off your debt faster and will save you thousands of dollars in the process. 

With Debt Free Life, the pressure of tracking everything is taken off your shoulders.  

“My only option is bankruptcy”

Bankruptcy should be your last option, only to be used after you’ve ruled out everything else. If you’re looking for a way to pay off debt for good with a customized plan to fit your budget, Debt Free Life (DFL) can help. With DFL you don’t have to be great with money – that’s where your certified DFL consultant will step in.

Debt Free Life is a program that uses the cash value of a permanent life insurance policy to pay off debts. Instead of borrowing from a bank and paying interest, you can use funds from within your policy to pay down your debt.

The program is customized for your specific budget and debts, including credit card debt, mortgages, student loans and auto loans.

Within your customized debt report, you will know the exact amount of debt you have, interest you will be saving and the month and day you’ll be debt free.  

Schedule a consultation to learn more about Debt Free Life

During your virtual consultation, your licensed Debt Free Life consultant will present your personalized debt payoff plan so you can see when your debts will be paid off. You will also see how much money you will have in retirement savings at the end of the program plus how much money you will save in interest over the years.  

Ready to get started? Schedule a virtual call with a certified consultant today – we’ll create a customized debt payoff plan and help you get on track to financial freedom. 

Let’s Get Started

There’s no better time than right now to get started paying off your debt. Schedule a free consultation today!

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Calie Brummer
Head of Digital Communications
Calie Brummer is a staff writer and Head of Digital Communications at Quility Insurance with a focus on financial well-being and life insurance solutions.

In order to qualify for Debt Free Life, an individual must be paying their bills on time and/or making overpayments on their existing loans.

Total Consumer Debt

Please include your personal loans, credit card debts, auto loans and any other debt you have accrued. Please exclude any mortgage balances.

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Disclosure

The rates shown are based on past examples of quotes provided to people based on their demographic information. These are examples of the kinds of rates you can expect. All life insurance quotes and approvals are based on age and overall health at the time of purchase. Generally, non-smokers in good health will get the most affordable life insurance rates.

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Disclosure

The samples shown above are real numbers from past Debt Free Life clients. They are examples of the types of quotes you can expect but are presented for example only.

To get your real rate, fill out our short form.

Disclosure

The rates shown are based on past examples of quotes provided to people based on their demographic information. These are examples of the kinds of rates you can expect. All life insurance quotes and approvals are based on age and overall health at the time of purchase. Generally, non-smokers in good health will get the most affordable life insurance rates.

To get your real rate, fill out our short form.

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