Does Primerica help people who have bad credit to become debt free and financially independent?

I am strongly thinking about joining Primerica after attending the opportunity night. I really like the opportunity to help people out with overcoming their financial burdens to become independent from a job. However, all the time I was at the Primerica location I started to wonder if joining Primerica, would I be able to help those with bad credit or is this only for a set group of people that have good to perfect credit. I look to help every one and if this is the case I would not feel like that is being fair to everyone. So I am looking for unbiased (please) comments about this. All comments and answers are greatly appreciated.

Public Comments

1. Anyone who actually knows Primerica and particularly its antecedant A.L. Williams is biased. You can't get an unbiased opinion. This is clearly an attempt to get someone to libel themselves about the Primerica process. I'm not falling for it. Go ahead. It'll be a deeply enriching experience and you'll be a great help to everyone you meet and you'll undoubtedly stay with the company for many happy years.
2. People with bad credit must work harder than those without to get out of debt. no questions asked. Can you help if working with Primerica? Probably not as much as it sounds like you would like to. That is not a no, but you won't be able to qualify people with really bad credit for the programs they need without them doing some pre work first which can take months, if not years in some cases and most will get too discouraged or not even be able to do everything you ask them to do. I was in your postion myself awhile back so I know exactly what you are asking.
3. There are 4 key ways that Primerica helps people become debt free. Debt Stacking - also known as "snowballing" this is a method that does not really rely on their credit. Simply put, after imputing all of a clients various debts into a computer program, it crunches the numbers and find the most efficient way for a family to pay off their debts, how much effect there is is when adding exta money to bill payments, and shows them how much they can save in interest dollars and time. It is not unusal when working with a family that is under 40 to use this method to knock at least 6 years and maybe more off of their current debt free date, then starting from the month and year they finish paying off those debts, taking that money and saving it, it will usually provide a healthy amount, and sometimes more than is needed to fund their retirement savings. This is found in the Financial Needs Analysis, and Primerica does not charge a monetary fee for showing families this method. Consolidation - this is simply taking a loan that uses fixed interest calculation rather than revolving, any Primerica office will have materiels showing how much time and money this will save a client. I have found that for this product Citi is fairly strict about credit ratings, because this is an unsecured or "signiture" loan, for a couple that is under 30 and consolidating 15000 in credit card debt, this is something I use to save them a lot of time in paying off their debt, again, once that mone is freed up it can then be used for savings. We can help older folks to, just is just an example of what you can do with the saving depending on their timeline. Refinancing - This is using a home loan to refinance some of their debts, especially the revolving debts into a home mortgage. There are many variables in this product including market value of the home, debt to income ratios, equity in the home and credit rating. Folks looking to use this product do not have to have spotless credit, but of course they cannot have a history of being reckless either, companies have to make good investments with their monay the same as people, I' sure you know many people you would never loan money to because you know it would never come back. This loan uses simple interest instead of schedule interest, which any RVP can explain to you, and equity builder programs that can reduce the amount of time that it takes to pay off the loan. Sometimes there is a significant amount of money freed up. some of which can be used to accelerate debt payments, or to contribute to savings programs. You will not know which option is best for a family until you do a financial needs alaysis and recieve proposals and illistrations from Citi, those propoals do not cost anything to the client, nor does it obligate them to anything so I advise you to investigate each option for them. Last but not least is make more money. It is not uncommon for the bread winner in the house to take on additional work part time to make extra cash to help make ends meet. We offer all clients and people in our lives WHO WE FEEL ARE SUITABLE for working in this profession the opportunity to work with us part time to help make extra money. They will have to go through a licensing process and be registered with the state, then will put in a position where they can be paid to help others. I have clients with a net worth ranging from -$180,000 to 3.2 million, so yes you will work with all sorts of people and you will be able to help them as much as they are willing to allow you to help them. Remeber though that some people have decided to pursue a life of whining and complaining and think that everyone is out to get them and hurt them, you will have to accept that there are many people that will not help themselves or accept help from anyone else, including you. Credit is not a factor in retirement accounts, anyone can open a retirement account regaurdless of their credit rating. Good Luck