Is debt consolidation a good move or a bad move? In this video, I’ll go over some of the pros and the cons of using a debt consolidation service and then I’ll show you how to boost your credit score with consolidating your debt.
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Now in this video im going to break down all the pros and cons and especially answer these questions that I know you’re having. Are debt Consolidation a good thing, or are they a bad thing.
Questions I’m going to answer
– Low Monthly Payment
– Low apr
– I only owe one person
Well I’ve gotten letters for Student loan refinancing, credit cards and even Auto loans ( I don’t even own a car)
– I owe 12-13k in credit card debt and pay no interest, and I pay no interest
– I get offers every week to refinance and pay a low minimum payment, lower apr, and one person.
– Oh, don’t forget about the low rates offered of 4-12%, which sounds a lot better than 25-35 with a credit card.
Do Debt Consolidation Loan actually work | Pay Off Debt
Pros: according to the Companies ( Do Math) and Compared to a Credit Card
Low Monthly Payment
Story: Instead of paying only the minimum on credit cards and finishing in 5-13 years
– You refinance your loan and be done between 12-60 months ( which sounds a lot better than 13 years)
– You can also prepay the debt and be down sooner
Story: Stuck paying 6 credit cards and the balance seems like it doesn’t go down
Low Monthly Payments: Its longer and usually they’ll win more
Lower Apr: It’s lower, but it’s on a higher balance
One Bill: they make the profits and cut out the credit cards and hope you do it all over again
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Okay, everyone, we need to talk about debt consolidation! I received an awesome Q from Emily inside of the DFM Facebook Group, and she asks, “What is debt consolidation? Should I be considering it?” Here’s my quick explanation of debt consolidation and my opinion on it.
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It sounds too good to be true, it’s not. Consolidation rolls similar debts into one monthly payment that is typically less than you paid before. This works for credit card bills, student loans, and even back taxes. If you do it right, you won’t hurt your credit score, either.
So, how do you do it right? Debt.com will show you how to consolidate your debt by yourself, or how to consult a professional who can walk you through it. Even if you go your own way, it doesn’t hurt to consult a certified credit counselor for free debt analysis.
You can also learn about other options like a debt management program or debt settlement. But first, find out if debt consolidation is right for you.
Learn everything you ever wanted to know about debt consolidation here. Is this debt management solution right for you? Discover the tricks of the trade from debt management through the use of debt consolidation. Our company offers free debt advice to individuals like yourself. Contact us today to get help paying off your debt and living debt free!
Debt.com is a free debt advice company. We take pride in the fact we have helped American citizens reduce their amount of debt by millions through sound financial advice and legal practices. There’s no need to suffer through your debt problems when there are experts ready to help you for no charge whatsoever!
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What is debt consolidation? Basically, it involves rolling all your current loans into a single loan. Instead of having to pay multiple institutions multiple monthly repayments, you can instead just pay a single monthly repayment to a single company. “Why would you do that?”, one might ask. Well of course, there are some benefits, and there are some risks.
Let’s start with the benefits.
1. Less paperwork. Obviously, dealing with a single lender is a lot easier than having to deal with multiple.
2. Easier to budget. If you only have to budget for a single repayment during the month, then this makes things a lot easier. Juggling multiple repayments due at different times of the month can be very confusing.
3. Save on fees. If you’re only going through a single lender, this will probably mean that you will end up paying less in fees and charges overall.
4. Cash savings. Ultimately, the main reason you would want to consolidate your debt is to save money. By choosing a loan with a lower overall interest rate compared to your current loans, you’ll end up paying less per month and less in the long run.
But beware, there are some risks as well.
1. Longer loan term. Although the new loan may have an attractive interest rate with lower monthly repayments, a loan with a very long term will cost a lot more than you think. You’ll end up paying more in interest and fees over the long term.
2. Get deeper into debt. Debt consolidation may allow you to borrow more money. For example, if you transfer your current credit card debt onto your mortgage, you might be tempted to continue using your credit card and get yourself further into debt. This would defeat the purpose of consolidation.
3. Lose your home. By transferring unsecured debt (such as the debt on your credit card) into a secured debt (for example, using your home as security), if you’re unable to make repayments in the future, you might end up losing your home.
4. Equity stripping. Some dodgy lenders might convince customers who are desperate to save their home to sign up to a dodgy loan agreement. These usually have high fees which are paid out of the equity of your home. For example, before refinancing, one couple may have owned 16.2% of the equity in their home. After refinancing, they only owned 11.9%. That’s a loss of 26.5%.
And here’s the take-home message for today.
1. Make sure to read the fine print. Don’t let brokers convince you not to read the paperwork.
2. Understand all the fees and charges before you sign up.
3. Never sign a blank document.
4. Don’t believe unrealistic promises. Brokers who claim that they can get you of debt are con men. If they claim they can help you no matter how desperate your financial situation, then they are probably trying to swindle you.
But my number one recommendation would be:
5. Don’t get into too much debt. Too much debt will cripple you, so the best thing to do is to live within your means and stop trying to keep up with the Joneses.
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If your debt is great and you are serious about getting out of debt, debt consolidation may be an option may be an option. But what is it and will it work for me? I answer these questions in this video.
What is Debt Consolidation? Should I do it?
What is Debt Consolidation? Should I do it?
If you are under a mountain of debt there are a ton of terms that are thrown around that offer relief for your woes. Words like bankruptcy, Chapter 11, Chapter 13, debt relief, debt consolidation but you have no idea which one is for you. In this video, I will be discussing debt consolidation. I lay out the pros and cons so you can make an informed decision about if this will work to help you achieve your financial goals.
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Thinking of using a Debt Consolidation company? Join me to find out the “10 Questions you must ask before signing up” and the surprises in the fine print.
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