Debt consolidation is when you combine multiple debts into one loan with a single interest rate, a set term and only one repayment amount to keep track of. Here’s how it works.

Head to westpac.com.au to learn more about consolidating debt with an Unsecured Personal Loan: https://www.westpac.com.au/personal-banking/personal-loans/unsecured-personal-loan/

Debt Consolidation. It sounds great, doesn’t it? Make a monthly payment and magically erase your debt? Let’s look at the reality.

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It might sound simple to put all of your debts into one big basket… but the downsides may surprise you!

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In this video, I share one of the best debt consolidation loans which is Payoff Debt Consolidation Loans!

Payoff Loans
https://www.payoff.com/loan/

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Is debt consolidation a good idea? In this video you can find debt consolidation explained, and the truth about debt consolidation. Beware – Some debt consolidation deals are just a scam!

0:23 What is debt consolidation?
0:55 Good debt consolidation example
2:16 Bad debt consolidation example
3:29 Other issues debt consolidation has
3:55 Debt consolidation summary

Calculator used in examples:
https://www.creditkarma.com/calculators/debt_repayment/

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What is the Pro’s and Cons of Online Debt Consolidation Loans in South Africa. Brought to you by Moneysearch.co.za. A service provider for people looking for online cash loans.

Kali ni saya kongsikan bagaimana nak settlekan hutang dengan cepat, dengan dapatkan lebihan income dengan cara kumpul semua hutang-hutang jadi 1 dan settlekan segera dengan teknik debt consolidation.

Sekiranya ada sebarang pertanyaan, boleh klik link http://financialcoach.wasap.my untuk saya berikan khidmat nasihat percuma.

Aziz Riadi
Shariah Registered Financial Planner
MFPC

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What is debt consolidation, how to consolidate your debt, and should you consolidate your debt. There are two primary ways to consolidate debt, both of which concentrate your debt payments into one monthly bill.

Get a 0% interest, balance-transfer credit card: Transfer all your debts onto this card and pay the balance in full during the promotional period. You will likely need good or excellent credit (690 or higher) to qualify.

Get a fixed-rate debt consolidation loan: Use the money from the loan to pay off your debt, then pay back the loan in installments over a set term. You can qualify for a loan if you have bad or fair credit (689 or below), but borrowers with higher scores will likely qualify for the lowest rates.

Success with a consolidation strategy requires the following:
1.Your total debt excluding mortgage doesn’t exceed 40% of your gross income.
2.Your credit is good enough to qualify for a 0% credit card or low-interest debt consolidation loan.
3.Your cash flow consistently covers payments toward your debt.
4.You have a plan to prevent running up debt again.

Consolidation isn’t a silver bullet for debt problems. It doesn’t address excessive spending habits that create debt in the first place. It’s also not the solution if you’re overwhelmed by debt and have no hope of paying it off even with reduced payments.

If your debt load is small — you can pay it off within six months to a year at your current pace — and you’d save only a negligible amount by consolidating, don’t bother.

Try a do-it-yourself debt payoff method instead, such as the debt snowball or debt avalanche.

If the total of your debts is more than half your income you’re better off seeking debt relief than treading water

Hey ya’ll ! I really love finances and talking about ways to make it easier to make more, save more, give more, and of course spend more. So most of the stuff we will be diving into will be related to finances with the odd topic here and there, plus maybe a special appearance from Rocko, my big pittie baby! I want to start off with easier concepts and the basics of money and work my way into the more difficult and nuance topics. You may be asking, why would I ever listen to you about anything? That’s a fair point, and you don’t have to. However, I would love to take this journey with you into the financial world and together we can learn and grow, not only our knowledge but our bank accounts too! I am not a Financial Advisor, any investment commentary are my opinions only.