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

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Example

Clothing account – 23% owing R5000
Personal loan – 16% owing R15000
Credit card – 17% owing R10000
Overdraft – 23% owing R1000

Owe R31 000 – so you get a new loan for R31 000 and pay off the multiple loans. then you are left with one.

Average 19.5% so make sure you get a new loan of an interest rate lower than 19.5%

In this video, Keith Wright breaks down some tips to help you pay off credit card debt while saving time and money on interest.

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Top 10 Debt Consolidation Loans for Bad or Fair Credit 2022 (Massive Amounts Approved and Low APR). Need a debt consolidation loan for a large amount and dirt cheap APR? Check out this video.
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Getting a personal loan to consolidate your debt can be a good option in some cases. However – there are also risks you should be aware of, so make sure you consider all of your options before applying for a loan.

Compare Personal Loan Lenders:
https://infoforinvestors.com/loans/personal-loans/?utm_source=youtube

The Smart Investor Best Debt Consolidation Loans:
https://infoforinvestors.com/loans/personal-loans/best-debt-consolidation-loans/?utm_source=youtube

Read our full article:
https://infoforinvestors.com/credit-cards/guides-credit-cards/credit-card-debt-consolidation/?utm_source=youtube

Debt consolidation loans can help reduce your outgoings and pay off expensive credit.
However, there can be pitfalls and you could pay more over the term.
This debt consolidation loan video will help you understand the main points, benefits and risks. #debtconsolidation #loan #debtconsolidationloan

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With debt consolidation loans, you can pay off high-interest debts like credit cards. If your new loan features a lower interest rate than you were paying before, you could save money in interest fees. Below you’ll find our complete list of the best personal loans for debt consolidation as well as information about how debt consolidation loans work and how they can impact your credit.

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If you’re thinking about taking out a Debt Consolidation Mortgage. Please watch this video first! It could save you money!. ?

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Have you found yourself overwhelmed or struggling to keep up with different debt payments each month? Or perhaps your interest rates are higher than average and costing you a ton of money and you are wondering, “Is debt consolidation a good idea?”

In today’s video, we are going to discuss what debt consolidation is, more importantly how it works and if it’s a good idea for you.

OTHER VIDEOS TO CHECK OUT
Debts to Pay First, Buying a Home, HELOCs, Saving on a Low Income (Q&A)
https://youtu.be/8Jdu_L9DE44

Stressing About Your Debt? Learn How To Manage Debt Stress!
https://youtu.be/Y2CwVnawYD8

9 Money-Saving Challenges To Save More Money!
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Make Debt Consolidation Easy with These Tips.

Getting your finances together doesn’t have to be hard. If you have the right information, you can get things done in a way that might surprise you. If you have never heard of debt consolidation, this article is going to give you a ton of information about it. Keep reading!

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