Debt Consolidation

Q. I have a bad credit score. Can I get a debt consolidation loan?

A. Your credit score is a reflection of how you handle credit and debt. A bad credit score shows that you haven’t handled your credit accounts responsibly so a new creditor is unlikely to offer you a debt consolidation loan with a low interest rate.

Even though you may not qualify for a debt consolidation loan there is a way you can reduce your debt and save some money in the process.

It’s called debt negotiation also known as debt settlement. You can negotiate with the creditor or debt collector to settle your debt for less than what you owe. Of course, your lender will need to accept the settlement and agree to cancel the remainder of your debt. Most of them will agree to settle since they would get nothing if you decided to file for bankruptcy.

Plus, debt negotiation is not as severe a hit to your credit score as a bankruptcy filing.

If you don’t want to hassle negotiating with your creditors, you can hire a BBB accredited debt negotiation company to do it for you. Visit to learn how to consolidate your credit card debt without bankruptcy.

Why you should consider using a personal loan to payoff high interest rate debt. The standard deduction is now $12,000 per person or $24,000 for a married couple filing jointly. As a result, there is likely no tax benefit to borrowing against your home, and a better option could be a personal loan to pay off high interest rate credit card debt. Make the same payment you are making now but refinance it to a low single digit rate and pay it off in 3 to 5 years, saving 15 years of payments. Here is a link to comparison shop #creditcards #creditcarddebt #payoffdebt

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In this video, I will be going over my best ways to consolidated credit card debt. It is away tough to know that you have a lot of money that you will need to pay in order to get out of debt, but it is more difficult to deal with the amount of interest that you will pay over the life of the debt. I don’t want anyone to have to pay that much money in interest to I will give you two of my tips to consolidate that debt into a lower payment and minimize the interest.


Ways to consolidate credit card debt:
1. Open a Credit Union Account – The reason why this works is because credit unions have always had very low rates for their loans and even their credit cards. If these loans are out there then you will want to take advantage of them.

2. Open 0 APR Credit Cards – Obviously with this option it is opening up another credit card which is not the best option because you have to first be approved for it and if you have bad credit you might not get approved. Second you are more likely to abuse more credit if you do have the option. The benefit is that you will not pay a dime in interest for however long you have the promotional period for.

List of APR Credit Cards:
Capital One Silver Card – 0 APR for 15 months
Citi Double Cash Back – 0 APR for 18 on Balance Transfers (Favorite)!.Bj.Cd.Gy.E&app=UNSOL&sc=4T5ZVGW8&m=XCK2111111W&B=M&ID=3000&uc=J4L&t=t&cmp=AFA~01~120201~CARDSACQ~CreditKarma&aff_placement_id=151918065&AID=13563188&PID=2569276&SID=32298762425&cjevent=a91c6a5c43a611e9804003910a24060b&ProspectID=8233BE8D5F7E4191BC3B64E1050FE404
Amex Blue Cash Everyday Card – 0 APR for 15 months

Student loan consolidation is very often confused with student loan refinancing. I’m breaking down the difference between student loan consolidation and refinancing, how they impact you if you have only federal, only private, or both private and federal student loans, and why may or may not want to do them.



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Hey I am Tess Wicks, I’m a financial educator and coach and the founder of Wander Wealthy, a channel and community helping women in their 20s and 30s get inspired and get results for their personal growth, money and travel goals. On this channel I provide educational and lifestyle content around personal development, personal finances, and exploring the freedom of travel.

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The best personal loan companies I found online in 2019!
LightStream Loans (My #1 Pick):
(I may be compensated by LightStream through this link.)

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If you’re looking for a personal loan online, then this video should help you out quite a bit. I had to do a lot of research for a personal loan in my own life, so I’d like to share the best personal loan companies that I found online.

When it comes to personal loans, there’s too many lenders to choose from, so I’ve narrowed them down to 4 specific personal loan options. Each of these lenders does not charge an origination fee and they’ve all got great rates and terms to choose from.

I’d consider them all low interest personal loans, because they’ve got the best rates in the industry. So if you need to pay off credit card debt, consolidate debt, or you just want to improve your home, then a personal might be for you.

I’ll be covering Marcus Loans by Goldman Sachs, LightStream Loans by SunTrust Bank (my favorite), American Express Personal Loans and TD Loans as well. All of these personal loan companies have great rates and loan options for every type of consumer. Some are great options if you need a personal loan with bad credit and others require excellent credit for the best rates. Enjoy the video and please share it!!! Thanks.



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The average millionaire reads more than 2 book per month, so I’d suggest reading more right now. Audible is a great source for reading and they’ve got every book you can think of. Here’s a link to get 2 free audiobooks from Audible.

If you’re want to invest, but you don’t want to do all the work, look into Betterment for automated, low-fee investing. They’ll help with everything and are one of the best online advisers I’d recommned.

If you want to invest in the stock market yourself, check out M1 Finance, because you can buy partial shares (which is awesome) and trades are free to make as well.

If you’re in need of a personal or auto loan, check out LightStream Loans. They have the best rates and don’t charge any fees or pre-payment penalties.

And if you want to start a YouTube channel, here’s a great course called “YouTube Ranking Academy” by Sean Cannell.




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In the following video Nicolette explains Debt Consolidation

How to get out of a situation where you can’t honour loan obligations such as paying your loan EMI. Here are 5 tips to get out of what is called as debt trap and take charge of your finances.
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Hello and welcome to FundooMoney, your 24X7 buddy for all your money matters. We have all heard about the word “debt trap”. But what exactly is it? Well, debt trap is situation where you have taken so much debt or loans that you find yourself unable to even service the monthly interest. You actually need a loan to pay the interest and hence end up increasing your debt. This is a vicious cycle created in the first place due to excessive and high interest rate borrowing. You need to create and work on a plan diligently to get away from this financial mess. Shortly, we tell you the essential steps that you need to take in such a plan.

Pay off high cost debt at the earliest
Prioritise all your debts based on interest rates. Get rid of highest cost debt such as those of credit card outstanding that typically charge 40% annually. If the outstanding amount is too large, take a personal loan or do a balance transfer on EMI on other credit card. This could bring the interest rate to a more manageable level of around 12-15%.

Consolidate medium cost debt
If you have many small value loans like consumer loans, personal loan or credit card dues, it would be better for you to bring all these loans at one place by taking a personal loan or debt consolidation loan at a low interest rate. You can interact with your lending institution for this.

Look for low cost alternative
If you have high interest rate loan like a personal loan, you could take a lower cost loan, typically loans against assets such as gold, car or property to pay off the high cost debt.

Try extending the tenure
If you are likely to find it difficult even to pay off low cost EMIs, consider extending the tenure of the loan to manage the repayment obligation. Secured loans should typically allow you to have a long tenure. This will keep the EMI under check. Once your income rises or you get any windfall gains, you can utilise that amount for faster repayment of your loan.

Liquidate investments if the need be
If all of the above steps are not enough, consider liquidating some investments such as idle gold or property. Try to view this move without emotion. Consider the loan repayment burden a cost of retaining these investments with you. Once outstanding loans are repaid, you could use the money to invest for your future.

We hope you found this useful. Do share with us and others on the channel your tips for getting out of debt trap, by writing in the comments section. For more such actionable personal finance information and regular uploads, subscribe to our channel. Also, visit our website, download our mobile app and stay connected with us on Instagram, Pinterest and Slideshare.


Source: article, adapted under license.

Debt consolidation is a form of debt refinancing that entails taking out one loan to pay off many others. This commonly refers to a personal finance process of individuals addressing high consumer debt but occasionally refers to a country’s fiscal approach to corporate debt or Government debt. The process can secure a lower overall interest rate to the entire debt load and provide the convenience of servicing only one loan.

Debt generally refers to money owed by one party, the debtor, to a second party, the creditor. It is generally subject to repayments of principal and interest. Interest is the fee charged by the creditor to the debtor, generally calculated as a percentage of the principal sum per year known as an interest rate and generally paid periodically at intervals, such as monthly. Debt can be secured with collateral or unsecured.

Although there is variation from country to country and even in regions within country, consumer debt is primarily made up of home loans, credit card debt and car loans. Household debt is the consumer debt of the adults in the household plus the mortgage, if applicable. In many countries, especially the United States and the United Kingdom, student loans can be a significant portion of debt but are usually regulated differently than other debt. The overall debt can reach the point where a debtor is in danger of bankruptcy, insolvency, or other fiscal emergency. Options available to overburdened debtors include credit counseling and personal bankruptcy.

Other consumer options include:

debt settlement, where an individual’s debt is negotiated to a lesser interest rate or principal with the creditors to lessen the overall burden;

debt relief, where part or whole of an individual debt is forgiven; and

debt consolidation, where the individual is able to acquit the current debts by taking out a new loan.

Sometimes the solution includes some of each of these tactics.

The bulk of the consumer debt, especially that with a high interest, is repaid by a new loan. Most debt consolidation loans are offered from lending institutions and secured as a second mortgage or home equity line of credit. These require the individual to put up a home as collateral and the loan to be less than the equity available.

The overall lower interest rate is an advantage of the debt consolidation loan offers consumers. Lenders have fixed costs to process payments and repayment can spread out over a larger period. However, such consolidation loans have costs: fees, interest, and “points” where one point equals to one percent of the amount borrowed. In some countries, these loans may provide certain tax advantages. Because they are secured, a lender can attempt to seize property if the borrower goes into default.

Personal loans comprise another form of debt consolidation loan. Individuals can issue debtors a personal loan that satisfies the outstanding debt and creates a new one on their own terms. These loans, often unsecured, are based on the personal relationship rather than collateral.