DEBT CONSOLIDATION (A Faster Path to Paying Off Debt or to Bankruptcy?)

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Debt consolidation loans are all over the place and they all promise lower interest rates, lower monthly payments and a better overall option to paying off debt.

With debt consolidation you can combine your various credit card debts, store credit cards like a sears credit card, medical bills, or gas credit cards like a bp credit card – into just one monthly payment. It typically does come with a lower interest rate, but is it actually going to save you money over just paying your minimum monthly payments?

Matthew Pillmore digs into consolidation and shows which gets you debt free faster and which ends up costing you less in the long run.

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Comments

David Kuhn says:

Your videos are great keep up the great work and keep making great videos thank you very much.

cris say says:

I just cancelled my account with a debt consolidation company today. I realized that with the fees that I paid them could’ve have gone to my other debt. I was with them for a year & a half. They were nice to me at first, kinda rude when I opt out of the program. Thanks for the great video!

Reviews&More 1 says:

Top 10 states with the most credit card debt, according to DiNapoli:
In 2017, there were nearly 470 million credit card accounts with available balances totaling $3.5 trillion nationwide, with credit cards being the most common method for consumer borrowing, the report notes.
https://patch.com/illinois/plainfield/s/gfmta/illinois-among-states-with-highest-credit-card-debt?utm_source=alert-breakingnews&utm_medium=email&utm_term=weather&utm_campaign=alert

Corey Driscoll says:

I do not yet have much experience with debt consolidation. But I do look forward to trying to have some kind of debt weapon work for me in terms of being able to help pay off a student loan and hopefully my mortgage.

J. Cameron Crane says:

Seems like the underlying variable is always discipline.

The Mystery Traveler says:

I know some people who have done debt consolidation and are happy with it, but bad habits most likely got you in that situation in the first place. Once the debt consolidation has been paid off an you have a "clean slate" most people will likely fall into the same situation somewhere down the line.

rhonda sweeney says:

We need this education! We are programmed to accept that the banks and their policies are the way to go. It's simple math, but we don't do it or don't know how to do it to figure out how much money we're paying for the privilege of paying the banks etc to use our money while we get a very small return. Some people, like us, get rid of credit cards but you have shown that there are other ways to beat the system. Thanks, Matt.

Milton Romero says:

Awesome video again Matt, this is a really good piece of education, people can get trapped on this situation if they don’t understand the full picture . Thank you for sharing. On the same topic, mortgage refinancing, dude is a lot of different information out there, some people said is good other that is bad, I will really like to know your opinion. Thanks again.

Will Clark says:

I've made this mistake and many more, like paycheck loans. I will say, these 2 things should never be considered in my opinion, for the reasons you stressed in the video. I had tripled the amount of time to pay off the consolidation loan, and payed about $6,000 more in interest. It was not what they sold me over the phone, but it was what I agreed to.

Great topic, keep them coming.

dwight taylor says:

Sir it always awesome to look at one of your videos. For I learn so much each and every time.

Tiffany Valencia says:

My debt consolidation went exceptionally well! We had to get and max out a department store credit card when my husband's kids got into jr high and had to live with us full-time a few years straight and husband was seasonally laid-off and we weren't getting any benefits unlike their mom and she filed them as her dependants every year.
When our bank credit card reached 80%, they refused to negotiate a sudden huge increase in the minimum pmnt, even though we paid all of our available incomes into it each month much more than the minimum, we felt we had no choice but to use a debt consolidation service.
They first worked out a budget with us even though our incomes fluctuate drastically, lowered interest rates from 11% to 4% for one and 12.75% to 7% on the other, and helped us set a pay-off date goal.
We did choose to forgo the minimum payment of course and pay as much as possible each month, so we became debt-free in a little less than half the time it would have taken us had we paid only the combined minimums ;).

dalz247 says:

Hey there Matthew, never had to do debt consolidation…but it sounds like it is something that you would use as a last resort…but glad to know how it works and also think it is always good to read the fine print!
Thanks for the video.
?

Diana Mejia says:

I know someone who put a $30k wedding on various credit cards…he later opted for for debt consolidation as he was struggling just to make the minimum payments. To me, it seemed like a cop-out for irresponsible spending ???

SopranoJessi says:

I've thought about it, but didn't think the interest rate was low enough. I've transferred debt to 0% Interest CC for 18 months and calculated monthly payments to pay it off before 18 months.

Lou B says:

Hopefully will never need debt consolidation
But love the content please keep it up

Gerardus Pino says:

I never went with a company but, If I have debt to consolidate I view the whole pictures and far as what is the cost P & I that I will pay making the current payments and will the consolidation save me time and money. For example, I had a loan to install my water treatment system with 13.99% APR and a credit card balance with 21.99% APR. Both were Revolving Credit which I didn't realize with the water treatment system. I increased the balance on my credit card I have with my primary bank and transferred the balance it. With a Cash Advance rate of 10.99%. With me continuing the same payment amount as before with the two. I will save time and a few thousand dollars.

jeff Minnesota says:

My opinion. Keep the open end credit cards paycheck park. See the minuim payment lower. Now you have increased cash flow. Apply that difference in next month paycheck park….a lot easier then having a closed end Loan when that is locked in higher payment.
Chase closed end loans with open end cards ….makes you roi very nice.

Thumbs up

SilverbulletRB26 says:

The problem I can say for myself is aka (wife) lol

Zach Brown says:

This channel is great. I've told all my friends and family about it. I have been using some of your tactics and I'm already seeing amazing results. Thank you so much Matthew.

John Wolf says:

Just consolidated 17 student loans. Interest rate fell in the middle. Not sure what it does to credit scores, but they been swinging by 70 points.. But im messing with reports and the burueas are messing with me…

Paula Augustine says:

Have to find the cost of interest again… And… don't get caught up in one of those companies who say they will pay off your debt for you and lower the bills, etc, etc!! Was ripped off.

Raver Magik says:

I thought about it… but then chose to just get another debt weapon and do balance transfer I have three cards left and all my consumer debt will be gone

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