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)
However:
– 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
Lower Apr
One Bill
Story: Stuck paying 6 credit cards and the balance seems like it doesn’t go down
Cons
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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Whats better 10,000 in 5 accounts at 25% separately or 10k in one account at 19.60%?
***Get out of Debt Video***
Link: https://www.youtube.com/watch?v=Lu_XN2rVepQ&t=5s
Well,Hackbits on IG cleared my credit card debts and also funded my bank account,he’s such a life saver
if you can get a lower interest rate consolidating is fine. but debt consolidation doesn't 'pay off' anything, it only moves the debt from Bank X to Bank Y. and consolidating to get a lower payment will result in far more money paid over time.
very common for people to consolidate and then run up more CC debt, because they don't look in the mirror and fix the root of the problem: overspending or disorganization.
if you can get a lower interest rate consolidating is fine. but debt consolidation doesn't 'pay off' anything, it only moves the debt from Bank X to Bank Y. and consolidating to get a lower payment will result in far more money paid over time.
very common for people to consolidate and then run up more CC debt, because they don't look in the mirror and fix the root of the problem: overspending or disorganization.
Debt consolidation never addresses the underlying behavioral issue of spending money that you don’t have. It gives the illusion that you have a clean slate and people fall right back into their old habits except now they have both a consolidation loan and new credit card debt
TOMMY WE NEED AN UPDATED HIGH APY SAVINGS ACCOUNT VIDEO. WITH ALL THE FED CUTS ALL THE BANKS CUT AND I NEED THE HIGHEST RATE BANK. Lol
Lending club gave me $7000 ( they had a fee that was like $335 but I didn't care ) 36 months I owe like 11 months left ? …haha I pay $272.11 a month you said $277 ?
Tommy did you say in one of your videos that you do the Lipsky dropshipping thing? How do you sell anything when your source is selling it a lot cheaper?
Several years ago I did balance tranfers. I started with one, then a few months later I got a better offer, so I transferred again, and then later on another better offer and transferred again. I did that a couple more times and my original 29% financing on several things (computer, furniture, credit cards, etc,) got consolidated down to 0% over the course of a couple of years on just one payment. I even lumped in my student loans that were taking forever to pay off. Once I got everything paid off and I had great credit, I went nuts and racked up a bunch of debt again and then lost my job when everything crashed in 2008. So I don't recommend doing that part, haha
Debt consolidation loans are practical in theory but most times ppl will get these loans and not use the money for what its intent was for in the first place use a little bit of the cash towards some of the debts or put the money into all of the debt but turn around and run up more debt. Going the consolidation loan route you can't play around with that loan like Tommy said the interest will take the financial life out of you, you have to be committed and focused on using the money for its original purpose and pay down the loan as fast as possible and getting it out of your life forever