Does Debt Consolidation Really Do Anything?

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AmbitiousMuslim Recordings ??????? ???? ???? says:

Debt consolidation: horrible idea

scorpiomaj27 says:

I guess I beat the odds, I consolidated for lower interest and killed it all in under a year. It's a useful tool if you use it correctly and have the right mindset.

Mitch Goodday says:

The farmer analogy is great. Perfect. I'm stealing this when sharing Dave's ideas.

Omonike Efunyale says:

YEP! ?????


whereschloemedia says:

He’s spot on w this. A couple years ago I did a debt consolidation to clear down my CCs and within a year I had run them up again :/ AND had the personal loan too. Now I’m on the debt snowball, throwing ev thing I can at it, starting a side hustle for extra income, and on track to be DEBT FREE early next year amen

Miss Tonya c007 says:

3:40 good night Gracie im done here!! ?????

Cathy L says:

“No, you didn’t, you doober!” ?

darkpill says:

The bible also thought slavery was good, I don’t think we should be quoting it for finance either.

Ivar Losna says:

Debt consolidation has potential for high yield but it's a bit risky. Unless you're a big company you might have to sort to less than legal methods to get the payments.

Chris Di says:

I had some credit card debt with high interest rates. I moved them to a fixed load at 10% and it's almost paid off. Interest matters and if you have the discipline to stop spending like an idiot then this is a smart move.

Reef2480 says:

Been doing this for years! Never again

johnathan hawkins says:

Would it be worth it if the interest was less then the credit cards??

Helen Cooper says:

What about consolidating credit cards onto the one with the lowest interest, and throwing a few hundred extra toward it each month?

current_interest says:

It kinda hurts because in my twenties I tried to live righteously and wisely, taking care of my health by eating vegan for a while, not pursuing carnal things of the earth, being meek, caring about social justice, delaying gratification.

I am doing much better now. I'm more worldy wise, more a fighter and worker, with a decent income and properties and muscle strength and hypertrophy gains. I tried to be mature and wise but I was just misled.

Ancient Tomes says:

Ja that is true, however when you can save more money every month and then use that in the near future to pay off the debt, this can really help a person with monthly living expenses. Its not always just one way, dave's way. Yes, paying off debt is important, but there are many ways to do this.

Daniel_ Duran says:

I like the analogy!

Heat1up says:

I moved 15,000 with a 12% interest rate to a zero interest rate card. Saved 120.00 every month. As long as you stay focused on your goal, the savings will always help. To save 120.00 per month and apply that 120.00 plus your old payment to a zero percent interest card is a no-brainer.

No More Commuting says:

Its the marshmallow experiment. 1 marshmallow now or 10 marshmallows tomorrow.

MR. Micah says:

That’s amazing how you are honest, I really respect you.?

Chris G says:

8,9, 10% cards?! From where? A lot of credit cards and I believe all that give points, flyer miles and rewards by 14-16% interest.

hbarudi says:

When it comes to this debt "consolidation" thing, this should be a tool to help you pay off your debt, this should not be something that benefits the bank instead. When you do this consolidation, it needs to first lower the % interest and compounding of the interest on the loan. Then it needs to help you pay off your debt when you live on next to nothing while throwing as much money as you can on it to get rid of it as soon as possible. But now instead this is becoming a tool that helps the banks instead of the person in debt. If the interest goes up with consolidation then just avoid it and go after your bills 1 by 1 and follow the original debt payoff guidelines.

Robert Parker says:

There is one scenerio where consolidation can hei. If you have a credit card with a $10000 balance and you get a loan for $10000 and pay off the credit card if the interest rates are the same mathematically you haven't done anything. If when you get the card payed off you close the account you do something beneficial and that is you cut yourself off from easy debt.

Gary Hudson says:

But, what if I have a magic bean? Lol

pimpballer3 says:

Debt consolidation should be a baby step. The interest saving matters…

redd7188 says:

Dave, it does do something. Most people that do consolidation loans have multiple high interest rate credit cards. In most cases the installment loan has a better interest rate than the credit cards meaning they can pay them off sooner. Also installment debt looks a lot better than revolving debt on your credit report. So theres that. Your credit score will go up and you could refinance for an even lower rate to pay off faster.

Ian Mowbray says:

But many farmers are broke and the banks own it all.

Box Addict says:

Rich people bankrupt then sell company to a family member

Dino Spemoni says:

All it does is usually get people in more debt because they feel they have more money since they have a lower monthly payment.

3of11 says:

Debt consolidation is like the stomach shrinking surgery. A bandaid over the real problem (lifestyle)

tempobronze says:

Ive learned so much thru him. One thing that made me come to a realization is that money should be patience. I hated that feeling of, "I feel good now because I purchased it" but when it comes around to the bill a month later, the hypes gone and u don't wanna get rid of your money to pay for it. So that's one of my reasons why ive quit credit cards. 12-36 months no interest sounds like a great idea, but who wants to wait that long? You're already over it..

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