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? Student Loan Consolidation / Refinancing – https://www.thesimpledollar.com/loans/student/student-loan-consolidation-and-refinancing-guide/?utm_source=youtube&utm_medium=video&utm_campaign=loans&utm_content=UOYoQrwdRx8
? Best Student Loans – https://www.thesimpledollar.com/loans/student/best-student-loans/?utm_source=youtube&utm_medium=video&utm_campaign=loans&utm_content=UOYoQrwdRx8
The Pros (and Cons) of Student Loan Consolidation. This video is all about consolidating and refinancing student loans. Kamilah explains the main pros/cons of student loan consolidation, including when it comes to debt from private lenders and the government. We are not saying that you should consolidate or refinance your student loans, but it might be something to look into. In some cases you can save money and start paying just one company rather than multiple. Different companies like Credible and Discover offer specific products for student loan consolidation.
Video Host – Kamilah of Focused Spender:
https://www.youtube.com/user/FocusedSpender
? RELATED CONTENT ?
How to Pay Off Student Loans Fast:
https://www.thesimpledollar.com/loans/student/15-ways-to-deal-with-student-loan-debt/?utm_source=youtube&utm_medium=video&utm_campaign=loans&utm_content=UOYoQrwdRx8
Take These Steps to Deal With Massive Student Loan Debt:
https://www.thesimpledollar.com/loans/student/steps-to-deal-with-massive-student-loan-debt/?utm_source=youtube&utm_medium=video&utm_campaign=loans&utm_content=UOYoQrwdRx8
Student Loan Refinance Guide:
https://www.thesimpledollar.com/loans/student/student-loan-refinance-guide/?utm_source=youtube&utm_medium=video&utm_campaign=loans&utm_content=UOYoQrwdRx8
Balancing Act: Pay Off Student Loans or Save More?
https://www.thesimpledollar.com/loans/student/balancing-act-pay-down-student-loans-or-save-more/?utm_source=youtube&utm_medium=video&utm_campaign=loans&utm_content=UOYoQrwdRx8
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? CREDITS ?
Much of the footage in this video has been provided by Storyblocks and Getty Images.
Are you working hard every day, but never seem to have anything left in your bank account at the end of the month? Would you like to know exactly where your money is going? Credit Counselling Services of Atlantic Canada, Inc. (CCSAC) offers help with credit card debt, budget counselling, debt repayment plans, financial education and more to help you on your way to financial freedom. If you’re looking for debt relief, we can help. A certified credit counsellor can provide budget counselling, debt management solutions and consolidation relief. With several offices located across Atlantic Canada, we are able to provide guidance to consumers who are looking to solve their debt problems. CCSAC will help you find a solution that works.
When considering how to consolidate or pay debt off most people are faced with 2 options. Get an installment loan OR get a revolving line (in many cases a Home Equity Line of Credit). In this video we explain how each option will impact your credit scores.
Creditaid helps people manage debt and become debt free with credit counselling and debt consolidation programs.
DEBT CONSOLIDATION LOANS – BEWARE The Hype – Should You Consolidate Your Debts ?
If you are taking a debt consolidation loan or thinking of consolidating your debts then take a look at this video before you do. There is a lot of marketing hype around debt Consolidation so we take a look at the reality behind the marketing statements so that you are better informed before taking one of these loans. In some situations a debt consolidation loan can be the right thing to do but beware as they are not right in all circumstances and for everyone.
Legal Disclosure: I’m not a financial advisor. The information contained in this video is for entertainment purposes only. Before investing, please consult a licensed professional. Any stock purchases I show on video should not be considered “investment recommendations”. I shall not be held liable for any losses you may incur for investing and trading in the stock market or investment funds. Investments may decline in value and/or disappear entirely so please make sure you do your own research. Please be careful!
#debtconsolidationloans #debtconsolidation #consolidatedebt
Debt Counselling can consolidate your debt into one easy payment and clear your credit record. For a free assessment, contact us today!
Senate Republicans blocked a bill to keep the U.S. government open and also prevent a federal debt default, but the Senate could bring the funding measure up for another vote later this week without a debt-ceiling extension, which isn’t needed until mid-October. Congressional Democrats are also hoping to pass at least part of President Biden’s domestic agenda, which contains more than $4 trillion in spending over two bills. CBS News’ Laura Podesta reports on the developments in Washington, and CBS News congressional reporter Zak Hudak joined “CBSN AM” to discuss.
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When should you consider debt counselling?
Even before lockdown, many people were finding it difficult to meet their debt repayments and facing the prospect of defaulting. Once you are in default the collection and legal fees mount and debt that you were already struggling to repay could easily double. You could even risk losing your car or home.
One of the options available is debt counselling where you select to go under debt review and are protected against legal action by creditors.
A debt counsellor provides a court-issued agreement stipulating the repayment plan. Consumers make one affordable, payment each month, to an independent Payment Distribution Agency (PDA). This in turn is distributed to the creditors as per the agreement.
Once under debt review you may not apply for any credit until all the debts, as per the court order, are settled. Once settled, the debt counsellor will issue a clearance certificate confirming that all the accounts listed under the agreement are paid up. Home loans are the exception and do not need to be fully paid up, but must be up to date. The debt counsellor must ensure that the credit bureaus receive the certificate.
While there are many satisfied customers in debt counselling, there are just as many who have had a negative experience. Make sure you are working with an ethical provider who is a member of the Debt Counsellor Association of South Africa or the National Debt Counsellors Association.
When working with a debt counsellor make sure they create a repayment plan that can be settled within five years. This can be done if the debt counsellor negotiates lower interest rates with the creditors.
According to the National Debt Counsellors Association reputable debt counsellors use an industry standard called the Debt Counselling Rule Set or DCRS that allows them to negotiate significant interest rate reductions on consumers’ debt.?
For unsecured lending such as personal loans and credit cards, DCRS allows for renegotiation of the interest rate as close to zero percent as possible. This is a significant saving on credit agreements that can have interest rates as high as 23%.
Debt counselling can be a great solution, but do your homework before you enter any agreement as once the agreement is in place, you are legally bound to it.
??? A tutorial on the differences between debt consolidation vs credit card refinancing.
Table of Contents:
0:00 Overview and Introduction
0:19 What is credit card debt consolidation?
3:45 What is credit card refinancing?
7:14 When to consolidate and when to refinance?
8:40 How to research credit cards for balance transfer (credit card refi)
10:05 Secured vs Unsecured Credit Cards
