Pros and Cons of Debt Consolidation

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There are advantages to using debt consolidation as a means to managing financial strain, but there are also disadvantages to this debt strategy. We will cover much of that today, so you can better decide whether consolidating your credit card bills into a loan is the best option for you.

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Michael Bovee started CRN in 2004 with a mission to provide people in need with detailed credit and debt help. The DebtBytes Channel is an extension of the CRN blog, and is dedicated to finding the debt relief option or strategy that works best for you.


Robert Shupinski says:

never do a home equaty loan!! your house is used as collateral. and if you lose your job you are screwed!

duncanmil1 says:

Do these loans charge a penalty for early pay off?

Luke Morter says:

What if I have lots of different types of debt, income taxes, tickets, old cell phone bills etc. The tax debt and tickets are killing me and they act like they need a lump sum payment for the tax and court stuff.

Myrlene Time says:

Thanks for this useful information

Albert Sum says:

Thank you!!!

Graphic DesigNation says:

Awesome info, & more comprehensive / informative across all loan types then other videos I’ve seen… thanks for everything you do Michael, we need more people like you!

Joy Mason-Morais says:

thanks!great info.

Ghostie says:

This is a good video. Your work making this has definitely helped me.

Papi Green Ranger says:

Great video. it explained it well for me. I want a loan but they wont give me one. I have a bunch of balance transfer on diff cards that have 0 APR but will soon start taking on interest. Main debt is credit card debt I want to know how this will affect my credit score and my standing with current credit card companies I am with

relikvija says:

I was stupid enought to transfer my balance and then get new debt on the same credit cards…
so stupid!!!
now I'm back at the same spot.
don't make the same mistake

youvids9820 says:

i cant get a consolidation loan because my credit is bad

Cyndi De Leon says:

thank you so much! this explain a lot to me. I paid off part of my debt using a balance transfer on a 0% APR offer card. Now in thinking on doing a consolidation debt to really be debt free in a few Months so happy i ran into ur video.

Zuper Zero says:

thank you so much for sharing this info

Joey Boss says:

Thanks bro ??

Kimberly Jones says:

Thank you so much for this info

Jorge P says:

Great info thanks!

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