Should You Consolidate Your Debt?

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It might sound simple to put all of your debts into one big basket… but the downsides may surprise you!

Two Cents is hosted by Philip Olson, CFP® and Julia Lorenz-Olson, AFC®
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Comments

RCDriver10 says:

Debt is all SLAVERY!! There is absolutely positively NO such thing as good debt!!

TechMack says:

2:21 IS ME TO A TEE LOL

Charith Dilshan says:

Where is run the numbers? ??????

?? ????? says:

where is the mustache ? almost dis not recognize you

d3r3kyasmar says:

I am glad and thankful i dont have any debt to consolidate.

bag of nuts crew says:

The mustache????

Daiv G says:

Nice job on this one. One thing not mentioned that was very successful for me about 15 years ago (not sure if it’s even still a thing), was once I got my bills stable for 6 months and started exploring options, I simply called each creditor and asked if they were able to lower my interest rate. I had improved my credit significantly from when I had first signed up for those lines of credit and had a higher income. To my surprise, every one of them was able to lower my rate or offer me an alternative line of credit program with a better rate and more perks that didn’t cost me anything (important to paying down debts!)
Once I would get a credit card low enough, I would take out a personal loan at my local credit union with a lower interest rate, but more importantly, a structured finish line, and use that to pay off the balance. Took a couple years, but when combined with not adding any new debts, it’s something that worked for me!
Great job on this topic that puzzled me for many years. Hope it provides some clarity to get others on track.

hack root says:

Where's the mustache guy?

ThePhil737 says:

Mustacheless Philip looks like JD from Scrubs.

Lionel Ethan says:

Well that would be impossible to do considering I'm in my late 50s and I'm more interested in investments that could set me up for retirement in my 60s, my goal is at least $2million.

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