Deciding between a balance transfer credit card and a debt consolidation loan depends on the terms you get, the repayment plan, and your comfort with risk. A balance transfer credit card is a great option if you can get a 0% introductory APR, AND you can pay off the balance before the period expires. A debt consolidation loan might be better if you need a more extended period to pay off the debt.

So, when thinking about debt consolidation, you need to think about these things:

1. Are you just kicking debt down the road? Meaning ae you paying off debt by taking out more debt? You have to lower your spending and be committed to not accruing more debt as you work on paying off
your debt.

2. If you have a low credit score, you probably won't be able to get a lower interest rate on the balance transfer or debt consolidation loan. So, first focus on making on-time payments, paying off debt, and increasing your credit score.

3. make sure you have a budget and have found a way for that budget to work successfully in your life.

Now, of course, I always recommend paying off your debt by buckling down, controlling your spending, and learning about why you are debt in the first place. Addressing and understanding why you go into
debt is critical if you want to make changes to stay out of debt in the future.

That said, when you are facing financial hardship, sometimes debt consolidation can help when you have high-interest debt that is not manageable.

CHAPTERS
Intro: 00:00
What is debt consolidation: 00:54
The benefits: 01:45
How to consolidate your debt: 03:23
Things to consider: 09:55

?? SHOULD YOU CONSOLIDATE YOUR DEBT: https://bit.ly/3e69JAv
?? SHOULD YOU CONSOLIDATE STUDENT LOANS: https://bit.ly/3oy9xPw
?? FINDING YOUR WHY: https://bit.ly/3aJUryj
?? THE BUDGET MOM’S FINANCIAL FREEDOM STEPS: https://bit.ly/3cfJXsp
?? HOW TO GET STARTED WITH THE CASH ENVELOPE METHOD: https://bit.ly/2vQJaO5
?? HOW TO CREATE A PLAN OF ATTACK TO PAY OFF DEBT: https://bit.ly/2wDETxF

ABOUT ME

I’m the blogger behind https://www.thebudgetmom.com. I have a rambunctious 6-year-old son, live in Washington, and I’m passionate about helping people with money management and personal finance. Let me know what you like to learn more about! Leave me comments and suggestions on my video and let me know!

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At Credit Counselling Sudbury we’ve helped thousands of people who have found themselves in trouble with debt. Here are a few secrets for getting out of debt.

http://www.sudburycommunityservicecentre.ca/page/credit_counsel

Let’s talk about debt consolidation loans. Specifically, is a personal loan your best option? How to save money by choosing the most affordable personal loan or credit card, how to pre qualify for these loans without even providing your social security number, how to get a loan with bad credit and some more pro-tips that will really help you tackle that debt.

Debt consolidation can be a great option if you are stuck in credit card debt with crazy high interest fees. Typically, when you consolidate your debt you should expect to save a bunch of money on interest, BUT it doesn’t necessarily guarantee a lower payment and I show an example of this in the video.

Credit cards might be a better option than personal loans when considering debt consolidation because even with bad credit because a lot of them offer the option to do balance transfers and waive the balance transfer fee and offer 0% interest for 12-18 months. For more information on balance transfers and some companies to consider, click the video below

Companies Discussed in Video:

Wells Fargo (Risk Free Calculator)
https://www.wellsfargo.com/personal-credit/rate-and-payment-calculator/#Good

Sofi
https://www.sofi.com/personal-loans/credit-card-consolidation-loans/

Avant
https://www.avant.com/

FREEZE YOUR CREDIT:
https://www.experian.com/blogs/ask-experian/credit-education/preventing-fraud/security-freeze/
https://www.transunion.com/credit-freeze
https://www.equifax.com/personal/credit-report-services/credit-freeze/

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Business e-mail: thecashcompass@gmail.com

My Youtube Set up:
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*Please be sure to do your own due diligence before making ANY financial decisions. On my channel I share with you my research but please verify everything for yourself! I do not give investment advice, just share my thoughts any my choices!*

*Some of the links on this page are affiliate links, meaning, I may earn a commission if you click through and make a purchase, at absolutely no cost to you. Affiliate commissions help keep my channel going so thanks for your support!*

The Credit Counselling Society is an accredited non-profit charity that helps Canadians with their money. We opened our doors in 1996 and have served over 700,000 Canadians through credit counselling and education.
Our mission is We Help, We Educate, We Give Hope. We do this by providing free credit counselling, low cost debt solutions, and education to Canadians.
We help any consumer who calls us. We can answer general questions about your credit, debt and budget. We can meet with you to discuss your specific situation and offer you information, unbiased advice, and resources to help you. No financial problem is too big or too small to get a fresh perspective on. And the best part is that it’s free and confidential.

https://www.nomoredebts.org/canada/manitoba/winnipeg/credit-counsellingutm_source=GMB&utm_medium=Organic&utm_campaign=winnipeg

1-888-527-8999 or 204-942-8789

I am sharing my struggles with finances and that I need help.
I have contacted a non profit organization called Credit Counselling Society and they have set me up with a Debt Managment plan.
They have a website with lots of resources if you are interested. It is:
nomoredebts.org
I am sharing this to encourage anyone feeling overwhelmed like I was. It is ok to get help.

Result of Credit Provider Short Term Category at the 2020 Online Debt Review Awards Show.

For more info: www.debtreviewawards.co.za

I Keep Getting Back Into Debt Because of Credit Cards
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In order to work out a feasible repayment plan with creditors, you need to establish a household budget that sets aside enough money for your family’s basic and essential needs before you can determine how much you can afford for monthly payments.

The amount you can afford to repay creditors is your payment capacity.

Language: English
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