[Debt] Videos

Credit card consolidation loans come with high fees and rarely make financial sense.

Total worldwide debt is expected to continue growing over the coming months, despite having just climbed to a fresh all-time high. Given the three previous waves of global debt accumulation have all ended with financial crises, CNBC’s Sam Meredith takes a look at the risks associated with the latest build-up.

Read more:
https://www.cnbc.com/2020/01/14/global-debt-hits-all-time-high-of-nearly-253-dollars–iif-says.html
https://www.worldbank.org/en/research/publication/waves-of-debt
https://www.iif.com/Research/Capital-Flows-and-Debt/Global-Debt-Monitor
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#CNBC #Debt #Economy

Welcome to episode #30 in the series #AskADC (Ask A Debt Counsellor) where Andre discusses and dissects the most common questions in and around debt counseling, also known as debt review.

Today’s question is: “How long will I be under debt review for?”

Is debt consolidation a good idea or not? I love this topic and I am going over some money tips to help you decide what is the best way for you to pay-off debt and become debt-free.
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My channel is all about HELPING YOU being debt free, saving money and building wealth. Our family paid $185K in debt in 46 months and on a path to financial independence. I want to help YOU reach the same level of financial success!!!!!!!

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About Me:
I am extremely passionate about personal finance and my mission in creating @MoneyTipFeed, is to provide my viewers, subscribers and followers with valuable content to get them excited about their own finances and on the road to DEBT-FREEDOM and CREATE PERSONAL WEALTH! My videos are a reflection of my passion to help YOU create wealth and what I personally have done that helped our family payoff $185K in debt in 46 months, create our own wealth and change our family tree. I don’t subscribe to the theory that financial freedom is ONLY for the rich. I would be so honored if you joined me (subscribe) and let me become an important personal finance resource in your life. Let’s do this together, no doubt I can help you on your debt-freedom and wealth building journey.

All my videos are written, filmed and produce by me and I hope the videos show my passion to provide you with tools to create your own wealth.
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Check out other great videos:
*** How To Budget https://youtu.be/Mfttt4DRonU
*** 17 Frugal Money Tips https://youtu.be/kFIVltRh_L0
*** 5 Money Mistakes that will Haunt You https://youtu.be/vaaBavSTESI
*** How to stop LIVING PAYCHECK TO PAYCHECK https://youtu.be/DlMe-SS8jGo
*** Our First Debt-Free Budget https://youtu.be/Kl9Pq1789Tw
*** One of my BEST MONEY ADVICE https://youtu.be/X12RLdk5UPo
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(Disclaimer: all views and opinions on this channel should be seen as entertainment and my own personal opinion. Before making any financial decisions please consult your financial advisor or financial planner to make a decision based on your own circumstances.)

In todays video I talk about Dave Ramsey plan to pay off of debt. I talk about what I agree and disagree with in his plan.

In this video you should learn information about: Getting out of Debt motivation, get out of debt and stay out of debt, how to get out of debt fast, learn more about my debt payoff journey, my dave ramsey baby steps review.

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If you have more than one loan, it may sound like a good idea to roll them into one consolidated loan but it may end up costing you much more over time! In this video we break down debt consolidation on Home Loans, and what it might cost over time.

For more info https://www.huntergalloway.com.au/

For home loan enquiries
jayden.vecchio@huntergalloway.com.au

Find Jayden here:
https://www.huntergalloway.com.au/free-assessment/
https://www.facebook.com/MortgageBrokerBrisbane/
https://www.huntergalloway.com.au/author/jaydenvecchio/
https://au.linkedin.com/in/jaydenvecchio

T: 1300 088 065
E: hello@huntergalloway.com.au

Mortgage Broker Brisbane – Hunter Galloway
Head Office: 3 Latrobe Tce Paddington QLD 4064
PO Box 841, Paddington QLD 4064
CBD Office: Level 20, 300 Queen Street Brisbane, QLD 4000

Hunter Galloway are an Award Winning Mortgage Broker based in Brisbane. We help clients from our local area, Australia, and all over the world. We believe buying a home should be stress-free and uncomplicated, and we will work for you to make your dreams become reality.

Next steps and settling your first home

Our team here at Hunter Galloway is here to help you buy a home in Brisbane. Nathan & Joshua Vecchio are Senior Mortgage brokers who specialise in making your home journey easy.

Unlike other mortgage brokers who are just one person operators, we have an entire team of experts to help make your home loan journey as simple as possible.

If you want to get started, please get in touch and we can book a time that suits you – either a phone call information session or a face to face meeting (which doesn’t cost anything for you).

Contact Us

Debt consolidation (or refinancing) can make it easier to manage your repayments. But it may cost you more if the interest rate or fees (or both) are higher than before. You could also get deeper into debt if you get more credit, as it may tempt you to spend more.

Here are some things to consider before deciding to consolidate or refinance.

Avoid companies that make unrealistic promises
Some companies advertise that they can get you out of debt no matter how much you owe. This is unrealistic.

Don’t trust a company that:

is not licensed
asks you to sign blank documents
refuses to discuss repayments
rushes the transaction
won’t put all loan costs and the interest rate in writing before you sign
arranges a business loan when all you need is a basic consumer loan

Make sure you will be paying less
Compare the interest rate for the new loan — as well as the fees and other costs — against your current loans. Make sure you can afford the new repayments.

If the new loan will be more expensive than your current loans, it may not be worth it.

Use our mortgage switching calculator

Compare the interest and fees on a new loan with your current loans.

Remember to check for other costs, such as:

penalties for paying off your original loans early
application fees, legal fees, valuation fees, and stamp duty. Some lenders charge these fees if the new loan is secured

against your home or other assets
Beware of switching to a loan with a longer term. The interest rate may be lower, but you could pay more in interest and fees in the long run.

Protect your home or other assets
To get a lower interest rate, you might be considering turning your unsecured debts

(such as credit cards or personal loans) into a single secured debt

. For a secured debt, you put up an asset (such as your home or car) as security.

This means that if you can’t pay off the new loan, the home or car that you put up as security may be at risk. The lender can sell it to get back the money you borrowed.

Consider all your other options before using your home or other assets as security.

Consider your other options first
Before you pay a company to help you consolidate or refinance your debts:

Talk to your mortgage provider
If you’re struggling to pay your mortgage, talk to your mortgage provider (lender) as soon as possible.

All lenders have programs to help you in tough times. Ask to speak to their hardship team about a hardship variation

. They may be able to change your loan terms, or reduce or pause your repayments for a while.

Consider switching home loans
A different home loan could save you money in interest and fees. But make sure it really is a better deal. See switching home loans.

Talk to your credit providers
If you have credit card debt or other loans, ask your credit provider if they can change your repayments or extend your loan. The National Debt Helpline website has information about how to negotiate payment terms.

Consider a credit card balance transfer
A balance transfer may be a good way to get on top of your debts. But it can also create more problems. See credit card balance transfers to help you choose wisely.

Over $158,000 In Debt And Not Sure What To Do!
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Welcome to The Dave Ramsey Show like you’ve never seen it before. On this channel, you will find all of the greatest highlights from The Dave Ramsey Show! The show also live streams on YouTube M-F 2-5pm ET! Watch Dave live in studio every day and see behind-the-scenes action from Dave’s producers. Watch video profiles of debt-free callers and see them call in live from Ramsey Solutions. During breaks, you’ll see exclusive content from our Ramsey Personalities —as well as all kinds of other video pieces that we’ll unveil every day.

The Dave Ramsey Show channel will change the way you experience one of the most popular radio shows in the country!

Martin Lewis talks about debt problems and gives solutions. Martin gives his definition of “Debt Crisis” and “Problem Debts” outlining solutions for both and where to get help. you also get a checklist for cutting the cost of repaying debt. http://www.moneysavingexpert.com/loans/debt-solutions
Problem Debts Checklist:
1. Shift debts to cheaper rates with a credit card balance transfer.
2. Check out a personal loan to get a lower rate vs. existing credit cards. This can also help with the structure of repayments (Good if you have poor discipline in sticking to credit card minimum repayments).
3. Check your credit rating. Try to improve your credit rating.
4. Do the credit card shuffle.
5. Use your savings to pay off your debts after you have moved debts to lower rates. If you have any savings, use them.
6. Remortgaging. (not a massive fan of this one as it extends the length of the loan which may cost more).
7. Secured loan. (Make sure this is suitable for you! It may cost you more if it’s not suitable!!)

Budget, Budget, Budget, Budget!

Budgeting is crucial for climbing your way out of debt!

List your income against your expenditures to see if you are living beyond your means.
Getting out of debt is difficult and will take a lot of work but its worth it at the end of the day and we can help. There are ways to save on everything!

MSE Forum Debt-Free Wannabe: http://forums.moneysavingexpert.com/forumdisplay.php?f=76

Read the Debt Solutions guide for help: http://www.moneysavingexpert.com/loans/debt-solutions

Budget planner tool: http://www.moneysavingexpert.com/banking/Budget-planning

Improve your credit score: http://www.moneysavingexpert.com/loans/credit-rating-credit-score

Save money on everything: http://www.moneysavingexpert.com/

Non-profit debt agencies:
http://www.stepchange.org/
https://www.nationaldebtline.org/
https://www.citizensadvice.org.uk/

They don’t come much cheekier than Tommy. This 20-year-old bank clerk is a self-confessed shopping addict. In the two years since he started working, he’s managed to land himself with a credit card debt of £14,500, a monstrous debt which is eating up his modest take-home salary of £10,000. Tommy’s passion for the high life has plunged him deep into the red.

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Student loan debt forces millions of Americans to put off major life milestones like buying a home or having a child. Refinancing your loans only works if you have a great credit score and steady income. We put together six things you can do to deal with your debt and move on with life, including crowdfunding, joining a service organization, and voting for candidates for plans for student debt.

MORE PERSONAL FINANCE CONTENT:
Here’s Your Year-Long Guide To Financial Stability
https://www.youtube.com/watch?v=eoOQLA3TDtc
Easy Steps To Get Out Of Debt, According To A Certified Financial Planner
https://www.youtube.com/watch?v=CHiOBzqcMV8
How This Couple Avoids Fighting About Money
https://www.youtube.com/watch?v=_zvyMusgpyQ

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6 Creative Strategies To Deal With Student Loan Debt