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From this video you will learn What is Debt Consolidation & how it works, Types of Debt Consolidation, Benefits of Debt Consolidation, Cons of Debt Consolidation, Debt Consolidation for beginners in english.
Debt Consolidation:
The term debt consolidation means taking out a new loan in order to pay off the other loans or liabilities or consumer debts, which are generally unsecured. In this more than one debt or multiple debts are combined into a large single piece of debt , with a favourable term structure which include lower interest rate, lower monthly payment or both or lower tenure.
Types of debt consolidation:
1. Credit card balance transfer
2. Debt Consolidation loan
3. Student loan consolidation
4. Home equity loans and lines of credit
5. Cash – out mortgage refinance
Benefits of debt consolidation:
1. Repay debt early
2. Simplify finances
3. Lower interest rates
4. Have a fixed repayment schedule
5. Boost credit
Cons of Debt consolidation:
1. It doesn’t mean that the debt is gone
2. You may pay a higher rate
3. Lengthened repayment term means that the person pays more in interest even with a lower interest rate
4. Some loans may require to put up a collateral
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Understanding the Debt Review / Debt Counselling Process.
For more information visit www.lessdebt.co.za or call us on 021 007 3841
Lets discuss the ever growing national debt, whether or not this is a concern, if it’s a bubble, and how this affects your money and investing for the future – enjoy! Add me on Instagram: GPStephan
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The United States is, at its core…kind of like a business. It has what’s called a GDP, which stands for Gross Domestic Product – and that’s the entire market value of all the goods and services produced within the United States..the purpose of this is to measure the economic output of our country, see if we’re GROWING as a society, and when that number goes up – it tells us that incomes are increasing, and people are spending more.
Now, this is important because – ALONGSIDE that GPS – includes all of that revenue that the country makes to keep itself running. After all, roads need to be built, the military needs to continue running, police and firefighters need to get paid, like buttons need to be smashed…and so on. Now, a lot of those types of services are all paid for through our tax dollars – and, just with any business, there are going to be times where there isn’t enough tax revenue to pay for all the services that we get.
Typically, this is done through issuing bonds and treasury bills – which is just a fancy way of saying: The government will pay people interest if they loan it money. And that loan is guaranteed by the United States, which – lets be real – it’s pretty much guaranteed to pay it back, so people see this as a really, REALLY safe investment.
But – in terms of who actually BUYS and OWNS this debt: here you go:
https://www.marketwatch.com/story/heres-who-owns-a-record-2121-trillion-of-us-debt-2018-08-21
So, here are a few concerns that frequently get brought up:
One: If interest rates begin to rise, the cost of holding on to that debt become more expensive. Right now, since interest rates are next to nothing…the United States holding on to $25 trillion worth of debt isn’t much of a concern. If anything, it’s BETTER to hold more debt at a time where interest rates are low…than it is to hold LESS debt when interest rates are high – just because, with low rates, that debt is cheaper to keep.
BUT…if interest rates were to be at 4%…that debt would begin draining money from other resources, and when the United States needs to figure out how to raise more cash – the worry is that they’ll do it through higher taxation.
Two: The other concern is we just carry on as usual…and then leave it up to future generations to worry about. Maybe THEY’LL be the ones that are taxed higher, maybe THEY’LL be the ones with less money spent on public services…or, we can leave it to them to keep kicking the can down a little further until our Grandkids do something about it.
In terms of whether or not we should be worried about our debt…the answer is, PROBABLY NOT.
When we look at our debt in relation to how much money we make…we’re actually a LOT lower than quite a few other countries. You can see here that, sure, we might OWE the most amount of money…but, we also MAKE quite a lot of money, as well:
https://en.wikipedia.org/wiki/List_of_countries_by_external_debt
Secondly, I think it’s assumed that the plan of action here is to keep interest rates low, and then let inflation do its thing – as long as our economy continues to grow, and innovate…that debt will just sit there, whittling away, assuming we don’t keep adding to it.
And really…because of that there’s no REASON to pay off the debt early. Why would they?
HOWEVER…where I see the biggest obstacle, is IF people stop investing in the United States, and we stop growing as fast as we have been…then the United States will be forced to pay higher interest in their debts to entice more people to lend money, and THAT – in turn – would almost certainly mean higher taxes in the future.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com
*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.
https://registereddebtcounsellors.co.za/
Cal : 087 135 5025 or email: info@registereddebtcounsellors.co.za
RESTRUCTURE ALL YOUR DEBT INTO ONE AFFORDABLE INSTALMENT.
WHAT IS DEBT REVIEW?
South Africa currently has over 12 million over-indebted consumers out of 20 million credit active consumers. Drastic action was needed to help and In 2007 government passed the National Credit Act 34 of 2005(hereinafter referred to as “The Act”. The Act came into full force along with guided regulations which helped with the procedure and implementation of the Act.. The National Credit Regulator overseas enforcement of the Act and all Debt Counsellors must be registered with it. Debt Counsellors are given a registration number which can be verified on the National Credit Regulator’s website.
S86 and 87 of the Act deals with Debt Review applications. A person is over-indebted if they cannot pay for some or all of their monthly debt obligations after living expenses are deducted from their nett salary.
HOW DEBT REVIEW WORKS?
Many countries have adopted debt counselling to assist their citizens who are struggling financially. Debt Review in South Africa works similar to other countries. Debt Review is a process that allows an over-indebted consumer to have their debt restructured so that they have more disposable income available. This is achieved by reducing their monthly debt repayments to each creditor pro rata. As Debt Counsellors we have industry leading software which helps us achieve this. We are able to calculate a consumer’s estimated debt repayment over an established period. Debt Counselling has rules often referred to as Task team Agreements. It serves as a guideline and is followed by Debt Counsellors and Creditors so that there is general uniformity. Credit agreements must solve within a specific period, meaning the terms are only allowed to be extended to certain period dependent on the credit agreement concerned.
Many of our clients who have applied for Debt Counselling are happier and more at peace. They no longer have to worry about debt and are able to sleep peacefully. Debt can be a burden on your health and wellbeing. As Debt Counsellors we are very compassionate to our clients. After you apply for Debt Counselling, you can forget about your debt repayments and focus on the more important things in life that matter.
Contact us for a free assessment.
Whether mediation is court ordered, required by some prior contract/agreement, or occurs as a result of parties to a lawsuit agreeing to mediate, mediation is often an excellent opportunity to resolve a lawsuit. In his 19 years as trial lawyer, Jason McGrath has mediated many cases and in this video he explains how mediation works.
www.mcgrathspielberger.com
If you are in North Carolina, South Carolina, Georgia, Florida or Tennessee please fill out our confidential client intake form for legal assistance. http://mcgrathspielberger.com/contact-us
Our Head Consuotant Nangamso Makalima explaines debt counselling / debt review.
