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Debt consolidation can be a very generic topic that companies potentially use to confuse consumers. There are two forms of debt consolidation that are popular in the United States, but drastically different in terms of pros and cons.

This is why it may be extremely important to understand the differences between debt consolidation before deciding whether it’s your best option to get out of debt.

Here’s what we will cover in today’s debt consolidation video:

Chapters:
0:00 Intro
0:35 Debt Consolidation Loan vs Debt Consolidation Program
1:25 Real-Life Example
2:40 What is Debt Consolidation Program?
3:09 What is a Debt Consolidation Loan?
3:50 3 Questions to Ask
4:50 Conclusion

#debt #debtfreejourney #debtconsolidation

Music: https://www.bensound.com

Is Debt Review A Good Thing?
The answer is undoubtedly that debt review is a very good thing for over-indebted consumers.

This is actually a very good thing, as it prevents you from racking up more debt and helps you become debt-free.

All of your debt repayments will be consolidated into one reduced monthly repayment plan.

The great thing about debt counselling is that instead of paying numerous accounts, which you can easily lose track of, The National Debt Review Center will work out an amount that covers all of your repayments.

This includes all your legal fees and debt review costs, with lower interest rates.

You do not pay any money upfront.

In light of this, always be sure to contact The National Debt Review Center here or at info@ndrc.org.za as soon as you begin to struggle with your payments, so that all of your instalments can be reduced immediately.

Link to Article – https://ndrc.org.za/is-debt-review-a-good-thing

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Some say that debt is the gateway to your goals, others say it’s a ball and chain that will drag you down… So who’s right?

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Two Cents was created by Katie Graham, Andrew Matthews, Philip Olson CFP® and Julia Lorenz-Olson and is brought to you by PBS Digital Studios. We love dropping some knowledge on all things personal finance and helping you make better money decisions.

sources:
http://archive.boston.com/bostonglobe/ideas/articles/2011/08/21/which_came_first_money_or_debt/
https://www.debt.org/advice/good-vs-bad/#:~:text=What’s%20the%20difference%3F,for%20it%2C%20it’s%20bad%20debt.
https://www.richdad.com/how-to-start-a-business-without-money-part-1#at_pco=smlrebh-1.0&at_si=5edeae9a55751dc1&at_ab=per-2&at_pos=0&at_tot=4
https://thecollegeinvestor.com/4726/ultimate-hypocrite-robert-kiyosaki-companys-bankruptcy/
https://www.gpb.org/news/2011/07/24/the-evolution-of-debt-from-mesopotamia-to-america
https://www.aplu.org/projects-and-initiatives/college-costs-tuition-and-financial-aid/publicuvalues/employment-earnings.html#:~:text=On%20an%20annual%20basis%2C%20bachelor’s,is%20a%20high%20school%20diploma.&text=The%20earnings%20gap%20between%20college,less%20education%20continues%20to%20widen.&text=For%20high%20school%20graduates%20the,earnings%20are%20%2430%2C000%20a%20year.

Two Cents is hosted by Philip Olson, CFP® and Julia Lorenz-Olson
Directors: Katie Graham & Andrew Matthews
Written by: Philip Olson, CFP® and Julia Lorenz-Olson
Executive Producer: Amanda Fox
Produced by: Katie Graham
Edited & Animated by: Andrew Matthews
Images by: Shutterstock
Music by: APM

Debt consolidation… is it a good thing? It can be good or bad depending on why you want to do it. First, let me ask you if you’re coming at life from a consumer mindset, or an investor mindset. The reason I ask, is there are good debts, and there are bad debts.

When you consolidate consumer debt, you are doing something really smart. When you are consolidating good debts, business debt, or investor debts that make you money, it may or may not be a good idea.

The typical goal of debt consolidation is to pay off the debt, but you don’t typically want to pay off good debts. Instead, you control them for a while, then let them go.

Watch and Enjoy!
Kris Krohn & Nate Woodbury

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Video by Nate Woodbury (The Hero Maker)
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In January 1865, President Abraham Lincoln approved Executive Order, Special Field Orders Number 15. It was an order carried out by the military to divide 400,000 acres of land or confiscated plantations into forty-acre parcels and give them to the heads of the former slave family. I am sure we have all heard of “40 acres and a mule.” In April of 1865, President Lincoln was assassinated (only three months later). Vice President Andrew Johnson was sworn in and did not honor that executive order. Special Field Orders Number 15 was reparations for the recently freed slaves America had held in servitude and subjugation for over 200 years. This book spells out the justification, the ability to pay, and an actual plan to execute reparations for the children of American slaves.