Does debt consolidation really work? Learn the pros, cons, and how to use it the right way to finally get out of debt. 4 years vs. 19 years…keep more money in your pocket. YOU CHOOSE!
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Video Chapters:
00:00 – Intro
00:22 – Debt consolidation explained
00:42 – Why debt consolidation DOESN’T work
01:03 – Consolidation can enable you to grow your debt
01:27 – How consolidating can make it easier to pay off your debts
02:04 – Example of how debt consolidation can save you money
03:01 – How consolidating can speed up debt payoff
03:48 – How consolidating can give your monthly budget breathing room
04:15 – Summary: When consolidation works
04:44 – Use a debt payoff calculator to make a plan
05:07 – Where to shop for debt consolidation loans
05:47 – Like and subscribe!
Does Debt Consolidation Work? Here’s the Truth.
If you’re buried under credit card balances, you’ve probably wondered: Does debt consolidation actually work? The honest answer is: Yes—and No. It all depends on how you use it.
In this video, we break down exactly how debt consolidation works, when it doesn’t work at all, and how to use it the right way to actually get out of debt faster and save money.
? What is Debt Consolidation?
Debt consolidation means combining multiple debts (like credit cards) into one new loan. You use that loan to pay off your credit cards or other high-interest debts, leaving you with one monthly payment—ideally at a lower interest rate.
? Why Debt Consolidation Doesn’t Work for Everyone:
You still owe the same amount. It’s not magic—it’s a transfer.
If you consolidate and then run up your credit cards again, your debt situation gets worse.
It’s not a fix for overspending—it’s a tool, and it only works if used responsibly.
? When Debt Consolidation Does Work:
Lower Interest Rates = Big Savings
If you’re paying 22–31% interest on your credit cards, and you can consolidate into a loan at 16% or lower, you’ll save hundreds—even thousands—over time.
Example:
$19,000 in credit card debt at 22–31% APR = $759/month payment
$19,000 consolidated into a 16% loan = $540/month
You save $124/month in interest
Pay extra each month and get out of debt 12 months faster!
Fixed Loan Term = Debt Payoff Date
Credit card debt can linger for 16+ years with minimum payments. A consolidation loan gives you a clear finish line, like 48 months.
Monthly Budget Relief
Lower payments = breathing room. Going from $759 to $540 per month could be a game-changer if you’re barely making ends meet.
???? Do the Math First
Use our free Debt Payoff Calculator at The Yukon Project to see how different strategies (including debt consolidation) impact your total payments, interest, and time to payoff.
???? Find the Best Debt Consolidation Loan
Not sure if you qualify for a good loan?
Go to our Marketplace and check your rate.
Enter your loan purpose, amount, and credit score range.
We compare your info with 40+ lenders using a soft credit check (no impact on your score).
You’ll see real, pre-approved offers—and you’re never obligated to accept.
???? Key Takeaways:
Debt consolidation can work—if you lower your interest rate and don’t build up new debt.
It works best if it gives you structure, saves money, and creates monthly breathing room.
The key is in the math. Make sure it works for you.
???? You’ve Got This
At The Yukon Project, our mission is simple: help people get out of debt and live their best financial lives. We believe in you—and we’ve built the tools to help you get started.
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? Subscribe to our channel
? Share it with someone who needs it
Together, let’s take the first step toward a debt-free future.
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