Questions that I get often asked are – What is a debt consolidation loan? Do you think balance transfer cards are a good idea? Will I save money on interest with either option?
So let’s talk about balance transfer cards v. debt consolidation loans – if any are right for you and what to look out for in order to save money with either option.
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Let me know what topic you'd like me to cover next? I hope you found this video helpful.
Tiene mucha razon te cobran lo q no pagas interes por ese periodo q te dan por 0 interes
while I appreciate your honesty, I wish you could have said what was best for someone who IS responsible enough to pay it off, or disciplined and willing. And how does each option affect your credit in the long term.
Not all cards have balance transfer fees. Some are 0%apr / 0% fee
So basically just claim bankruptcy
Id still be better off at 20 22pecernt
I just found your channel. Thanks for this because I just accepted a balance transfer card offer. I’m trying to figure out how much of my debt to transfer to this card so I would be able to pay it off by the end of the interest free period. How would I do that? ????
If I use a balance transfer card, will it affect my credit negatively?
So consolidation and balance transfers are not good for me. So what is?
Yes, I am thinking about it.
Hey, so I’m $4k in debt in a credit card, 18 months sounds really fair for my debt.. wouldn’t you say ? I believe it’s doable. How would I go about transferring the debt to my loan ? Or getting this 18 month no interest ??
Helllo ,
I’m hearing you say that people go back and use the credit cards . If you consolidate your credit cards can you also close them or do they have to stay open ?
Hi. One question. Can I transfer balance from a consolidation debt loan ? It’s because DISCOVER it’s offering taking 7k from my credits cards to 0 apr in 15 month. I don’t know if is it possible or maybe not ? What should I do. Speak first with my loan debt consolidation office? Thanks
I'm thinking of doing a debt consolidation loan or balance transfer I have debt but it's not too high but I do have it spread around 8 cards I just want bring it down to 4 or do that are manageable any tips?
You didn't say which one you prefer .
Do you recommend Rocket Mortgage Consolidated Loan? They offered $1728 for my mortgage and other debt in one payment. I plan to sell my house in less than a year-they said there wouldn't be any penalties when I move, that the remaining debt other than the mortgage will be transferred to the next house.
Current interest just mortgage is 2.9%
With consolidation is 6.8%
I always pay my bills on time but I'm paying $2,251 total now so wondering if I should do debt consolidation
You’re so right about the balance transfers, I procrastinated and the 18 month period ended and now stuck with high interest rate. I had initially paid down my balance a lot but, like you said, I ended up using that credit card to make purchases to the point I was right back where I started from. Thankfully my debt isn’t too large but I wish I saw your video earlier. Great stuff!
Hi Debbie! I recently did a debt consolidation loan to pay off the three credit cards I had. Two of the cards had a whopping 26% interest rate, and the third had 8%. I was trying the debt snowball, paying way over the minimum on one card and the minimum on the others and it wasn't making a dent. After two card companies wouldn't lower the interest (I have a 700+ credit score), I decided on the consolidation loan at 12%. After it went through, I cancelled two of the cards and have the other hidden so I won't use it & haven't for several months. I'm looking forward to being completely debt free. After the loan is paid off, I only have my mortgage left to pay on as I drive a paid for 2006 Toyota. Thanks for the positivity!
Good advice!!!
I agree, it really matters about your intentions. If you haven’t changed your spending habits, it’s just putting a bandage on it. ????
I would really like your take on how to save money on gas for your car. The prices keep getting worse. It’s costing us a fortune. Thank you
My ex-husband got further into credit card debt after a debt consolidation loan. It’s exactly as you said all his cards were at zero and then he maxed them out and then had double the debt. So glad you’re sharing this. I’m sure it’ll help others.
Thanks Debbie, I got into cc debt bc we didn't make enough to cover the bills but I got a side hustle and redesigned my budget now I don't have to rely on the cc usage to cover my bills, not a lot left over @ eom but I have enough in the budget for groceries as well, tfs I always appreciate your advice ????????????
When you explain it it makes so much sense. Yes of course they are going to try every trick to get you to get further into credit card debt. I have been trying so hard to pay off mine. I am so happy you shared this message.