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When your debts go out of hand, you might find it easier to just take out a loan to settle everything, but is debt consolidation a good idea? Watch this video to learn all about this and whether or not it’s a good option for you!
Watch And Enjoy!
Justin Mirche
Key Moments In This Episode
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00:00 Intro & Summary
00:34 What Is Debt Consolidation?
01:58 Different Types Of Debt Consolidation Loans
03:43 Common Trap With Debt Consolidation Loans
04:45 Pros Of Debt Consolidation Loans
06:51 Cons Of Debt Consolidation Loans
What To Watch Next
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How Long Does It Take To Repair Credit?
https://youtu.be/gwuAdlPuywg
RESOURCES
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Learn More about Justin Mirche
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Justin Mirche is the founder and President of Justin Mirche Consulting. He has a vast background in finance and has been the go-to person for friends, colleagues, and clients for years to assist in solving a wide array of credit and finance challenges. His experience and dedication have transformed lives, families, and businesses. Now, he wants to share his expertise to help a much broader audience. With his YouTube channel, Justin wants to answer questions that affect our everyday lives, erase confusion dispel myths about credit and finance, and provide valuable advice to help you level up and reach your credit and financial goals.
Website: https://justinmirche.com/
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Nate Woodbury – YouTube Producer
https://www.youtube.com/NateWoodbury
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I fell into that trap. Working on getting out now. Not going back!
SoFi is awesome. Exactly what I did. Used debt avalanche method and got myself under 30 percent utilization before applying. Even pulled out a loan from my 401k to pay it down last year, moved with balance transfer and credit card loans with lower interest to move /eliminate highest interest rate balances. Now I am looking at a horizon of less than 4 years to be completely debt free – my goal is to enter my retirement with zero debt. Two years ago I was at 90 percent utilization. I reached the 30 percent threshold early this year. Now they're all zero balances and paying the personal loan with an interest rate under 7 percent.
Good information. Thank you.