Debt Consolidation Explained (Pros and Cons):

Debt consolidation is a financial strategy that involves combining multiple debts, such as credit card balances, loans, or other outstanding obligations, into a single, more manageable loan or payment plan. By doing so, borrowers can simplify their financial situation and potentially secure a lower interest rate or more favorable repayment terms. This consolidation typically occurs through a personal loan, balance transfer credit card, or home equity loan. The main aim of debt consolidation is to streamline payments and reduce the overall financial burden, making it easier for individuals to regain control of their finances and work towards becoming debt-free.

This video goes over what debt consolidation is but also covers off some of the key pros and cons that individuals should consider when it comes to debt consolidation.

Please note that this video is for educational and entertainment purposes only and should not be considered financial advice.

As the name suggests, credit counseling services help you manage your debts through effective budgeting and financial planning. Evidently, these services help individuals improve or maintain their credit scores by avoiding defaulting on loans.

If you need financial debt help in Alberta, credit counseling services can come to your rescue, helping you pay off your debts within the specified tenure. Here are a few benefits of credit counseling services, which can help you maintain your credit score.

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What to Expect From a Consumer Credit Counseling Agency
How+To+Start+A+Debt+Counseling+Company Reputable agencies provide money management advice, help you prepare a budget and offer free educational workshops and resources. Good counselors are certified and provide money and debt management specialists for you to use. The initial counseling session can last at least an hour with follow-up sessions scheduled if necessary. The counselor discusses your financial situation and develops a personalized plan. Depending on the amount of your debt the counselor might recommend a debt management plan where you make monthly payments to the agency and they pay your creditors. The counselor will negotiate late fees, lower interest rates, and term extensions with your creditors.

Do not sign up with an agency that claims their services are a bankruptcy alternative.

These agencies also claim that their services do not impact your credit. They may tell you to stop paying your creditors and to send that money to the agency. There is no guarantee that creditors will accept a partial payment. And, late fees and interest accrue on unpaid balances. Usually, these types of agencies will charge exorbitant fees with little going towards your debt.

How to Select a Consumer Credit Counseling Agency
Consider it a red flag if a credit counseling agency does not send free information about the organization prior to requesting details about your situation. Check the Better Business Bureau, the local consumer protection agency, and with the National Foundation for Credit Counseling about the legitimacy of a list of potential counseling agencies. These organizations can identify any that have had consumer complaints. However, not having a complaint is no guarantee that they are legitimate.

As a follow-up resource, contact the United States Trustee Program for a list of approved credit counseling agencies that can provide pre-bankruptcy counseling.

Once you have narrowed your list, prepare a list of questions to ask such as:

What are your services? You want an organization that has a range of services such as budget counseling and debt management classes. Steer clear of agencies that have a debt management plan (DMP) as the only option. They should provide other counseling services as well.
Do you provide free information? Organizations should not charge for educational materials or information about the agency.
Do you charge fees? Get specific pricing for set-up or monthly fees, if applicable.

How can you help me avoid future debt problems? You want a plan for managing debt, not a quick scheme to get rid of debt obligations.
Is this agency licensed to provide financial management services in the state? Are your counselors certified and trained by a non-affiliated party?
Is a Consumer Credit Counseling Agency Suitable for Your Situation?
Speaking with consumer credit counseling agencies is just the beginning. Now, you have to determine whether the services are suitable for your situation, or if you can accomplish more on your own. In essence, credit counseling does not do anything that you cannot do; they simply provide guidance for the best approach to managing your debt. You can contact creditors and negotiate the payment terms of your account. Anybody can do this on their own, but sometimes people need a little extra help staying on track.

Another consideration is whether or not you can become disciplined in spending and creating financial obligations without the credit counseling assistance. These counselors can coach you into staying on target with your financial goals. The reason you are considering these services is because you have fallen off a sound financial path. Utilizing the help of a credit counseling agency could help you gain financial stability.

If you decide to use credit counseling services, read the contract agreement before you sign. The contract should disclose fee or contribution amounts; a description of services; an estimated payoff schedule; termination provisions; and, the dispute resolution process.

The desire for financial freedom is something many people share. If you decide to work with a consumer credit counseling agency, make sure their goals match yours and you are not tied to a scam that can put you into a bigger financial hole.

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Thousands of South Africans struggle financially daily, you are not alone.

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Let us take care of your financial situation so you can take care of you. This is the part where you can benefit from a negative situation and turn it into something positive.

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Just as debt can bring financial bondage, so also can wealth and abundance. A wealthy individual who cannot sleep because of anxiety over his money or his investments is in great bondage. No wonder that the preacher desired neither poverty nor riches but just food convenient for him (Proverbs 30:7-9). The poor can get into bondage through borrowing but the rich can be enslaved by their wealth. Their heart is overcharged with surfeiting and their wealth becomes an idol to them.
The case of the rich young ruler that came to Jesus comes to mind (Mark 10:17-28).
Financial bondage is a terrible thing. It ensnares the person concerned and robs them of the joy and benefits of simple, free, peaceful living.
Financial freedom is God’s will for us where we neither have the overbearing anxiety over diminishing assets or the stressful worry of how to pay the next bill. God meets our every need, we are free to serve Him and He reigns without a rival on the throne of our hearts.

1) INDISPENSABILITY OF GREAT COMMITMENT: ????????????
John 15:5; 11:44; 8:32,36; Psalm 119:105; 19:7-11; Jeremiah 10:23; 13:23; 29:11-14; Acts 20:20,27; Ephesians 1:11; Exodus 9:29; 19:5; 1 Corinthians 10:26; Job 41:11; Haggai 2:8.

The first step towards financial freedom is conversion, turning over our life completely into God’s hand — our sins, anxieties, fears, plans, future, totality. We cease to be the master of our lives. We recognize that without Him we can do nothing (John 15:5; Psalm 128:1; Jeremiah 13:23).
We acknowledge divine ownership and cease from self-management (Psalm 74:1; 79:13; 95:7; 100:3; 24:1; 50:10-12; 115:16; Proverbs 20:24; 16:9; 19:21; Jeremiah 10:23; Deuteronomy 10:14; Leviticus 25:23; 1
Chronicles 29:14; Job 41:11; Haggai 2:8; Exodus 19:5; 9:29; 1 Corinthians 10:26). Without this great commitment, we cannot commence the journey to financial freedom. We need to acknowledge that God has better plans and that we are ready to follow His plans as revealed in the Bible and as taught by godly men with divine insight (Jeremiah 29:11-14; 2 Chronicles 20:20; Isaiah 7:9; Acts 20:20,27; Ephesians 1:11).
The truth of God’s word sets free fully and permanently. There is great reward in following divine prescriptions (John 8:32,36; Psalm 119:105; 19:7-11).
If we are financially bound hand and foot like Lazarus was physically bound hand and foot, we cannot free ourselves, God will have to lose us and let us go. (John 8:32,36; 11:44).

2) IMPORTANCE OF GOOD COUNSELLING: ????????????
Proverbs 11:14; 12:15; 13:10; 15:22; 20:18; 24:6; Haggai 1:2-5; Hosea 4:6; Isaiah 55:2; 1 Timothy 6:17-19; Matthew 17:24-27; 25:14-30; Romans 13:6-8.

In any undertaking in life, the importance of good counselling cannot be discounted. Very often the difference between success and failure has been good counselling or lack of it.
The goal of financial freedom can be well established through good counselling. The situation is evaluated, the goals are reviewed, a workable plan can be set in place, priorities are established,
alternatives can be suggested and the funds are made to stretch. Many christians can live better lives on their present income. What most people need is seldom a salary increase but rather wisdom in effective and beneficial dispensing of the money already in hand. It is good to take financial stock — a honest evaluation of our financial position, listing our present income, expenditure, assets, liabilities and then embark on a good financial surgery and revamping.

INSIGHT OF GODLY COUNSELORS: ????????????
2 Kings 4:1-7; 6:1-7; Genesis 41:38-44; Daniel 2:47-49; 1:20; Matthew 20:1-17; 25:14-30; 17:24-27; Luke 7:36-50; 12:42-48; 15:8-24; 16:1-31; 17:7-10; 19:12-27; 20:22-26; Matthew 10:24,25; 1 Peter 2:21.

In seeking counselling on financial matters, either for freedom from financial bondage or planning towards financial independence, it is very important that we seek the insight of godly counselors. It is a pity that many christians today are very ignorant of basic financial principles and cannot offer grassroot advice to their fellow christians in this area. This has created a great loophole for the devil to exploit and many believers are therefore in financial bondage through the counsel of the world’s financial advisers.
In resolving her financial problems, the prophet’s widow’s first point of call was not to the creditor for a re-negotiation of the terms of payment or a re-scheduling of the debt, it was to Elisha the prophet of God to seek advice, counselling or perhaps a miracle-bringing intercession (2 Kings 4:1-7).
The young that lost the axe head cried to the prophet for help. His first thought was not how to borrow to pay for the lost axe-head or agree terms of payment with the lender (2 Kings 6:1-7). For many christians, when financial problems arise, their first point of call is the bank manager or other financial advisers and consequently they get into more debt.

Learn how an accredited, non-profit credit counsellor can help you improve your credit rating

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