How good does debt consolidation sound? Take all your credit cards and combine them together with one easy lower interest payment. Here are some things you should know that might change your perspective on it.

Debt consolidation does not help you pay down large amounts of debt and it doesn’t get you out of debt quickly. It’s a refinanced loan that extends your payment. That means you will be in debt longer. Our view is if you’re in debt, you should be working to get out of debt as quickly as possible!

They market low-interest rates, but that doesn’t always mean it will be lower. A lot of companies market an introductory promotion of a lower rate to get people in and then raise the rate over time.

This is a big one. You are only consolidating your debt. You are not eliminating it. It’s really easy for us to view debt consolidation as the first step to us getting out of debt, but the problem is… usually nothing changes after you consolidate. You have the same buying and spending behaviors.

To eliminate debt, you don’t need to consolidate, you need a plan to start paying off your debt quickly!!!

It starts with taking control of your money. Getting eyes on where it’s going. You have to start with a budget, so you can start allocating money from areas of spending to now going towards paying down debt.

If you have multiple cards, there are two ways to attack it. First, stop using the cards. Start using cash for your expenses so the amounts don’t increase on your cards while you are trying to pay them down.

Here’s where two strategies come in: If you’re looking strictly at the numbers, you should pay all the minimum payments except for the card with the highest interest rate. Put every dollar & energy towards paying that card off first. Once paid off, put everything plus the new amount saved by eliminating a card towards the second-highest interest and continue to do this until they are all paid off.

What studies have shown is people have a higher success rate when they follow this plan, but instead of paying the highest interest rate first, you pay the lowest amount owed regardless of the interest rate. It’s encouraging and motivating to see change and the card with the lowest amount is the easiest to pay off. Going from 4 cards to 3 builds your confidence because you’re seeing it working! It’s shown that more people making to paying off all their debt with this strategy even though they might be paying a little more in interest.

Remember, it’s not a consolidation problem, it’s a behavioral one and it will only be fixed by taking control over your money!

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If you’re trying to get out of debt,these two options are available to you but it is of utmost importance that you understand what you’re getting yourself into.

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Given the Coronavirus / CoVid-19 pandemic, face-to-face mediation is problematic. Here are some tips for online video conference mediating! And see this example of an online mediation: https://www.youtube.com/watch?v=3569P07ngGg&

The National Consumer Regulator says it has received complaints from consumers who have been placed under debt review without their knowledge.
And it has blamed this on false advertising on the part of debt counsellors and credit providers.
The NCR has called on consumers to know what they are getting themselves into when applying for debt consolidation and restructuring.

For more news, visit sabcnews.com and also #SABCNews #Coronavirus #COVID19News #Covid-19Vaccination #Vaccine on Social Media.

In this lesson, you will learn how to calculate and record bad debts, provision for bad debts, and how to adjust the provision for bad debts using the balance sheet and income statement methods. You will also learn how to record the allowance for bad debts in the balance sheet using the 2 methods. We also look at the direct write-off method of bad debts why we create an allowance.

Bad Debts & Allowance For Doubtful Accounts (Provision for bad debts) In Financial Statements: https://youtu.be/_cXbTUxIgWk

Check out other straight-forward examples on our channel.

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What is debt consolidation, how to consolidate your debt, and should you consolidate your debt. There are two primary ways to consolidate debt, both of which concentrate your debt payments into one monthly bill.

Get a 0% interest, balance-transfer credit card: Transfer all your debts onto this card and pay the balance in full during the promotional period. You will likely need good or excellent credit (690 or higher) to qualify.

Get a fixed-rate debt consolidation loan: Use the money from the loan to pay off your debt, then pay back the loan in installments over a set term. You can qualify for a loan if you have bad or fair credit (689 or below), but borrowers with higher scores will likely qualify for the lowest rates.

Success with a consolidation strategy requires the following:
1.Your total debt excluding mortgage doesn’t exceed 40% of your gross income.
2.Your credit is good enough to qualify for a 0% credit card or low-interest debt consolidation loan.
3.Your cash flow consistently covers payments toward your debt.
4.You have a plan to prevent running up debt again.

Consolidation isn’t a silver bullet for debt problems. It doesn’t address excessive spending habits that create debt in the first place. It’s also not the solution if you’re overwhelmed by debt and have no hope of paying it off even with reduced payments.

If your debt load is small — you can pay it off within six months to a year at your current pace — and you’d save only a negligible amount by consolidating, don’t bother.

Try a do-it-yourself debt payoff method instead, such as the debt snowball or debt avalanche.

If the total of your debts is more than half your income you’re better off seeking debt relief than treading water

Hey ya’ll ! I really love finances and talking about ways to make it easier to make more, save more, give more, and of course spend more. So most of the stuff we will be diving into will be related to finances with the odd topic here and there, plus maybe a special appearance from Rocko, my big pittie baby! I want to start off with easier concepts and the basics of money and work my way into the more difficult and nuance topics. You may be asking, why would I ever listen to you about anything? That’s a fair point, and you don’t have to. However, I would love to take this journey with you into the financial world and together we can learn and grow, not only our knowledge but our bank accounts too! I am not a Financial Advisor, any investment commentary are my opinions only.

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In this video we will show you how to pay off credit card debt fast by using debt consolidation. You can go on the debt free journey by using balance transfer and obtain credit card debt freedom.

There’s a mediation process between Wits University and its Student Representative Council. The institution was hit by a wave of protests in February, as students challenged historical debt and lack of accommodation. Spokesperson of the South African Union for Students, Asive Dlanjwa speaks to #eNCA Courtesy #DStv403

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