Are multiple debts keeping you up at night? ???? Debt consolidation might be the solution you’ve been looking for! In this video, we break down how consolidating your debts into one manageable payment can make your financial life so much easier. ????????

Don’t let high-interest rates and confusing bills drag you down! Learn how debt consolidation can simplify your payments, reduce stress, and help you get back on track. Start your journey toward financial freedom today! ????

Watch till the end to learn more about how to take control of your financial future!

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Are you struggling with debt that seems to grow endlessly due to interest? Debt consolidation loans might offer a solution. Prosper CEO David Kimball joins Wealth to discuss the pros and cons of this debt relief option.
Kimball emphasizes that the current high-interest rate environment is a primary reason to consider debt consolidation. By consolidating debt, borrowers can potentially reduce interest rate costs, especially if they’re carrying balances across multiple high-interest credit cards. This approach allows for a transition from higher-interest debt to a single, lower-interest loan.
However, Kimball stresses that the real key to financial health lies in managing finances and changing habits. He explains, “It really comes down to whether or not you have the capacity, and ultimately, if you don’t change your habits, if you keep spending the way you were spending, you’re going to take this debt from your credit cards, put it on a debt consolidation loan, [but] your credit card lines are still open. If you begin to spend on your credit card lines again, what you’re doing at that point is creating more debt.”
Kimball cautions that this scenario is a significant drawback of debt consolidation. He advises, “You need to face your finances, understand them, and make a budget. For some people, you’re going to have to change your spending behavior for this to be a really effective tool.”
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Local money coach Lisa Chastain told Abel Garcia that nearly all of her clients are struggling with credit card debt and offers these tips to get those balances paid down.