Starting May 5, the Department of Education is resuming debt collection on loans that went into default before the pandemic. ABC News’ Alex Presha and Alexis Christoforous report.

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Debt Consolidation Loans Calculator: https://tryascend.com/qualify/consolidation-loan-and-alternatives/ytbdc2025

A debt consolidation loan can help get you on one monthly payment and potentially save you money by using the funds to payoff high interest credit cards.

That said, you should consider the origination fee, whether there are prepayment penalties and whether the interest rate you qualify is lower than the credit cards you are trying to consolidate.

In this video we’ll cover:

00:00 Intro
0:49 What Are Debt Consolidation Loans and How Do They Work?
1:59 When Do Debt Consolidation Loans Make Sense?
3:09 What Are Your Alternatives to Debt Consolidation Loans?
3:52 The Importance of a Long-Term Debt Plan

#debt #loans

Consumers have had a tough financial time in recent years. And even as the economy starts to turn the corner in terms of lower inflation and the beginning of lower interest rates, financial pressures still remain, with some households heavily indebted, even having to consider getting help to better deal with their situation.

To unpack how they’re currently viewing the South African consumer and how consumers can navigate some of the existing challenges, I’m joined by Calvin Ndlovu, Executive for Unsecured Recoveries at Nedbank.

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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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Ken McElroy and Robert Kiyosaki discuss the misconceptions about debt and how it can be a powerful tool for building wealth. Learn the secrets of using other people’s money to buy assets, reduce tax liabilities, and achieve financial freedom.

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ABOUT KEN:
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Ken offers a wealth of personal experiences, practical advice, success stories, and even some informative setbacks, all presented here to educate and inspire. Whether you’re a new or seasoned investor, the information and resources on this channel will set you on a path where you and your investments can thrive.

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TBR Solutions on the Two-Pot System which is about to kick in soon. The question is “Will it be good for your financial well-being?” Watch and listen and critically think.

Free Debt Options Calculator: https://tryascend.com/qualify/calculator/quick/ytdcbadcredit
Best Debt Consolidation Loan Options: https://tryascend.com/consolidate

How do you qualify for Debt Consolidation if you have bad credit? Are you looking at a Consolidation Loan? Or are you more so looking at a Debt Consolidation Program?

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Best Debt Relief Companies: https://tryascend.com/debt-relief/company/3-top-debt-relief-companies

If you Google Debt Consolidation, you’ll find definitions relating to using a loan to consolidate debt, but are you actually getting a loan in a Debt Consolidation Program?

The link above can show different options for the best debt settlement companies that serve your area, but in this video, we also share some information that you can potentially use to see whether debt relief is right for you.

Here’s what we talk about in today’s video:

00:00 Introduction
01:53 Debt Consolidation vs Debt Relief
05:23 Are Those “6 Month” Loans Worth It?
08:25 When Does It Make Sense For Debt Relief?

We are available if you’d like to chat or have any questions at 833-272-3631.

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Did You Know, Bankruptcy Can’t Cancel This Debt?

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Helps Nonprofit Law Firm Executive Director Eric Olsen discusses debt management and whether or not they are a help to persons receiving social security income.

HELPS Website: www.helpsishere.org