? See if you’re eligible to use our free debt-relief tools, visit https://link.upsolve.org/DebtConsolidationHelp ?

???? Upsolve is the internet’s leading nonprofit source of financial literacy education. Nearly 3 million Americans visit Upsolve.org each year. Our services are 100% free. Here’s how we do it: https://bit.ly/howitsfree

0:30 What Is Debt Consolidation?
0:57 Debts you CAN consolidate
1:19 Debts you CAN’T consolidation
1:45 How to consolidate your debt: 2 common options
1:50 Using a personal loan to consolidate debt
2:25 Using a credit card balance transfer to consolidate debt
3:32 Pros and Cons of debt consolidation
4:45 Who will benefit most from debt consolidation?
4:58 Who debt consolidation won’t work well for
5:12 Other debt relief options

???? ? Video Recap:

???? Debt Consolidation Basics: Debt consolidation is all about streamlining your debt.

???? It involves combining multiple debts into a single, more manageable payment. Essentially, you’re refinancing your existing debts into one new loan, potentially with a lower interest rate and more favorable terms.

What kinds of debts can be included in a debt consolidation plan?
???? ???? ???? Generally, unsecured debts like credit card balances, personal loans, and medical bills can be consolidated.

You can also consolidate your federal student loan debt, but you’ll need to do that through your student loan servicer.
LEARN HOW ?? https://link.upsolve.org/consolidatestudentloans

? What types of debt can’t be consolidated?
You can’t consolidate car loans, mortgages, or other types of secured debt (debt that’s backed by collateral). However, you may be able to refinance this debt to get a lower interest rate or monthly payment, if needed.

???? How do you consolidate debt? (2 Options)
???? 1. Take out a personal loan to pay off your existing debts in 2-7 years (terms vary by lender). You need to have good credit to get a loan with a lower interest rate than your current debt.
???? You may have to pay a loan origination fee.

???? 2. Credit card balance transfer, where you move balances from high-interest credit cards to one with a lower interest rate or with a 0% introductory interest rate. You’ll need to have a decent credit score and be prepared to repay the debt you transfer to the card within 12-18 months– or however long the 0% interest period is.
???? You usually have to pay a credit card balance transfer fee.

What are the pros of debt consolidation?
? It can simplify your finances by combining multiple payments into one.
? If you get a lower interest rate, you’ll save money in the long run.
? It can help you get organized and stay on track with your payments.

What are the cons of debt consolidation?
? You need to have a good credit score to get a good interest rate on a debt consolidation loan or to do a balance transfer to a credit card with 0% introductory APR.
? You may end up paying more money in the long run if the repayment term is too long, even if your interest rate is lower.
? If you use a secured loan for consolidation, you’re putting collateral at risk
? If you do a credit card balance transfer, you’re usually working on a limited timeline. If you can’t repay the debt within the promotion APR period, you may end up right back where you started.

So, who stands to benefit the most from debt consolidation?
????If you’re looking for a way to simplify your debt repayment, you have a good credit score and you mostly have high-interest credit card debt, debt consolidation could be a great option for you.

???? If you don’t have great credit, you need a quick solution to your debt, or you aren’t sure you can stick with the debt repayment terms, debt consolidation may not be your best option. In this case, it may be a good idea to look into debt settlement, a debt management plan, or Chapter 7 bankruptcy.

Still flagged under Debt Review, even though your financial situation has improved?
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Questions that I get often asked are – What is a debt consolidation loan? Do you think balance transfer cards are a good idea? Will I save money on interest with either option?

So let’s talk about balance transfer cards v. debt consolidation loans – if any are right for you and what to look out for in order to save money with either option.

? Hi, my name is Debbie. I’m a Money Coach, who is passionate about helping my clients overcome their limiting beliefs, start managing their money and achieve being debt free and reaching their savings goals!

? If you know that you want to work with me, I invite you to click the link below and schedule a free 30 Strategy Call. I would love to see how I can help you.
SCHEDULE HERE: https://calendly.com/howdebbiesaves/sales-call-30-minutes

? Register for my Free Masterclass – What Your Credit Cards Don’t Want You to Know. (Next class will be February 22nd at 7pm EST)
REGISTER HERE: https://view.flodesk.com/pages/63d8169eb4f015f30446e2f1

? Sign up for my Free Weekly Newsletter where I’ll be sharing tips to save money & staying on budget to give you extra motivation to keep succeeding with your finances!
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?Listen to my Podcast – Ladies Who Finance

Apple Podcast: https://podcasts.apple.com/us/podcast/ladies-who-finance/id1663117811?i=1000592545332

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? If you would like to talk about hiring me to speak at your event, feel free to DM me on Instagram or email me at the address below.

Follow Me At:
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? I hope that by watching my videos you can take away tips that will help you save money and achieve your financial goals. New Videos every Tuesday morning.

? I am NOT a financial expert. All the advice I provide is based off my own personal experience and are for informational and educational purposes only. Consult with a professional before attempting anything seen or done in my videos.

Thanks again for watching my video and I hope to hear from you soon.

#Howdebbiesaves #moneycoach #debtconsolidationloans #balancetransfercards #savemoney

Some debt relief companies may try to trick you into thinking you’re working with a nonprofit consumer credit counseling service. It’s a bait and switch that can ruin your credit if you’re not careful. This video explains the questions you can ask to affirm that you’re working with a legitimate credit counseling organization.

To learn more, visit: https://bit.ly/3ik4s9F

If you’ve encountered scams as you’ve worked to get out of debt, share your story in the comments. You can also ask us questions about credit counseling if you want to know more.

———————————————————————————————
Liked this video? Subscribe here: http://www.youtube.com/subscription_center?add_user=ConsolidatedCreditCS

And remember to let us know your thoughts in the comments section below!

For more information about Consolidated Credit visit: https://www.consolidatedcredit.org/

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Debt consolidation and debt settlement are two common debt management strategies that can lower the amount of interest you owe and help you pay off debt faster and more simply. Lending Nerd, Kate Wood, helps you understand both and gives you important questions to ask yourself to choose the best strategy for you on your debt management journey.

Suggested Resources:
Compare Debt Consolidation Lenders: https://www.nerdwallet.com/best/loans/personal-loans/debt-consolidation-loans
What is Debt Consolidation and Should I Consolidate? https://www.nerdwallet.com/article/loans/personal-loans/what-is-debt-consolidation
What is Debt Settlement and How Does it Work?
https://www.nerdwallet.com/article/loans/personal-loans/how-does-debt-settlement-work
Debt Consolidation vs. Debt Settlement: Which is Better?
https://www.nerdwallet.com/article/loans/personal-loans/debt-consolidation-debt-settlement

Chapters:
#NerdWallet #PersonalFinance #DebtManagement
Subscribe to NerdWallet – https://bit.ly/3wGvVf3

About NerdWallet:
We’re NerdWallet. And we’re not your typical finance company. We believe that everyone should be able to make financial decisions with confidence. We’ve built a team of Nerds with the knowledge, passion, and skills to make that happen. Thanks to our Nerdy experts, see side-by-side comparisons and objective reviews of the best credit cards, bank accounts, and so much more — so you can get even more financial clarity. It’s the smartest decision for all your financial decisions.

Disclaimer: This video is for informational and educational purposes only. NerdWallet does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks or securities. Any comments posted under NerdWallet’s official account videos are not reviewed or endorsed by NerdWallet or representatives of financial institutions affiliated with the reviewed products unless explicitly stated otherwise. Avoid disclosing personal or sensitive information such as bank accounts or phone numbers. NerdWallet employees do not offer personalized financial advice and will not respond to posts here.

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Balance Transfer Card vs Personal Loan: Which Is Best for You? | NerdWallet
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Discover the best ways to locate a reliable insolvency practitioner. From utilizing social media platforms to checking reviews on Trustpilot, we share essential tips to ensure you find the support you need for your financial journey. #InsolvencyPractitioner #FinancialAdvice #DebtRelief #TrustpilotReviews #SmartFinances #FinancialTips #InsolvencyHelp #FinancialEducation #DebtManagement #ResearchStrategies

Are you struggling with debt and looking for a way out? In this video, we will explore Debt Management Plans and whether they are right for you. Learn how debt management plans, or D M Ps, can help you reduce your debt and regain financial stability. With the right debt solutions, you can pay off your debt and get back on track.

Debt Management Plans are designed to consolidate your debts into one manageable monthly payment. This video will show you how to manage debt effectively and avoid bankruptcy. We will also discuss the benefits and drawbacks of debt management plans, so you can decide if this debt solution is right for you.

By watching this video, you will gain valuable debt advice and tips for debt reduction. Discover how a debt management programme can help you pay off your debt faster. Learn about debt settlement and how to handle debt without stress. Our expert advice will guide you through the process of debt recovery and debt resolution.

Understand how debt management services work and what to expect when you sign up for a debt payment plan. We will also share a real-life case study from the UK to illustrate how a debt management plan can make a difference. Learn how to find a reputable debt management company and what to look for in a debt management strategy.

If you are considering a debt management plan in the UK, this video is for you. We will provide actionable steps and tips to help you control your debt and find the best debt assistance. Whether you are dealing with credit card debt, personal loans, or other unsecured debts, we have the information you need to make an informed decision.

Watch this video to learn how to create a debt repayment plan and take control of your financial future. Do not forget to like and subscribe if you find this content helpful. Your support helps us reach a wider audience and provide more valuable debt management advice.

Steps to Take When Considering a Debt Management Plan
First, assess your financial situation by listing all your debts, including amounts and interest rates. This step is crucial to understand the extent of your debt and determine if a debt management plan is suitable.

Next, research reputable organisations that offer debt management services. Look for companies with good reviews and accreditation.

Contact them to discuss your options and understand any fees involved.

Speak to a financial advisor to get personalised debt advice. A professional can help you understand the pros and cons of debt management plans and other debt solutions.

If you decide to proceed, gather all necessary documents, such as credit card statements, loan agreements, and income details. This information will be needed to set up your debt management plan.

Ensure you understand the terms and conditions of your debt management plan. Ask questions and do not be afraid to seek a second opinion if something does not feel right.

Stick to your budget and avoid new debts while on a debt management plan. Discipline and commitment are key to successfully paying off your debt.

Regularly review your debt management plan and make adjustments if needed. Stay in contact with your debt management company to ensure everything is on track.

For more information, visit the UK Care Guide at www.ukcareguide.co.uk.

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#DebtManagementPlans #DMP #DebtRelief #DebtReduction #ManageDebt #PayOffDebt #DebtSolutions #FinancialHelp #DebtAdvice #DebtConsolidation #DebtRepayment #DebtCounselling #DebtHelp #DebtManagementUK #ReduceDebt #DebtRecovery #DebtPlan #DebtManagementProgramme #DebtPaymentPlan #DebtSettlement #HandleDebt #DebtControl #DebtResolution #DebtAssistance #DebtManagementService #DebtSupport #DebtManagementCompany #DebtManagementStrategy #DebtManagementPlanUK #DebtRepaymentPlan

You should choose a local, trusted and accredited credit counselling partner to help you find debt relief. At Credit Counselling Services of Atlantic Canada, we will work with you to find a solution that works.

Visit us at www.solveyourdebts.com

Considering debt consolidation? Here are five things you need to check to determine whether you should get a debt consolidation loan.

Check out Credible to easily compare loans:
https://bit.ly/consolidate-dfm

——–
?CHECK OUT THE HOW TO CONTROL YOUR SPENDING WORKBOOK
http://bit.ly/DFMworkbook

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Sign up for the Debt Free Millennials FREE budget toolkit: https://www.debtfreemillennials.com/toolkit

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My favorite FREE car insurance quote comparison tool:
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? Facebook Group: https://www.facebook.com/groups/debtfreemillennials
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