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Consolidation is great when organizing a drawer of tangled wires, but not so much with debt. In this episode, get the deets on debt consolidation, plus the key to avoid it completely.
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I looked at over 10 videos, you came up with the best option. You broke it down to the "T". Thank you so much.
I had no idea debt consolidation resulted in HIGHER interest rates! I once took our a personal loan to cover a credit debt I couldn't cover in one shot (never increased that amount, it was a one-off emergency). Obviously the personal loan interest was much lower than the card. I always just assumed debt consolidation was taking all your credit cards and paying them off with one single lower interest rate loan.
I signed up for accredited but backed out a day later this just seem like a hydrogen bomb for my credit which defeats the purpose ????
This guy is a moron.
You actually shared a lot of misinformation.
Debt Consolidation Loan
– It has a fixed pay off date versus credit cards that have no pay off date.
– Has no fees versus credit cards that have late fees
– Has lower fixed rates versus credit cards which have higher and variable interest rates
The titanic ship is going down and rose aint scooting ???? were does he come up with his material
I’ve done it and it worked for me, but I regret doing it cuz it took forever.
My kind request, do not recommend debt snowball without talking about the baby steps, especially baby step 1. Some of your viewers may not be familiar with it. Starting the snowball without $1k could kill their motivation quickly.
I listen to dave Ramsey and everyone on the team. For myself a debt consolidation loan worked best. My credit card balances were 28% apr + my loan was approved for 12.99% started with 22k debt on loan now down to under 15k , have not used cc again
Why would anyone in their right mind pay a middleman to manage their debt repayments?
@9:02 Debt consolidation didn’t want to leave.
Very neich topic but can you do a video on all the types of stuff in the stock market? Like high yield dividends. Options. Just stuff to attract someone that doesn’t enjoy being disciplined for what seems like so little in return
Random:is there a difference between saving to purchase an vs using Klarna? I mean it’s still money being taken away
Nobody’s asking the real questions. I’m focused on retirement and maximizing savings but past investments didn’t pan out. Unsure whether to go with stocks or index funds—any advice?
Here's what I did: I sold my paid off 17k car, bought a 7k car, and used the difference to clear my final credit card balance. I am now debt free. I thought I would miss the car a lot, but it turns out both cars have 4 wheels and can reliably take me places. It is no big deal.
Meh, it worked for me.
Debt consolidation is more like walking into a wall and doing it over and over and getting nowhere. Insanity. Don't do it. Budget, stop borrowing, and get in touch with your finances. It will pay off in the end.
DINK’s just don’t understand true cuteness when it comes to baby clothes.
Credit card debt paid off by mortgage refinance is same debt lower interest rate. But you have to not refill that credit card debt.
George, you dropped the ball by not using an Admiral Ackbar thumbnail for the "Its A Trap!" On debt consolidation. Love the video though!
I did a debt consolidation loan. I don't regret it. Paid off my debt so much faster. One payment and threw everything at it. Interest was lower. Paid it off in a year. Today everything is paid off and in so much better a position. Did not rack cards back up.
George most balance transfer cards offer at least 12 months of Zero interest to pay it off. The one time transfer fee was well worth it. Thats what I did
telling people flat out no, is an easy cop out. you should also provide tips to help people that actually have will power and drive to clear things off sooner.
Debt consolidation is a useful tool if you're smart enough to use it properly.
GF was making ~$1500/month payments on various debts (loans/credit cards). ave APR was about 25%. it would have taken almost 2.5 years to pay off. She was no longer using the cards and had them locked down so as not to drive them up again. Convinced her to consolidate to a 7% loan. Making the same payments, it would take 6 months off the length of the loan and save $7200 in interest. She hasn't put anything on the cards in over a year and is chugging along.
it is useful if you're careful and you should consider providing content to those that have the ability to leverage debt, but just not the know how.
It was very juicy for me at the time, but I'm so glad I didnt get a personal loan to pay everything else off
Debt consolidation is a scam. I did it back in the 90's. Don't do it.