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Debt Consolidation for Bad Credit | Best Financial Advice

Let's Talk Money! with Joseph Hogue, CFA

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Is debt consolidation right for you? Today I'll show the risks and pitfalls of this route, and explain some great strategies to successfully pay off your debt.
Watch this similar video on financial advice! • Lowest Personal Loan R...
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#CreditRepair #debtconsolidation #CreditScore
I was flat broke in 2009. I destroyed my credit score and owed over $15,000 in credit card debt and other loans. I knew what everyone said about debt consolidation loans. I knew the risks but I was paying hundreds a month in interest and I needed a way out.
By lowering my interest rate just 5% with a debt consolidation loan, I was able to immediately save $40 a month on payments. By putting that money back into my debt payoff plan, I was able to save thousands and pay off the consolidation loan years early.
I’m not alone. The average credit card debt is over $15,000 and Americans pay hundreds in just interest every month. Most debt experts will tell you to avoid consolidation loans but the fact is, they work.
I’ll walk you through the process of getting a debt consolidation loan on bad credit. I’ll reveal the risks and pitfalls to avoid before showing you how to get a better rate and some debt payoff strategies to get out from under the loan.
I’ll be using the PersonalLoans site in the video, a lender I’ve used twice before peerfinance101...
Here’s the list of debt consolidation sites I’ve used or have reviewed: peerfinance101...
Debt consolidation isn’t the best place to be but you can use it to your advantage. Know the risks. Know how to do it right and get your finances back on track.
- The risks of debt consolidation and how to avoid the traps
- Step by step to getting the best rate on your debt consolidation loan
- How to do debt consolidation right and pay off your debt early
- The hidden benefit to debt consolidation that nobody talks about
Don't forget to click through to the debt payoff playlist above and follow the entire series. I may eventually turn this series into a paid course but you can watch it all free right now. I start out by revealing the debt payoff strategies that will work with any budget, even on low income, and finish by showing you how to get a perfect credit score.
SUBSCRIBE to create the financial future you deserve with videos on beating debt, making more money and making your money work for you. peerfinance101...
Joseph Hogue, CFA spent nearly a decade as an investment analyst for institutional firms and banks. He now helps people understand their financial lives through debt payoff strategies, investing and ways to save more money. He has appeared on Bloomberg and on sites like CNBC and Morningstar. He holds the Chartered Financial Analyst (CFA) designation and is a veteran of the Marine Corps.
#debt #loans #debtconsolidation

Опубликовано:

25 авг 2024

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Комментарии : 48

@josephhogue 6 лет назад

What do you think are the benefits and disadvantages of using debt consolidation loans?

@MrRednexus 5 лет назад

Let's Talk Money! with Joseph Hogue, CFA credit card or car payment which to pay off first?

@charlesweber1496 5 лет назад

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@TruFinancials 6 лет назад

To be honest, I wasn't the biggest fan of consolidating debt a while back because I feel as you mentioned giving someone an out, but not really. And that most people will reuse that old paid off credit. But if someone is working hard on the process of getting out of debt and is really in it, I can see it being helpful in the amount of interest it can save them. Great video, so much value!

@josephhogue 6 лет назад

Yeah, sometimes it seems like the cons outweigh the benefits of debt consolidation for most people. Really tough to keep that discipline and not just max the cards back out again. I'd say it would be a better process for people that get into debt from an emergency expense or something else outside their control rather than just poor spending habits.

@jeffsupersaiyan 4 года назад

Sites are just rotate sites and complete BS . Thanks now im going to get a million txts

@UnBLeighVaBle 4 года назад

Did and got the same thing...regretful

@builtandraised 4 года назад

Can you get a debt consolidation loan even if you have bad credit?

@Baron-nv1ez 2 года назад

What's the best source to obtain a debt consolidation loan of around $7,000? I'm don't mind whether it's secured and requires collateral like my car. I need a reliable source to obtain one of these loans for someone like me that has a credit score in the mid 500's.

@KD-zn4db 6 лет назад

Actually I've been considering consolidating my three credit cards from 20%... Gave them a call and they offered me 0% on two cards and 5% on my highest card... Which actually averaged out to 2.5%. That's down from my 18.99% to 20% on the cards. Tomorrow I'm going to get them a call and get the loan. Thank you for talking about the pros and cons! The only con is if you use the money on something else ,or you rack your cards again.

@josephhogue 6 лет назад

Great strategy to get lower interest rates. Debt consolidation worked for me but only when I couldn't get a better rate on my cards. A lot of time, when you're already missing payments then getting those teaser rates isn't an option.

@Crunch_Buttsteak 5 лет назад

Who did you call? Which company?

@JS-xs5hq 3 года назад

Thank you Joe for this information. Is a consolidation loan to pay off $4,000 of collections a good idea? Do you know a lender who makes such a consolidation loan to pay off collections from medical debt? Thank you.

@whoareu-podcastaboutlifeat257 6 лет назад

Haven't had to consolidate debt, but I appreciate the valuable insight into what to do and what to consider. Thanks Joseph!

@josephhogue 6 лет назад

Thanks Ken. Debt consolidation is a controversial topic and a lot of people write it off without understanding the details but it can be a great way to manage debt.

@sakja123 5 лет назад

Hi Joseph. Thank you for the value you bring. Do you know anything about Credex Funding or New Day Funding?

@josephhogue 5 лет назад

Thanks Steve. Always happy to help. Hadn't heard of either of those two. Online loan providers?

@sakja123 5 лет назад

They are both a credit repair offering and a way for those with good credit to leverage their FICO score to secure personal funding and use that funding to either invest on their own, in one of their passive income vehicles or even in funding others credit repair. Although I'm in the credit repair process now, (actually just got turned down because my credit was destroyed by a bad business decision and a divorce. my Fico is 545) I'm doing my due diligence before I introduce to others for the purpose of making a commission for doing so.

@Skarz9338 5 лет назад

Steve Abrams best thing to do is pay off all your debts so a zero balance starts reporting . Credit repair basically disputes things on your credit report which is something you can do yourself no need to pay a company a fee just get in contact the credit bureaus . Try reviewing a free copy of your credit report at free anual credit report /FTC .

@heavymetalworks6375 5 лет назад

Hope your joking about using personal loans website. There are a joke. for the heck of it I check on a loan they offered me a loan with 29% apr . My other personal loan is at 9%. what a joke I hope they are paying you to make this for them.

@kanaji191 2 года назад

Where did u get the other loan?

@dagmac9308 3 года назад

Hello. I know this is a old video. But still do you recommend it?

@margaretramsay1789 4 года назад

Good evening. Please help me to pay off my bad debts. Need to know how to do it. How can I get help. I live in Jamaica.

@tojusunmola4959 4 года назад

can I decide to pay off the balance off the consolidation loan?

@josephhogue 4 года назад

Yep. Most personal loans have no prepayment penalty.

@JohnnyB1203 4 года назад

Do they charge origination fees?

@はII 5 лет назад

The link for Lenders , does that work for Canada ?

@josephhogue 5 лет назад

I'll have to check. Not sure.

@はII 5 лет назад

Let's Talk Money! with Joseph Hogue, CFA will highly appreciate if you have some suggestions

@kristinapehrson4844 2 года назад

I've got about $11,000 total debt from 9 different places, I can't make one payment to each of them every single month so I feel that consolidation would be best however my credit score is in the 400s. I have no assets and I just don't know what to do. I don't think that any consolidation company is going to give me a loan.

@leatherneck7778 2 года назад

I'm in a similar place but it's 28,000 from like 6 places and a score in the mid 500s. Looking for these kinds of loans it feels like you already have to be in a good place in order to use them. And people like us are just stuck

@betterthanemril988 2 года назад

Yeah it’s honestly silly because the people who need this loan most likely have bad credit because of the debt in the first place so like how do you navigate that? 😂

@NervousNPC 3 года назад

Oorah

@chrisgotski9837 6 лет назад

Are there early payoff penalties on debt consolidation loans?

@josephhogue 6 лет назад

I've never found an online lender with pre-payment penalties for personal loans. No penalties is so common that it's almost a given but make sure you check to make sure.

@mayphos3589 5 лет назад

I just got a reply " unfortunately we were not able to connect you with a lender or a lender partner" than it asked for my deposit information/ Bank formation???

@josephhogue 5 лет назад

Not sure what loan site you're using. A legit site will never ask for deposit information or for a fee.

@projectboy05 5 лет назад

@@josephhogue I put all my information in....but couldn't add a driver license or id...and it wouldn't let me go any further...why do I need to do?

@mrb905 4 года назад

@@josephhogue Hi Joseph...its true..the site you are promoting with the links in your video description IS asking for deposit information :-/ (maybe you can investigate this further?)

@rosestachnik4267 5 лет назад

what do you think about debt relief programs

@josephhogue 5 лет назад

Very dangerous and only as a last resort. The charges and fees often add up to about as much as you end up saving and they take years to negotiate. Nothing you can't do on your own.

@Skarz9338 5 лет назад

My mother went through a debt relief program and graduated. Just do research on the company your looking into .