Pros and Cons of Debt Consolidation

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There are advantages to using debt consolidation as a means to managing financial strain, but there are also disadvantages to this debt strategy. We will cover much of that today, so you can better decide whether consolidating your credit card bills into a loan is the best option for you.
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Michael Bovee started CRN in 2004 with a mission to provide people in need with detailed credit and debt help. The DebtBytes Channel is an extension of the CRN blog, and is dedicated to finding the debt relief option or strategy that works best for you.

Опубликовано:

1 мар 2016

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Комментарии : 93

@JohnVandivier 5 лет назад

Reducing monthly payments is huge for Debt consolidation. I see a lot of people talking about the interest-rate, but no appreciation for the monthly cash flow.

@financeabcs 2 года назад

Very good point John! MOnthly cash flow is critical. If you can consolidate monthly payments into a lower amount then you can do something with those savings such as investing for your retirement.

@MrJeremiahchambers1 5 месяцев назад

😊@@financeabcs

@richardbigouette3651 5 лет назад

This is golden advice, thank you.

@NicoleP-wn4zs 4 года назад

The music in the intro was fantastic. Ok, now I am ready to listen 👂

@jorgep1093 8 лет назад

Great info thanks!

@relikvija 7 лет назад

I was stupid enought to transfer my balance and then get new debt on the same credit cards... so stupid!!! now I'm back at the same spot. don't make the same mistake

@QueenD75172 6 лет назад

relikvija sorry this happened to you but thank you for sharing. I want to make sure this does not happen to me (again). So I started a rainy day fund and I will start borrowing from myself from now on.

@mygaffer 5 лет назад

You should see a therapist and try to figure out why you struggle to control your spending. I doubt you are just too stupid to realize that you're overspending.

@elaineclementsfinn1872 3 года назад

No one is allowing me to transfer period !

@ASul1010 6 лет назад

Thank you!!!

@myrlenetime7616 6 лет назад

Thanks for this useful information

@joimprove 7 лет назад

Thanks bro 👍🏾

@Zuper 7 лет назад

thank you so much for sharing this info

@GraphicDesignations 6 лет назад

Awesome info, & more comprehensive / informative across all loan types then other videos I’ve seen... thanks for everything you do Michael, we need more people like you!

@brendaechols2228 4 года назад

Im not getting any hours at work and not getting any job offers. Not sure of how much longer i can live like this....

@joymason-morais7801 6 лет назад

thanks!great info.

@user-so2rh9om6y 5 лет назад

Hi are you still doing one on ones over the phone thanks

@Ghostie. 6 лет назад

This is a good video. Your work making this has definitely helped me.

@financeabcs 2 года назад

Agree!! Debt consolidation is important and a good way to manage your cash flow.

@cyndigchavez4908 7 лет назад

thank you so much! this explain a lot to me. I paid off part of my debt using a balance transfer on a 0% APR offer card. Now in thinking on doing a consolidation debt to really be debt free in a few Months so happy i ran into ur video.

@najibcasa2745 5 лет назад

interesting points ,if anyone else trying to find out pay off debt try Boshapra Amazing Finance Boffin ( search on google ) ? Ive heard some extraordinary things about it and my partner got cool results with it.

@brunosantez6334 5 лет назад

hi everyone ,if anyone else is searching for how to become debt free try Boshapra Amazing Finance Boffin (just google it ) ? Ive heard some great things about it and my mate got great success with it.

@eiyrie2990 3 года назад

How did it work out for you?

@princessj658 7 лет назад

Thank you so much for this info

@candycanewilma0114 6 лет назад

@Kimberly Jones I'm not sure but ,if anyone else needs to find out about how to find out credit score try Magonsi Credit Magic Expert (should be on google have a look ) ? Ive heard some super things about it and my m8 got excellent results with it.

@ltaya595 5 лет назад

I'm tinking of doing this to pay off all my student loan accounts I'm in debate a fixed rate is hard right now

@Cornerdweler 5 лет назад

most impost thing of debt consolidation is doing it before you are in trouble

@kennedythecosmetologist4787 5 лет назад

Jeremy Smith I have to agree. I am $7,000 in credit card debt and was only behind a month on 2 of the cards. I did it right away because I was losing sleep over this. It will be better for me because yes they did close my cards but I have a husband who makes a good income and can support me. Plus my $500/ month in payments for 10 years goes down to $219/ month for 3!

@Anna-tc6rz 5 лет назад

@@kennedythecosmetologist4787 I'm curious what company you used?

@kennedythecosmetologist4787 5 лет назад

Anna G Consolidated Credit Solutions

@omarnaimsawaya4297 2 года назад

@@kennedythecosmetologist4787 do u suggest a lending company ?? … if you do any one in particular ??

@jackmania5110 5 лет назад

nice vidio

@IMKINDOFABIGDEAL13 6 лет назад

What if I have lots of different types of debt, income taxes, tickets, old cell phone bills etc. The tax debt and tickets are killing me and they act like they need a lump sum payment for the tax and court stuff.

@MichaelBovee 6 лет назад

Is the tax debt state or federal? Unpaid tickets will not always be able to be reduced by negotiating, and even some taxes are hard to get lowered. Unpaid cell phone bills are smaller balances that are harder to get a great deal on, but they often do settle for less.

@financeabcs 2 года назад

What is your opinion on "velocity banking"?

@MichaelBovee 2 года назад

It would depend on the persons circumstances, such as all debts and interest rates, age, job security, etc. I would prefer to get from under all unsecured debts using lower interest rate hardship plans, or working through a nonprofit credit counseling agency, for those whose debt and finances have not slipped too far as of yet. I focus on triage debt situations, so there are typically fires to put out first, before any type of additional financing can even become an option.

@carlosmendez6985 4 года назад

When to get the loan do you have to use if for debt or can you spend the money on something else

@MichaelBovee 4 года назад

I see many a customer, over the years, that takes out a debt consolidation loan, who uses it for something else, or even who pays off higher interest credit cards, but shortly after, rings up more unaffordable credit card debt.

@gsogso3444 5 лет назад

Thank you friend....great advice...my advice as a hair stylist....time to say goodbye to that hair...you will look very handsome😀👍🍸

@OwolabbyAzeez 3 года назад

Lol 😂 I’m dead

@icreateddisaccountwheniwas4374 5 лет назад

I came across your video and have a question? Credit score not well due to high debt to income ratio, but pay everything on time. ive Tried to get an loan but denied, just wanting to to get this burden off my back any suggestions?

@MichaelBovee 5 лет назад

If you have budget bandwidth I would suggest following the debt roll up strategy outlined here: consumerrecoverynetwork.com/debt-roll-up-pay-down-credit-cards/ If that is not an option it may be time to talk to a credit counselor and get a monthly payment quote. You can talk to one at 800-939-8357 ext 1.

@papigreenranger5998 7 лет назад

Great video. it explained it well for me. I want a loan but they wont give me one. I have a bunch of balance transfer on diff cards that have 0 APR but will soon start taking on interest. Main debt is credit card debt I want to know how this will affect my credit score and my standing with current credit card companies I am with

@MichaelBovee 7 лет назад

Your credit score is not impacted by consolidating your credit cards through a credit counselor. Your relationship with the banks you have those credit cards with is affected by the fact that your cards consolidated in to the plan are closed.

@jorgewuzhear 2 года назад

@@MichaelBovee but if you are in debt and that debt has interest, are you really saving money? Wouldn’t it be better for you to use that money to pay off the consolidation loan faster and save on the interest it self?

@MichaelBovee 2 года назад

@@jorgewuzhear Yes, absolutely. If you have the monthly cash flow now, and confidence in having it in the future.

@dathoang6993 6 лет назад

financial question. i have 3 personal loan which is high interest, i screw my financial before. i can still them monthly but was wonder is there a way to lower the interest rate without hurting my score. i just got over 700 score only owe 2k in credit card with no interest for few more months. annual income 70k. help needed. thank you. love your videos.

@MichaelBovee 6 лет назад

What will your interest rates become in 2 months?

@dathoang6993 6 лет назад

For credit card probably 20%. But I don't intend to owe it. Will payoff credit in August.

@dathoang6993 6 лет назад

3 personal loan at 28%.

@MichaelBovee 6 лет назад

What are the balances on the personal loans and who are they with? Are you struggling with those payments at all?

@dathoang6993 6 лет назад

Withers onemain, omni, pioneer military loan. I am not struggle with payment. But looking for alternatives

@stevehansen266 4 года назад

I was approved for a debt consolidation loan at 35.73% now that doesn't sound good but the 5 credit cards I would be paying off are all high interest rates.. I don't know how to do that math on it. If you add all the interest rates together they would be way higher than 35.73% but individually they are all lower.. I have no idea if it's a good thing or not.

@MichaelBovee 4 года назад

How much does all your debt add up to? That is not a great interest rate. What credit and finance goals do you have in the next 2 to 3 years?

@stevehansen266 4 года назад

@@MichaelBovee I turned that loan down, it was a sponsor advertisement on a pod cast I was listening to. I did apply for a loan from my credit union instead. I'm hoping to hear back from them tomorrow. My debt is all credit cards and is close to 10k. I just want to consolidate those cards into one monthly payment and then cut up those cards and leave the accounts open.

@duncanmil1 6 лет назад

Do these loans charge a penalty for early pay off?

@MichaelBovee 6 лет назад

Of those I have seen, the online loans from the majors, and the banks themselves, do not. But always read the fine print. Micro and pay day lenders will often have the deck stacked against the borrower.

@Bonnie-rw2sx 5 лет назад

Can I put my house pay off in a debt consolidation?

@MichaelBovee 5 лет назад

Not typically, no.

@johnsteds 4 года назад

get some help from mansard security

@kimberlyhumphrey1107 5 лет назад

No thanks I’m sorry

@youvids9820 7 лет назад

i cant get a consolidation loan because my credit is bad

@MichaelBovee 7 лет назад

What debts are you looking to consolidate, and what are your current interest rates?

@youvids9820 7 лет назад

credit cards and student loan from sallie mae. my average interest is 15% on the credit cards and 13% on the student loan

@MichaelBovee 7 лет назад

You can get the same affect of consolidating your credit cards without having to take out a loan, or qualifying with a credit score, by using a nonprofit debt management plan. Call 800-939-8357, and press 1 when you hear the menu. Is the student loan private? I can help you figure out what steps to take in a quick phone call on this one. Just press ext 2 at that same number to ring to me.

@inherentjesse 6 лет назад

Michael Bovee I though that interest rates on student loans were under federal law to not have high interest rates?

@jerrywilliamson7128 4 года назад

I can help !

@ABlackGirlandHerCoffee 5 лет назад

So, is it better to file for bankruptcy?

@MichaelBovee 5 лет назад

That varies from person to person, but generally speaking, chapter 7 bankruptcy, for those who qualify, often provides the most relief, the fastest, and for the least cost.

@betterthanemril988 Год назад

I honestly would not recommend it because there’s more cons to consider. It can be hard to rant definitely extremely difficult to buy houses you might have to surrender certain assets if you have any I just get the loan

@rick1911 3 года назад

Just a friendly piece of advise. It would really help if you would dress semi professional or near that. I hate to say this, but you look like someone that just walked off the street. I study people for a living and believe me the old adage is true - first impressions do make a difference. - Thanks for the tips

@MysticQT 3 года назад

I bet you miss out on a lot of genuine human experience through interaction based on your first impression rule. The smartest, or “richest” don’t normally dress in a suit or tie. Those who dress like this either their job depends on it, or preference.