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Debt Consolidation for Bad Credit | Best Financial Advice
นอกจากการดูบทความนี้แล้ว คุณยังสามารถดูข้อมูลที่เป็นประโยชน์อื่นๆ อีกมากมายที่เราให้ไว้ที่นี่: ดูเพิ่มเติม
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.
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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 https://peerfinance101.com/personalloans
Here’s the list of debt consolidation sites I’ve used or have reviewed: https://peerfinance101.com/listpeertopeeronlineloanssites/
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.
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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.
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Pros and Cons of Debt Consolidation
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.
Debt Consolidation: The [CORRECT WAY] To Do It | Debt Consolidation Credit Cards
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There are so many companies out there on the internet vying for your attention online every single day, many who want to sell you their product. This includes debt consolidation companies. As it turns out, there are a lot of ways to do debt consolidation but only ONE WAY to do it CORRECTLY.
Debt Snowball Method: https://youtu.be/KWp7ZjD6AD8
Debt Avalanche Method: https://youtu.be/d3H2ODyQo0I
Before you can even THINK about utilizing debt consolidation, you MUST make a few commitments/promises to yourself:
1. Remember that you are in DEBT! The Focus is GETTING OUT!
2. Cut up your existing Credit Cards!
3. You MUST use a WRITTEN BUDGET!
You are in debt! That is why we are even talking about Debt consolidation at all. You need to make a commitment to NOT use your existing credit cards AT ALL while you pay off your credit card debt. Your focus needs to be 100% on paying off your existing debt as quickly as possible. On this same note, you MUST HAVE a written budget to do debt consolidation the right way. You need to be in control of your finances each and every month to make sure your income is being used efficiently and you have extra money left over each month to pay off debt.
The 1st step to completing debt consolidation the right way is to utilize a debt consolidation credit card that has (2) characteristics:
The debt consolidation credit card MUST have a 0.00% interest rate period of at least 12 months but longer is definitely preferred.
the debt consolidation credit card MUST have a $0.00 balance transfer fee
There are a lot of credit cards out there that offer a 0.00% interest rate period of 1218 months, but very few credit cards out there also offer a $0.00 balance transfer fee. Most credit cards will have a balance transfer fee of $10 or 5% of the outstanding balance whichever is higher. As you can imagine, this could end up being a very significant amount of money depending on how much debt you have to consolidate.
The only credit card that I could find that meets these requirements is the American Express EveryDay Credit Card. This card currently offers a 0.00% interest rate for the 1st 18 months after the credit card is opened and it also offers a $0.00 balance transfer fee for every balance transfer completed during the first 60 days after the account is opened.
Some things to consider before opening and using this credit card are:
How much debt do I need to consolidate?
Will I be able to pay off this debt during the first 18 months?
After you have utilized the American Express EveryDay loan consolidation credit card, the next best option would be to utilize a debt consolidation personal from a company like Marcus by Goldman Sachs or Discover. Both of these companies offer excellent options for fixedrate low interest rate unsecured personal loans that you can utilize to pay off your highinterest credit card debt. A debt consolidation personal loan will allow you to have one payment instead of multiple payments with an interest rate lower than your credit cards.
Here are the takeaways:
1. START with a WRITTEN BUDGET for your personal finances
2. Cut up your existing credit cards to avoid additional debt
3. START with the American Express EveryDay card then utilize a personal loan
My name is JOE and I am just your AVERAGE JOE ON MONEY. This channel talks about ALL THINGS personal finance that help people like YOU and I, the Average Joe, learn the fundamental principles of money and win with our finances. Whether it is learning how to budget, saving money for retirement, investing, paying off debt, and all things in between, I have you covered here on the Average Joe on Money YouTube channel.
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5 Things Debt Settlement Companies Won’t Tell You: Get the Facts on Negotiation!
A debt settlement company won’t tell you these 5 critical things, and with good reason. You would not need to hire them, or would be better prepared to compare companies and alternatives if you were aware of these important facts about how they generally operate.
READ THE ARTICLE THAT INSPIRED THIS VIDEO: http://consumerrecoverynetwork.com/debtsettlementcompanies5thingsyouwillnothear
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For a list of of best practices for negotiation companies and additional information about how to settle credit card debt yourself see: http://consumerrecoverynetwork.com/debtsettlementcompanyreviewbestpractices/
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▼FOLLOW US:
LinkedIn www.linkedin.com/in/debtbytes
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http://consumerrecoverynetwork.com/debtsolutionsreview/
▼ASK ME YOUR DEBT QUESTIONS:
I answer all questions in the comments section daily.
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.
Does Debt Consolidation Really Do Anything?
Does Debt Consolidation Really Do Anything?
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