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!
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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
Here’s the list of debt consolidation sites I’ve used or have reviewed:
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.
#debt #loans #debtconsolidation
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