When Debt Consolidation Doesn’t Go As Planned - Tips + What to Avoid | DFI30

When Debt Consolidation Doesn’t Go As Planned - Tips + What to Avoid | DFI30 | Ep. 378. On the surface, a debt consolidation loan sounds like a great idea because you’re left with only one monthly debt payment as opposed to several. But is consolidation always a good idea? And is it worth it if you’re paying more in interest than you were before? On today’s podcast, Scott Terrio and Doug Hoyes provide real stories of failed debt consolidation. While borrowers have a good intention and want to make their debts more manageable, consolidation loans can sometimes make debt repayment more difficult. Scott and Doug also give practical advice for when consolidation is the right move and which types of loans to steer clear of. Tune in for a great discussion!
Links Mentioned in the Show:
How Does a Debt Consolidation Loan Work: www.hoyes.com/blog/how-does-a...
Should You Consolidate or Pay Bills with a Car Title Loan? www.hoyes.com/blog/should-you...
Podcast 231: Think Twice Before You Get a Home Equity Line of Credit: • Think Twice Before You...
Scott Terrio on Twitter: / scottterriohma
#DebtConsolidation #ConsolidationTips #Debt #DebtFree #DebtFreeIn30 #DebtConsultant #DebtConsolidating #ConsolidatingDebt #ProsAndConsOfDebtConsolidation

[@jnicky2569]

I enjoyed this more than I thought. A friend of mine was young and went bankrupt at 22. He was in even more debt a year later. It took my life, but at 55, I am finally debt free and will not be going back. I had been in debt since my early 20's and did not bankrupt with my earlier mentioned friend. Owe no man anything except a debt of Love.!

[@KimJilene]

I have TWO of these predatory loans at 46.93% 😖😣 I am aggressively paying off one, and I am going to try and refinance another at 39.99% - not much better but saving some interest is better than nothing

[@kirashirou904]

40%???! And I thought my car finance at 19% is brutal. you should refinance with a major bank. They can prob do 20-30% worst case scenario

[@TaiLegend]

This was very helpful. Thanks a lot

[@Jimfromearthoo7]

All I want is Citi bank to
lower my monthly payment
due . $320 on a $8k balance.
I afford snout $175 monthly.
Senior citizen only income
SS. What can I do?
Thanks

[@razmackenzie4186]

We need a system (considering these are all man made and they're not backed by anything) like 1950, where a man can go to work, afford to feed his family, buy a nice home, nice cars and have his wife raise the children. We are going to work letting strangers raise our children in a system where everybody is in debt to have a car a house and food on the table. Cost of living has completely sky rocketed and wages haven't budged actually I've been watching them go backwards the past 10 years. This is a man made system and it's time that man rewrites this system as it is not working