Debt Consolidation | Credit Card Debt + Paying Off Debt
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- Опубликовано: 3 июн 2024
- Deciding between a balance transfer credit card and a debt consolidation loan depends on the terms you get, the repayment plan, and your comfort with risk. A balance transfer credit card is a great option if you can get a 0% introductory APR, AND you can pay off the balance before the period expires. A debt consolidation loan might be better if you need a more extended period to pay off the debt.
So, when thinking about debt consolidation, you need to think about these things:
1. Are you just kicking debt down the road? Meaning ae you paying off debt by taking out more debt? You have to lower your spending and be committed to not accruing more debt as you work on paying off
your debt.
2. If you have a low credit score, you probably won't be able to get a lower interest rate on the balance transfer or debt consolidation loan. So, first focus on making on-time payments, paying off debt, and increasing your credit score.
3. make sure you have a budget and have found a way for that budget to work successfully in your life.
Now, of course, I always recommend paying off your debt by buckling down, controlling your spending, and learning about why you are debt in the first place. Addressing and understanding why you go into
debt is critical if you want to make changes to stay out of debt in the future.
That said, when you are facing financial hardship, sometimes debt consolidation can help when you have high-interest debt that is not manageable.
CHAPTERS
Intro: 00:00
What is debt consolidation: 00:54
The benefits: 01:45
How to consolidate your debt: 03:23
Things to consider: 09:55
➡️ SHOULD YOU CONSOLIDATE YOUR DEBT: bit.ly/3e69JAv
➡️ SHOULD YOU CONSOLIDATE STUDENT LOANS: bit.ly/3oy9xPw
➡️ FINDING YOUR WHY: bit.ly/3aJUryj
➡️ THE BUDGET MOM'S FINANCIAL FREEDOM STEPS: bit.ly/3cfJXsp
➡️ HOW TO GET STARTED WITH THE CASH ENVELOPE METHOD: bit.ly/2vQJaO5
➡️ HOW TO CREATE A PLAN OF ATTACK TO PAY OFF DEBT: bit.ly/2wDETxF
ABOUT ME
I'm the blogger behind www.thebudgetmom.com. I have a rambunctious 6-year-old son, live in Washington, and I'm passionate about helping people with money management and personal finance. Let me know what you like to learn more about! Leave me comments and suggestions on my video and let me know!
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📌 PINTEREST: / thebudgetmom
GET STARTED
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➡️Free Email Course: bit.ly/2UYgNFf
➡️Free Resources: bit.ly/2PDmTHz
➡️GET 10% OFF my popular Budget-by-Paycheck Workbook - Coupon Code TBMRUclips bit.ly/2CR7U9n
Excused me, where is the closed caption (cc) on your video, for the deaf & hard of hearing. Please Please add cc on your video. We need to know what's going on - to help us our finance.
Since finding you on Pinterest in 2016 so much has changed in our lives. We are down by 77.78% of our highest debt balance. It's a great feeling to know that we've come so far, but I have to remind myself not to become complacent because we're living comfortably! Thanks for this video! It's full of great reminders! 💙💜💙
This video could not have came at a better time! Needed some helpful budget advice and seeing this video posted a few hours ago was a great surprise! Thank you Miko!
So much wisdom in this video, Thank you!
Have you considered combining the planner and paycheck budget systems? I have both, but find it easier to write everything down in the planner. Love your channel!
Omg perfect time I have been talking to my friends about this and paying debt off
Thanks for that. Im in south africa and looking after 7 kids that is not mine. My life was turned upside down as theý are family kids. With one income its very hard as south africa salaties are not the best. I wish i could afford your workbook. Ive been watching you for the past year and love your advice. Especially when you bought your home. I cried. Wish i could give my kids that gīft of a home. Bless you.
I’m excited to say I just paid off my line of credit this past Friday!!!! What a great feeling!! Now onto my only other debt (other than my mortgage) ..my car loan.
You are an inspiration. Thank you for helping us.
extremely informative thank you so
much for the wisdom budgetmom 💕
Thanks for your informative video. I appreciate you. 🎉
Hi 🙋🏻♀️ Miko! Congrats on your success, daily!!!! My respects to you, girl! KILL IT NON-STOP!👊🏼
...I really needed this vid today! However, I’m confused 🤷🏻♀️ where do them medical bills/collections workout? That is MOST of my credit 😞 (single mom of 3) dragging mostly those for YEARS. Thank you, love! Blessings and best of ongoing success!
Really great video
This was extremely helpful 👏
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Thank you for the helpful tips.
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Hi Miko, you are amazing , you inspired me a lot. Thank you so much for helping people.I received my package for workbook. Good news for Canadians is no custom fee, I have not paid it.
A great genius who helped me cleared my Debt within few hours ,
He’s *dr.clark26* ōn !G ...
he’s great and trusted 💯💯
First comment! Thank you for talking about this.. it's very important to know this information at any age. Love you ❤️❤️ stay safe
Thank you
can you tell me what mic you are using? it's so clear!
Kumiko, what are your views on refinancing to a lower mtg rate & paying off all your consumer debt...good idea or not
I’m just now getting prepared to use your budget by paycheck kit, I’m excited and nervous. My income is tight and I have one collection debt for 2.5K and how do I go about paying it and how?! I have to get my identity straightened out with the credit bureaus, what would you suggest I pay ($500?) because I want my credit score to go up and it was from when I was married to my ex husband left me with a massive amount of debt.
omg this is so true...
I consolidated 27k of high interest credit card debt (19.99% - 29.99%) into a personal loan at 7%. One thing to note is that if you don't own your house it is HHAARRDD to get3 approved. I had to work with my bank for 2 months before they finally approved me because I have no equity
Are you referring to home equity loan? Personal loan is an unsecured loan that has nothing to do with the equity in a house. It is never advisable to pay off credit card debt (unsecured debt) with a home equity line of credit (secured debt). You would be moving unsecured debt to a secured debt and risking loosing your house. Hope that clarifies that.
I have never seen a balance transfer credit card that offers a 0% interest for X amount of months and then charges you deferred interest
I have only seen this in department stores cards
I did NOT get a loan to pay my credit card debt- but consolidated. Can I get a credit card after my consolation is paid?
Budgetmom, i would have included the positive psychological effect of when one card gets paid off by your own means rather than having the debt being one huge debt that feels like it takes longer to pay off
I have a serious issue with money management and compulsive spending. In the last 4 years I have done 3 personal loans to consolidate my debt & then charged up two credit cards after. So I have accumulated so much more debt. I keep kicking my debt down the road... I cannot seem to get it under control & I hate myself for it 🤷♀️
I really hope you can get some help to see you through this and make lasting change 💚
@@abida2 thank you. I have $2500 in my savings account. That’s it. Took my car in for maintenance.... $1980.... I really feel like I cannot get ahead ... 🤦♀️
Can they consolidate the close accounts?
Help me please . Im in debt . Im trying to leave this state . I am dating a narcissist who love bombed me into being dependent on him. I can't do this anymore I need to get back on my feet
Will there be any saving challenges for 2021?
Ryen has said they come out in November; so soon! 😊
Does she ever respond to comments?
Can you do this with student loans combined with credit card and bank loans?
Yes, anything can be consolidated.
What do you consider “high credit card balance”
More than 30% of your credit card limit
Do as Ramsey does, never buy now pay later.
💜💙💜💙💜
Will your credit score drop if we do a debt consolidation?
Closing costs are never hundreds of thousands of dollars lol
How does this affect your credit score?