Debt Consolidation | Credit Card Debt + Paying Off Debt
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: https://bit.ly/3e69JAv
➡️ SHOULD YOU CONSOLIDATE STUDENT LOANS: https://bit.ly/3oy9xPw
➡️ FINDING YOUR WHY: https://bit.ly/3aJUryj
➡️ THE BUDGET MOM'S FINANCIAL FREEDOM STEPS: https://bit.ly/3cfJXsp
➡️ HOW TO GET STARTED WITH THE CASH ENVELOPE METHOD: https://bit.ly/2vQJaO5
➡️ HOW TO CREATE A PLAN OF ATTACK TO PAY OFF DEBT: https://bit.ly/2wDETxF
ABOUT ME
I'm the blogger behind https://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!
YOU CAN FIND ME AT:
📝 BLOG: https://www.thebudgetmom.com
📘 FACEBOOK: https://www.facebook.com/thebudgetmom/
📸 INSTAGRAM: https://www.instagram.com/thebudgetmom/
📌 PINTEREST: https://www.pinterest.com/thebudgetmom/
GET STARTED
➡️Start Here: https://www.thebudgetmom.com/start-here/
➡️Free Email Course: https://bit.ly/2UYgNFf
➡️Free Resources: https://bit.ly/2PDmTHz
➡️GET 10% OFF my popular Budget-by-Paycheck Workbook - Coupon Code TBMYOUTUBE https://bit.ly/2CR7U9n
Видео Debt Consolidation | Credit Card Debt + Paying Off Debt канала The Budget Mom
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: https://bit.ly/3e69JAv
➡️ SHOULD YOU CONSOLIDATE STUDENT LOANS: https://bit.ly/3oy9xPw
➡️ FINDING YOUR WHY: https://bit.ly/3aJUryj
➡️ THE BUDGET MOM'S FINANCIAL FREEDOM STEPS: https://bit.ly/3cfJXsp
➡️ HOW TO GET STARTED WITH THE CASH ENVELOPE METHOD: https://bit.ly/2vQJaO5
➡️ HOW TO CREATE A PLAN OF ATTACK TO PAY OFF DEBT: https://bit.ly/2wDETxF
ABOUT ME
I'm the blogger behind https://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!
YOU CAN FIND ME AT:
📝 BLOG: https://www.thebudgetmom.com
📘 FACEBOOK: https://www.facebook.com/thebudgetmom/
📸 INSTAGRAM: https://www.instagram.com/thebudgetmom/
📌 PINTEREST: https://www.pinterest.com/thebudgetmom/
GET STARTED
➡️Start Here: https://www.thebudgetmom.com/start-here/
➡️Free Email Course: https://bit.ly/2UYgNFf
➡️Free Resources: https://bit.ly/2PDmTHz
➡️GET 10% OFF my popular Budget-by-Paycheck Workbook - Coupon Code TBMYOUTUBE https://bit.ly/2CR7U9n
Видео Debt Consolidation | Credit Card Debt + Paying Off Debt канала The Budget Mom
Показать
Комментарии отсутствуют
Информация о видео
Другие видео канала
How to Create a Plan to Pay Off DebtThe Budget Mom's 9 Steps to Financial FreedomShould I Consolidate My Debt? Avoiding Bad Debt Consolidation LoansThe New Budget By Paycheck Workbook: Full Size VS Boxed SetBudget With Me | Cash Envelope Stuffing + Cash Envelope MethodBBP Real Life Budget | Tight Budget + Income + Budget TipsHow to Pay Off All Your Credit Card Debt FASTMy Cash Envelope OrganizerMY WEEKLY MEAL PLAN | Grocery Tips + Food BudgetThe 2021 Savings Challenges | Saving Money + TipsDebt Consolidation: The [CORRECT WAY] To Do It | Debt Consolidation Credit CardsBudget Your Way to Financial FREEDOMShould I Move Credit Card Debt To A Personal Loan?Kitchen Organization on a BudgetTHE BEST WAY TO PAY OFF CREDIT CARD DEBT | How I Paid Off $20k Credit Card Debt In A YearHow to Close Out Your Budget Every MonthBBP Real Life Budget | Tight Budget + Low Income + State AssistanceThe Budget Mom February 2020 Paycheck Budget OverviewINCREASING YOUR CREDIT SCORE | Credit Tips + Credit Report