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A debt consolidation loan can combine several eligible balances into one monthly
installment payment.

00:00 Debt Consolidation Explained
In this video, I explain debt consolidation, what happens when loan proceeds pay off
credit card balances, and which numbers you should review before accepting an offer.

01:15 What Is a Debt Consolidation Loan?
A debt consolidation loan is a new installment loan used to combine multiple eligible
debts into one account with a fixed repayment schedule.

03:50 How Does Debt Consolidation Work?
You replace several eligible balances with one new loan and make a single monthly
payment until that loan is repaid.

07:00 What Credit Score Do You Need?
No single credit score guarantees approval or favorable terms. Lenders may also
consider your income, payment history, existing obligations, and overall credit profile.
08:04 Is Debt Consolidation a Good Idea?

Debt consolidation may make sense when the new APR, fees, monthly payment,
repayment term, and total cost improve your situation and fit comfortably within your
budget.

10:00 Thanks for Watching!
Thanks for watching! Like the video, subscribe, and turn on notifications for more credit
and personal finance strategies.

I also cover the risk of charging the credit cards back up, why a lower monthly payment
does not always mean a lower total cost, and how to compare a debt consolidation loan
with other repayment options.

Information provided is educational in nature, loan approval requirements vary per lender
and there is no guarantee of loan request approval, individual results vary.

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I actually paid out of my own pocket to buy the publishing rights to this film just so we could bring it to this channel for free. It is that important. Go watch it and let me know what you think.

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Understand how credit counseling works. How credit counseling can make paying off credit card debt easy, affordable and stress free.

Who needs credit counseling? We suggest anyone with over $10,000 of credit card debt, current with their payments but struggling to pay more than the minimums is a good candidate for counseling.

The credit counseling process. A credit counselor begins the process with some simple intake questions such as marital status, number of people in household and what the client’s goals are. Next, we pull their credit report. This is a soft pull; therefore, it will not affect their credit. Now, the counselor will review liabilities. This includes any mortgages, car loans, credit cards, student loans, personal loans or any other accounts showing a balance. Next, the counselor will confirm the balances and the monthly payment amounts with the client. In some cases, we may need to obtain the interest rates on accounts from the client over the phone.

Recommendations
One of the recommendations might be enrolling into a debt management plan. On this plan, the client usually receives lower interest rates and lower payments. As a matter of fact, last year, the average client had their total payment decrease from $915 to $694 on our program. That’s a 24% decrease payment for our average customer. They also saw their average interest rate fall from 23% down below 7%.

Credit Effect
A Debt Management Plan typically has a neutral effect on your credit. You might see your score initially go down because your accounts get closed. For people that are already maxed out on their cards, they probably don’t see much change in their score at the beginning since their score is already on the lower end. But over time, as long as payments are being made on time to all accounts and new accounts are not getting opened outside the program, you should see your score gradually increase. A recent study at DebtWave showed the average client’s scores increasing about 15 points per year.
But we don’t recommend focusing so much on your credit score as a good credit score will ultimately lead you to acquiring more debt. If you have a large amount of credit card debt, focus on paying it off and nothing else. Learn to live within your means! Spend less than you make. Become Debt Free and stay that way!

Debt Management vs. Debt Settlement
A Debt Management Plan often gets confused with Debt Settlement. These plans are very different so it’s important to know how they work. A Debt Settlement Plan requires you to starve your creditors of payments for months and months and sometimes years. This of course can ruin your credit. Once the accounts are severely delinquent, the creditors will settle for about 50% of what you owe. The debt settlement company will collect monthly payment from you but won’t disburse payments until you’ve saved about 50% of one of your debts. Not only do you need to be cautious of the credit effect, but you need to understand the tax implications as well. Whatever amount of debt is forgiven will be considered taxable income. So let’s say you have $10,000 of debt and you successfully reach a settlement for only $4,500. The $5,500 debt that was forgiven becomes taxable income. Expect to pay 20-25% to Uncle Sam, so around $1,200 will be due to the IRS. And you may get sued by creditors along the way. When you fall that far delinquent, some creditors may take action to try to garnish your wages. We would avoid this debt settlement program unless you absolutely cannot afford payments on your own or the payments on a debt management program.

What to expect after enrolling?
The enrollment process consists of you paying a start-up fee which is usually around $50-$99. That amount varies depending on the state you live in. Once the fee is paid, the credit counseling agency will then contact all your creditors by sending them what are called “proposals”. Most of these proposals are sent electronically but some creditors still live in the ice age and require these to be sent by mail or fax. Although, each creditor varies, most of them reply within a week with an “Accepted” or “Declined”. DebtWave usually has an 85-90% acceptance rate with the creditors. Now, when a creditor declines the initial proposal, most times it can be fixed. Some of the more common reasons for decline include the balance was incorrect and they want a slightly higher payment, the account number was incorrect, the name on the account doesn’t match or the account is already under a hardship plan. Regardless if the proposal has been accepted by your creditors, DebtWave will debit your payment and disburse the payment to your creditors. You have the option to make ACH payments weekly, bi-weekly, semi-monthly or monthly with DebtWave.

How do rich people use debt to build wealth while everyone else drowns in it? In this personal finance breakdown, we run the real math on the six debt mechanisms billionaires, business owners, and investing pros actually use — and the one number that separates winners from losers on every single loan.Two people can take the exact same loan, at the exact same interest rate, on the exact same day. One ends up buried. The other ends up richer than when they started. Same debt. Opposite result. The difference is one number — and once you see it, every “rich people trick” becomes the same equation with different inputs.We walk through all six mechanisms: trade credit and the inventory float, the real estate cash-out refinance, the billionaire “Buy, Borrow, Die” tax strategy, securities-backed lines of credit (and the margin-call risk underneath them), 0% balance transfer arbitrage, and the credit score lever that makes every future loan cheaper for the rest of your life.Some of these are billionaire-only. Some you can run today with the money you already have. We’re honest about which is which — no hype, no courses, just the math. This is money management the way the wealthy actually think about it, not the way personal finance gurus tell you to.??

TIMESTAMPS:
00:00 The One Number That Changes Everything
00:35 Debt Is Just Rented Money: The Spread Equation
02:10 Mechanism 1: Trade Credit & The Inventory Float
03:55 Mechanism 2: Real Estate Cash-Out Refinance
06:20 Mechanism 3: Buy, Borrow, Die — The Billionaire Tax Trick
09:00 Mechanism 4: Margin Loans & The Dark Side of Leverage
11:00 Mechanism 5: 0% Balance Transfer Arbitrage
12:30 Mechanism 6: Your Credit Score Is The Number
13:30 How To Run The One Number On Your Own Life
15:00 Final Takeaway

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Disclaimer: This content is for entertainment and educational/informational purposes only and is not financial, medical, or psychological advice.