If you are looking for a debt consolidation loan, you can shop up to 40 lenders at once at our marketplace page. Applying doesn’t affect your credit and its a great way to make sure you are getting the best rate you can get in your situation: https://theyukonproject.com/debt-consolidation-loans/

Debt consolidation is a financial strategy that involves combining multiple debts, such as credit card balances, personal loans, or medical bills, into a single, more manageable debt. Debt consolidation could end up being a lot of bother just to switch out one debt for another. There are certain steps you can take to make sure that consolidating your debt will be a good thing for you.

1) Before you seek a debt consolidation loan, you should figure out what APR (annual percentage rate) you need in order to make it worthwhile. If all you are doing is simplifying the number of payments you need to make in a given month and you aren’t lowering your interest rate, then you aren’t getting any of the benefit from consolidating your debt.

2) The next thing you need to do is figure out how much money you really need to borrow. You don’t want to saddle yourself with more debt by taking more money than you need to consolidate your loans. But, there is no rule than says you have to consolidate every one of your loans. If you have one loan with a lower interest rate than you would be able to get on a debt consolidation loan, you do not want to roll that loan into the process.

3) It may seem like the most important thing you need to do is alleviate the stress associated with your current debt load, but you need to make sure you set a realistic (and aggressive) budget first. Why? Well, you want to make sure that you can take advantage of the debt consolidation process to pay as much against your new loan as you can. That will accelerate your effort to pay off your debt. Also, it would be a complete travesty to consolidate your credit card debt only to run up new balances.

4) You need to make sure you stop using your credit cards. If you keep using them, you might find yourself in another financial hole before you know it. If credit card debt has contributed to your current financial situation, you need to make sure that issue is resolved before you move forward.

5) Finally, you need to make sure you are getting the best possible interest rate you can on a debt consolidation loan. After all, the whole purpose of consolidating your debts is to be able to pay less money on interest and more money on principal. The better the overall APR on the loan, the more money you can put against the principal. The more money you can put against principal (especially in the earliest months of a loan) the fast you will be able to get out of debt.

It’s important to note that debt consolidation is not a one-size-fits-all solution. The effectiveness of debt consolidation depends on individual circumstances, including the types of debt you have, your credit score, and your ability to make consistent payments. Additionally, it’s essential to choose a consolidation method that aligns with your financial goals and to avoid accumulating new debt while in the process of consolidation. Before pursuing debt consolidation, consider speaking with a financial advisor or counselor to evaluate your options and develop a strategy that best suits your needs.

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#debtconsolidation #debtpayoff #debtmanagement #debt #debtrelief

Feeling overwhelmed by credit card debt? You’re not alone. In this FREE webinar, we’ll break down the debt cycle and equip you with the tools to take control of your finances.

In this webinar, you’ll learn:

• How credit card debt builds and how to build and maintain good credit.
• Four actionable tips for managing your existing debt.
• Different debt repayment strategies, including how to prioritize payments and explore options like consolidation loans and balance transfers.
• Proven goal-setting techniques to stay motivated on your debt-free journey.
• Valuable financial resources to keep you moving forward.

Report from Citizens Advice shows that many people are being misled by some debt management companies. This ultimately ends up with people being worse of than when they started. Citizens Advice has likened the situation to the payday loan situation a few years ago.

Prepping On Credit | Top 5 Preps Worth Taking On Debt
Should you take on debt in order to be better prepared? This question comes up often in the prepper community. Here’s my answer.

It’s easy to generalize everything into either good or bad. Wrong or right. Yes or not. And when prepping for SHTF style scenarios, it’s easy to say “No, don’t get into debt as a prepper.” But, are there some exceptions to that rule? I feel that there might be. I am not a financial advisor so never make any financial decisions based on what I have to say. I am just sharing my experiences with utilizing debt to become better prepared for any emergency.

For more information on SHTF prepping, please visit: https://www.MagicPrepper.com

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#Prepping #Top5 #SHTF

If you overlook some risks and forget about long-term consequences, spending money as you please seems a quite tempting idea. For instance, instead of calculating what sort of mortgage payment you can actually afford, why not try to purchase your $600,000 dream home? You only live once, right? And, since you already crossed that line, why not taking a sizable loan to buy yourself a brand new $60,000 SUV instead of driving around your dumpy old car for another year or two? Wouldn’t that be awesome? While you are at it, why don’t you go shopping and max out all your credit cards to get everything you always wanted? Don’t think about the credit card interest, just go there and do it. Well, if all of this sounds good but probably too crazy for you, it’s because it is. However, many Americans haven’t been thinking much about long-term consequences these days.
With a federal government that spends money as it grows on trees when it comes to money management, our society is lacking role models. Our government debt is currently sitting at 28 trillion dollars and yet all our leaders think about is spending more and more money. Americans have now officially more debt than ever before. According to the Federal Reserve Bank of New York, a major increase in credit card spending and home purchases caused U.S. household debt to jump by $313 billion, or 2.1%, in the last quarter, marking the largest increase in consumer debt in seven and a half years.
Economists are worried we might be repeating the same disruptive spending behavior we did in the past. After being showered with trillions upon trillions of dollars by the federal government, you would imagine that Americans would be in pretty good financial shape these days, right? Sadly… that’s not the case. Most of that money only contributed to making the gap between the wealthy and, well… “the rest of us,” even larger. According to a new study from Oxford Economics, Americans added nearly $4 trillion to their savings during the health crisis recession, but most of the gains went to the wealthy. The study estimates that consumer spending in the coming months and years will be strongest at the top and significantly lower at the bottom 99%.
Rising inflation will play a major role in the deterioration of our finances and the collapse of our spending. Americans are already seeing living expenses go up while the price of consumer goods keeps on hitting new record highs. Finding an affordable home to buy has become simply impossible, and with rent prices soaring, more than 12 million families are still in danger of being evicted. The federal moratorium has ended, but after major backlash, the new administration decided to come to the rescue and issued a targeted moratorium in areas hardest hit by the virus outbreak. The move replaced the CDC nationwide evictions freeze that expired last Saturday, but major legal questions still remain.
Despite affirming to have asked for legal advice from constitutional scholars to determine whether the CDC had the legal authority to issue a new evictions action, the President passed the new action without Congress authorization. He said that even if the courts invalidate this new moratorium, it will buy some time for his administration to get aid more money for rental relief. However, the federal government allocated $46 billion in rental assistance just a couple of months ago. The question remaining is: where did all that money go? It doesn’t add up.
Even more worrying is the fact that the President of the United States ignored the U.S. Constitution to get more money using the eviction crisis as justification. It is safe to say that if he actually gets more money, most part of these dollars won’t end up assisting those who need it the most. Without a question, the eviction crisis should be averted. Is the President choosing the right approach to prevent it? Absolutely no. Sadly, his approach is typical of how most Americans deal with things. Most of us tend to act impulsively, without considering the impacts our actions might have in the long run. We throw money up in the air expecting it to fix all of our problems as if tomorrow will never come, but “tomorrow” always arrives eventually, and when it finally does, we will have to face a painful reckoning. Unfortunately, our “tomorrow” looks darker and more chaotic most people would dare to imagine.

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