The Truth About Debt CONsolidation

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[kerriseals]

We did debt consolidation once before, got out of debt, then turned around and racked up debt again. Debt consolidation does nothing to change the self destruct behaviors.

[pnbgobw]

thank you for saving me! I was 2 seconds away from falling for this

[ekclay]

Thank you for helping me avoid a BIG MISTAKE..

[melthegiraffe]

I just signed up for national debt relief program yesterday and watched a few of your videos regarding this program and opted out today. Thank you.

[ChrisMFlorida]

Watch out for 'credit repair' scams floating around social media too.

[davidliang]

Kudos to the guy's brother for telling him to reach out to Dave!

[FultonStreetBeats]

So glad I just watched this. We were just about to do this. Thank You.

[livefreewithcalebd]

Funny thing is I almost did a debt settlement program. I signed everything too. But something told me to read the fine print. And it just sounded sketchy. So I canceled within the grace period. I didn’t need the help I just wanted the easy way out. Moral of the story don’t do debt relief programs!

[JoeGarofaloII]

Wow so debt consolidation is literally just a scam. They really need to teach this kind of stuff in school as opposed to trigonometry

[DavidGeorgiaPersonalFinance]

The best way to clear your debt is to do it yourself. Don't rely on other people to do it.

[financiallift]

Trade in one form of debt for another, you still got debt. Attack the root cause of the issue.

[TeKnoVKNG]

From someone who has been in a similar situation before finding Dave, you're much better off calling the credit card companies or collectors yourself and negotiating with them. They would rather get some money than nothing at all so just be strong and clear about how much you can pay and always start low. They sell your debt for pennies on the dollar so the collectors have a pretty wide margin for settlements they will accept. As someone that also used to work in collections, the success rate on collecting is pretty low so often times they will take what they can get from you. Just make sure they give you a letter saying you've settled your account WITHOUT PREJUDICE, this way they can't come after you later and if they do get scummy and try to collect again you have proof that will stand up in court.

[CaseyBurnsInvesting]

5 years to pay off 1 times your income. Sounds like symptoms of the American Nightmare Syndrome.

[bsharp]

As a firmer debt collector I hated working with debt companies. They always offered low ball settlement offers and they don’t reach out to us we have to reach out to them. And they can not stop garnishment

[dt]

This isn’t totally true, I had multiple debts and consolidated them myself by getting a single bank loan and paying them all off, giving me one single monthly payment rather than 5 or 6 over a period of a month. Not only did this help me save on interest it also helped me MASSIVELY with my organisation and budgeting, then I managed to save up enough to pay off my personal loan early and save even more interest. If you do it correctly it’s hugely a beneficial methods of settling debt.

[kabloosh]

I did debt consolidating myself. I was bad with credit cards and had so many racked up. So I took out a personal loan which was a third of the size of the interest rate of my credit cards. This allowed me to dump all my credit cards into one loan which I ended up paying off in half the time.
That kind of requires to have credit in the first place to do this. Another strategy of course is to find a credit card with a zero balance transfer fee and have 0% interest rate for 12 or 18 months or however long that credit card has that initial offer.
This really requires some discipline to accomplish and to not rack up your credit cards after you transferred or used a loan to pay off that money. It helps me quite a bit in getting out of debt and not forking over so much money to interest as well.

[milyol]

I almost fell for it about 1-2 years ago but as soon as they said what exactly they're going to do I said nope! And they told me my credit wouldn't be affected😂😂 yeah right! This was before finding out about Dave Ramsey. We're almost debt free though!

[MrKjet]

Hello Dave. After following most of you YouTube, I finally managed to settled all my credit cards balance of almost 40k in less than 6 months and student loan. I am looking at the option of selling my house and settle a personal loan in 4 month's time. Will be debt free soon. Yahoooo.

[ThatGuy-ncwg]

Debt cobsolidation companies are not generaly a bad thing. Yes, they usually charge 25% of the balance for each debt settled in fees but, it is a great service for people that do not have an A-Type personality like our host here. Some people are timid, anxious, and not very good at communicating with others let alone trying to negotiate with a literal phone thug. Its a service, if you can handle it yourself then it's not for you. Just shop around. They can generaly get debt down to half of what you owe plus the service fee which is always lower than the debt you had to begin with.

[DrTune]

My dad once saw an ad that said "Now you can borrow enough to get yourself completely out of debt!"