The Truth About Debt CONsolidation

Thanks for the advice. I am starting to work as many hours as I can to pay down my C/Card!!!

Ia there such a thing of a initial consolidation period and then with good payment history it turns into a real loan?

I am 75 years old and on SS. I owe credit card debt of $30k and all my payments are current. I also have a car loan of $5,900. I own my home free and clear but I have no savings or other available money.
It is me and my husband who is 78 years old who is a veteran with dementia. Thank you for any advice you might have to give me.
I need your expert advice on what I can do to see some light at the end of the tunnel.

I work in collections and I hear the horror stories all the time it's a shame how much they charge and you can settle your own debts

I just got off the phone with a company and didn’t feel right at all. What flagged me was the fact that my credit would have to drop “significantly” first before it got better, it would take “3-12 months before i saw change, & i would no longer be able to pay them directly. Not to mention the fear tactic they try yo instill to get you to sign. Glad i listened to my intuition and confirmed with Uncle Dave! You can definitely fix your accounts on your own faster without further damaging your credit (even though it seems extremely overwhelming). Write out your debts and map out your plan to pay it off. Companies will work with you as long as you communicate- learned that the hard way. Wishing everyone well fighting to get out of debt❤

Back in the day, I know there were fraudulent debt consolidation companies out there. However, I work for a top rated company, and I can tell you what you are telling people is completely inaccurate. We don't charge any upfront fees, until the settlements are reached. Once the settlements are reached, we don't send the creditor a lump sum, we do it in monthly installments. We enroll 500 Million a month and maintain an A+ rating with the BBB and outstanding reviews on Trust Pilot. There is no way we can do that kind of volume for over 10 years and maintain the highest of ratings if we weren't getting successful results for our clients.

What is the best suggest you have for someone who id drowning in credit card debt? Lime alot of credit card debt 26 accounts and around 57,000 in debt. All the accounts are current but it is becoming impossible to keep everything up. I’ve had suggestions such as going to national debt refill or consumer credit counseling to prevent bankruptcy

I cleaned my credit cards twice in the past 5 years, one with a loan and one without a loan. This time I got a debt consolidation loan and paid them off and shut them all off except 2. I use those 2 when I travel its easy for me to not apply for new credit cards but its hard for me to not spend them when I have so many.

Thank you for this video. I almost made the mistake of signing up for debit consolidation today.

Was looking into doing the same with Accredited debt relief, but cancelled it the next day when i read the fine print and nothing is guaranteed

A debt consolidation is all your dadts become 1 debt they pay one account with large amount the rest is small amount after the paid the small account they moved the payments next one looks like a Snowball Effect the balls growing growing debt consolidation is a low-interest Snowball Effect a debt slamment they negotiate half of your debt I get good credit after 6 years I can wait I'm not going to borrow any more money after my 700 point. The credit card companies get their money from the government taxation what do you think what the national debt came from

Thanks for saving me Dave. I almost singed up with Silver Lake Financial. A red flag went up when they said they needed my checking account number and a $600 payment before they would let me see the loan document.

Just saved me from making a huge mistake. Thanks 🙏

I have a car loan (and other collections) at 20% apr. if I consolidate it with a lower interest rate wouldn’t that save me money?

In my mind, it’s easier to pay extra on one debt than pay extra on X amount of different debts.

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.

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

Honestly it’s not worth the hassle anyway. They’re in a business to buy debt but deny you for having it 😂

I write from Italy. 68 years old and never been in debt in my life except for house mortgage, paid in 10 years long time ago.
It was nailed on me since my infancy:
Money don't grow on trees so you can just get out and pick them
If you don't have enough cash it to buy it and go on with your usual lifestyle you can't afford it, just forget it.
Having sai this I'm quite uncomfortable with Dave suggestion to bargain and pay less than a half of what you are due.
I understand interests on loans are often outrageous in USA but I assieme they were known to people who contracted the debt.
I have no faith but I have principles, and this sort bargain doesn't sound with them.
May be just because I'm not a christian I think unless you are un'alleanza

I swear, Dave you just saved me from making an EVEN BIGGER financial mistake! I signed up with a debt "consolidation" company today and after reviewing the documents I signed... I can cancel within only THREE days...

I'm canceling this service and am going to start the debt snowball!

Wow, what a blessing you and your lessons are!

Isn’t there a difference between debt settlement and debt consolidation program. A debt consolidation program is what I’ve been looking at because it seems efficient if all my debt was paid and it was put under one loan that I have to pay back

I had done this mistake how can I get out of it?

What if your not in default but want to make a deal?

WOW. I almost did the same mistake, and exactly the same amount : $60k. But I called these people back the same day and the day after to cancel this madness after hearing that I could get sued by some of my debtors. And I could be liable for Taxes even if they settle! No thanks! DON'T DO IT!

Thanks Uncle Dave lol I really needed to hear this...I have 12 arguments to tackle 💪💪💪

Why even argue with him? Know he is Lying. He pays himself on the back and tells himself he is righteous.

What about National Debt relief?

So what if the amount of debt owed is roughly 10k? Are they against consolidation for anything greater then a specific amount?

See I understand this but I don’t know what else to do. I am in over my head and can’t get out. I feel like for me i have to consolidate debt and make bigger payments to get it down faster :/

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

Fml I literally just found out I’m on the loosing end of this bc I sat back letting my other half make the financial decisions signing up for one of these over a year ago...🤯🔫🤬 talking about screwing the pooch!!!

What if your income dosen't cover all the payments and just roll in to one

Is it honest to pay less than the full amount owed,, according to Dave? Please answer.

I have my own consolation company. I pay off the customers high interest CCs right away. Usually around 25% interest. I then charge the customer 8-10%. Everyone wins! I get 8-10% return and the customer saves 15% in interest.

Can you really take financial advise from a guy who’s filed bankruptcy?

Those are crucial headsets. Are they directing finance or space command?

Debt settlement will work if you feel you aren’t able to negotiate them yourself or don’t have the time. It hurts your credit rating for a while and they take a lot in fees and get paid first so that part really sucks. They will do the work for you but you pay for it. So it’s not a scam. They do what they tell you and help you get in the mindset that things will be paid off and you will see progress but it’s an expensive route. You’re way smarter negotiating and getting something in writing than relying on them because you can do the same thing but you may not get as good of settlement if you aren’t skilled at it and know the ins and outs of who will do what. Then you get a 10-99 in the mail after it’s settled saying pay taxes on the amount you saved so a 40% settlement offer means the debt collectors only getting that. The settlement company might be getting 20% or more of the original debt and then you might have to pay back 10-15% in taxes unless youre insolvent which you may be at first but as you go through the program you won’t be. 40% settlement sounds great. The dirty secret is you end up paying back 75% it just goes 3 different ways and it’s a lot messier.

Just posted the link to this in a debt consolidation ad.

Thank you needed to hear this one

thanks so much for this video! Ted helped me at no extra cost. Here's my referral as promised
mx076 on wickr or telegram

I feel so lucky for coming across this. I was in severe bankruptcy and glued to crushing student loan debt which I still battle in my mid 40’s. Thanks to Anthony +13109862321, I am no longer in bankruptcy and all negative remarks have been erased and to top it off they assisted me with my student loans, which I no longer have! I can now move forward in my life and be free of financial hardships.

with all that money can dave get a hidden mic instead of those headsets??? I'm pretty sure he can afford it LOL

My parents did a debt consolidation I think it was about 23 months in they started getting all sorts of notices from everybody they were taking their money and not paying any thing to the credit card companies!! Pure scam!!!!!

I'm a simple man, I have a debt...I pay it.

US military refers to this as DEBTCON 1

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.

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.

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

I just signed up for this same thing 2 weeks ago... Thank God I canceled in time ...