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How To Get a Debt Consolidation Loan



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hey guys Richard Cooper founder and CEO

total debt freedom I want to answer this

question about debt consolidation loans

because we get asked this a lot you know

people often when they're trying to get

out of credit card debt they're looking

for some way to take all of their credit

card payments and tie them into just one

and in theory it's great and you know

concept it works well when you can get

it

the problem that I find is that many

people leave it far too long to try to

consolidate their credit card debt you

know they leave it to the point where

they're just not going to get approved

now there's high-risk lenders that do

these types of loans at 30% plus you can

find a really good example of somebody

that was a total debt freedom client

that tried it and they cut themselves in

new situation before we helped them out

where they were paying 39 percent

interest on a debt consolidation loan it

was providing no form of relief and in

fact what it did was it pushed them

right over the edge to the point where

they were actually considering

bankruptcy so we helped this guy his

name was Dale and you can actually find

the conversation I had with Dale online

on our YouTube channel if you just

search for total debt freedom reviews

there's a playlist that has a whole

bunch of testimonials plucked together

and look for Dale's story and you'll see

exactly what happened to him so

again you want to start and end at your

bank you know borrowing money from a

high-risk lender is just a path to deep

deep trouble you want to avoid it at all

cost so when you do consolidate start

and end with your bank typically you'll

find if they do approve you you're going

to get a lower interest rate than your

credit cards are charging you and

hopefully on easier terms so the

payments will be more flexible based on

your source of income now if they can't

do that for you again don't talk to

these high interest consolidators they

don't work you don't believe me check

out Dale's story and you'll see it for

yourself but the fact of the matter is

banks are always a good place to start

when it comes to trying to consolidate

your debt or getting a debt

consolidation loan a lot of people that

are homeowners that have equity and I'll

use an easy number let's say the house

is worth $100,000 and your mortgage is

40,000 if you owe $25,000 in credit card

debt you'd be a good candidate for a

debt consolidation loan through your

financial institution your bank a credit

union

whoever it is it's going to be willing

to help you they'll probably do in the

form of a HELOC which a hope which is

called a home equity line of credit and

the interest rate will be peanuts

compared to the credit cards so starting

in there if that doesn't work out we can

certainly help we do a debt negotiation

which is a settlement approach where we

work at a better deal with your credit

card companies to reduce your debt by 50

to 75 percent usually and people get out

of debt over three years it's an

aggressive approach so you want to try

to avoid bankruptcy

most people want don't want to deal with

the trustee and file for bankruptcy or

Trash the credit rating that way with a

proposal over the

a bankruptcy process so you know again

if your banks not going to help you out

talk to us first we might be able to

help you there might be a fit there if

not we're happy to refer you to a

trustee for bankruptcy or proposal if

that's a better fit and you know if you

come to us and it looks like you're a

better off talk and your bank forces you

skip that step we can certainly point

you in that direction it give you some

tips so how to consolidate your debt

with a debt consolidation on there you

have it

again what did you learn today to start

and end with your bank that's it thanks

very much for checking this video out

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total debt freedom have an awesome day

you