Should You Consolidate Your Debt?

Should You Consolidate Your Debt?

SUPPORT us on PATREON: SUBSCRIBE to Two Cents! It might …


Written by Two Cents

Leave a Reply

Your email address will not be published.


  1. One pitfall with balance transfers from one credit card to another and their promotions can be that if you are late with one payment the whole promotion might be nullified and end up costing more – so be careful to understand all the obligations and be really organised to make sure all payments are on time.

  2. Depending on your situation and the amount of equity in your house you could refinance your house, and pay off your car and any credit cards. Then either put your credit cards in a bin of water and put it in the freezer, then you will have to pull your cards out of the freezer and break the ice to use your cards. You should consider liability on your car. Could you replace your car if you had too? If your car is under $2k switching to liability could break even (pay for itself) after just 1 or 2 years. Sometimes your mortgage payment could even go down when you cash out refinance. Don't take the MAXIMUM amount you can just take enough to pay off your debt. Plus take out $5k more than you need to pay off your debt for yourself. But the real goal is to pay off your high interest debts and turn them into low interest debts. The extra $5k is to help you during your transition period to spend less, Keep the $5k in either an emergency jar in a safe, Or in a separate "emergency" bank account. Try to hold onto that $5k for 1 year adding to it every month, Then at the end of the year if you are successful at not withdrawing from the account you can decide if you want to spend the $5k(+) on something special like a big purchase you have just never had the money for, Or Keep on building the account up with the goal of buying an investment property or to start a business. Or you could invest it in the stock market if you feel comfortable doing so. Or you may want to keep adding to it until you double it. The real downside is that depending on how long you have been paying on your house you will be adding years of even decades to your mortgage. You can try and pay your mortgage off faster, especially without cc and car payments. But be realistic don't expect to pay the grand total of all your current payments towards your mortgage, If you are struggling to pay them now. Good luck!

  3. The biggest issue when it comes to debt in the first place is people knowing what a need and want is.
    In my country you have to pay school fees to even go to a state school, but there are programs and exceptions for those that can't afford. And sometimes the unwillingness of those applying to give the wants up. Expecting others to loose out to get what they want if they can wangle it.

    My mom was a secretary for one of the state schools years ago. She had to deal with the forms for those seeking school fee exemptions. Many got denied. Parents riding BMW's was one. If you can afford a BMW, you can for pay for your kids fees, if not, get a cheeper car. But another that was quite common, was they would have DSTV (a paid for Saterlight TV box, quite expensive even back then) and when told they don't qualify and if they gave up the DSTV, they could afford thier kids school fees. Both groups of people used to get quite upset when told they had been denied the exemption. Demanding that they have exemption. Shows you where thier priorities were and it was not with thier kids.

  4. Sorry if I missed it but my 4o1k just lost money when the stock market when down what do you suggest. Or a new video as to what we should do considering all the inflation which I know you have covered before. I really love your channel and all of y'all videos please and Thank you.

  5. Credit cards are a trap, if you can’t afford something just don’t expense on it, learn how to manage your finances, save money and live free of debts!

  6. Mr Brian Nelson is the best, recommending him to all beginners who wants to recover losses like I did. Investing in crypto with the current dip right now should be at every wise individuals list.

  7. I have an idea for your next video. If the United States gets the bulk of our oil from Arab nations why are we paying high fuel prices. Russia goes to war with Ukraine an prices shot up as if the U.S. gets all our oil from Russia

  8. A 0% APR new credit card deal allowed me to clear my debt. The 18 month agreement period became the deadline to aim for which helped me focus on saving. Being in the UK, I put all my savings into premium bonds (government savings with a monthly lottery) while only paying the minimum monthly payment, which kept the money working for me. Perhaps a high interest savings account (do they even exist?) or investment company would be the alternative choice to premium bonds, just so long as you don’t give it to the new credit card company immediately.

🎁 Send this to your Besties | #Gift Ideas 🎁

🎁 Send this to your Besties | #Gift Ideas 🎁

Five ways the Fed’s next interest rate hike could affect you

Five ways the Fed’s next interest rate hike could affect you