378 – When Debt Consolidation Doesn’t Go As Planned – Tips + What to Avoid
Episode description
On the surface, a debt consolidation loan sounds like a great idea because you’re left with only one monthly debt payment as opposed to several. But is consolidation always a good idea? And is it worth it if you’re paying more in interest than you were before? On today’s podcast, Scott Terrio and Doug Hoyes provide real stories of failed debt consolidation. While borrowers have good intentions and want to make their debts more manageable, consolidation loans can sometimes make debt repayment more difficult. Scott and Doug also give practical advice for when consolidation is the right move and which types of loans to steer clear of. Tune in for a great discussion!
Links Mentioned in the Show:
How Does a Debt Consolidation Loan Work: https://www.hoyes.com/blog/how-does-a-debt-consolidation-loan-work/
Should You Consolidate or Pay Bills with a Car Title Loan? https://www.hoyes.com/blog/should-you-consolidate-or-pay-bills-with-a-car-title-loan/
Podcast 231: Think Twice Before You Get a Home Equity Line of Credit: https://www.youtube.com/watch?v=RiKKbg_pyu8
Scott Terrio on Twitter: https://twitter.com/ScottTerrioHMA