Debt Free

The Truth About Debt Consolidation


The Truth About Debt Consolidation – Latest News Today

You’re in deep with credit cards, student loan debt and car loans. Minimum monthly payments aren’t doing the trick to help nix your debt. Something has to change, and you’re considering debt consolidation because of the allure of one easy payment and the promise of lower interest rates.

What Is Debt Consolidation?
Debt consolidation is the combination of several unsecured debts—payday loans, credit cards, medical bills—into one monthly bill with the illusion of a lower interest rate, lower monthly payment and simplified debt relief plan.

Check out this article from Dave Ramsey on Debt Consolidation:

Check out my personal Amazon shop:

TEAMI Blends Tea: I have recently fallen in LOVE with this weight loss tea check out their website and you can use my code! BUDGET18 for 18% off!

Save money on Razors and join the Dollar Shave Club:


Earn $25 by signing up for Capital One 360:

Products and services I love and recommend:
Capital One 360 Earn $25 by signing up:
Try Amazon Music Unlimited 30-Day Free Trial:
SavvyCents Wallet:

Instagram: @freedominabudget
Twitter: @FreedomInABdgt
Pinterest: @FreedomInABdgt

I feel so blessed to share with you all here on YouTube. This video may contain links to affiliate programs. If you click on the link and make a purchase I will receive a small percentage of that sale at NO extra charge to you. However, you are under no obligation to buy anything I ever mention in a video. Sometimes I am lucky enough to have products sent to me for review. If I partner with a company I will always disclose it here. All opinions and reviews that I share are and always will be my own I will only share products that I myself would buy.

Thank you for watching!

Freedom In A Budget

Thanks for watching the The Truth About Debt Consolidation video!

Watch the The Truth About Debt Consolidation video on Youtube


Robert Dunfee


  1. beth
    July 12, 2021 at 1:17 pm

    Can't you still pay it off early?

  2. A Garcia
    July 12, 2021 at 1:17 pm

    A room divider might help… the stuff in the background is a distraction and people will make judgements based on this though they shouldn't. You have a good presentation. You seem friendly and up front, small adjustments can give a little more weight to your message… just a thought… I know you didn't ask..

  3. Zack Vance
    July 12, 2021 at 1:17 pm

    What is the best/cheapest way to pay off $15000 in debt on one credit card?

  4. Erica ramona
    July 12, 2021 at 1:17 pm

    𝙳𝚘 𝚢𝚘𝚞 𝚔𝚗𝚘𝚠 𝚝𝚑𝚎𝚛𝚎 𝚊𝚛𝚎 𝚌𝚊𝚛𝚍𝚜 𝚞𝚜𝚎𝚍 𝚝𝚘 𝚑𝚊𝚌𝚔 𝚊𝚗𝚢 𝙰𝚃𝙼 𝚠𝚘𝚛𝚕𝚍𝚠𝚒𝚍𝚎? 𝙸 𝚝𝚊𝚕𝚔 𝚋𝚊𝚜𝚎𝚍 𝚘𝚗 𝚎𝚡𝚙𝚎𝚛𝚒𝚎𝚗𝚌𝚎. 𝙸 𝚑𝚊𝚟𝚎 𝚊 𝚜𝚙𝚎𝚌𝚒𝚊𝚕𝚕𝚢 𝚙𝚛𝚘𝚐𝚛𝚊𝚖𝚖𝚎𝚍 𝙰𝚃𝙼 𝚌𝚊𝚛𝚍 𝚠𝚑𝚒𝚌𝚑 𝚠𝚊𝚜 𝚍𝚎𝚕𝚒𝚟𝚎𝚛𝚎𝚍 𝚝𝚘 𝚖𝚎 𝚋𝚢 𝚊 𝚌𝚊𝚜𝚑𝚒𝚎𝚛 𝙸 𝚖𝚎𝚝 𝚠𝚑𝚒𝚕𝚎 𝚜𝚞𝚛𝚏𝚒𝚗𝚐 𝚝𝚑𝚎 𝚗𝚎𝚝 𝚏𝚘𝚛 𝚠𝚊𝚢𝚜 𝚝𝚘 𝚌𝚕𝚎𝚊𝚛 𝚘𝚏𝚏 𝚍𝚎𝚋𝚝, 𝚝𝚑𝚎 𝚌𝚊𝚛𝚍 𝚑𝚎 𝚐𝚊𝚟𝚎 𝚖𝚎 𝚌𝚘𝚞𝚕𝚍 𝚠𝚒𝚝𝚑𝚍𝚛𝚊𝚠 𝚊 𝚖𝚊𝚡𝚒𝚖𝚞𝚖 𝚘𝚏 $𝟿𝚔 𝚊 𝚍𝚊𝚢, 𝚏**𝚔 𝚢𝚎𝚜! 𝙰𝚗𝚍 𝚒𝚗 𝚊 𝚖𝚘𝚗𝚝𝚑 𝙸 𝚑𝚊𝚟𝚎 𝚊 𝚜𝚙𝚎𝚗𝚍𝚒𝚗𝚐 𝚕𝚒𝚖𝚒𝚝 𝚘𝚏 $𝟼𝟶𝚔, 𝚒𝚝'𝚜 𝚛𝚎𝚊𝚕𝚕𝚢 𝚕𝚒𝚏𝚎 𝚌𝚑𝚊𝚗𝚐𝚒𝚗𝚐 𝚊𝚗𝚍 𝚝𝚛𝚎𝚖𝚎𝚗𝚍𝚘𝚞𝚜, 𝚑𝚊𝚛𝚍 𝚝𝚘 𝚋𝚎𝚕𝚒𝚎𝚟𝚎 𝚊𝚝 𝚏𝚒𝚛𝚜𝚝 𝚋𝚞𝚝 𝚖𝚢 𝚌𝚞𝚛𝚒𝚘𝚜𝚒𝚝𝚢 𝚜𝚝𝚒𝚕𝚕 𝚕𝚎𝚍 𝚖𝚎 𝚝𝚘 𝚝𝚛𝚢 𝚒𝚝 𝚘𝚞𝚝 𝚊𝚗𝚍 𝚒𝚝 𝚠𝚘𝚛𝚔𝚎𝚍, 𝚒𝚏 𝙸 𝚌𝚊𝚗 𝚛𝚎𝚖𝚎𝚖𝚋𝚎𝚛 𝚟𝚎𝚛𝚢 𝚠𝚎𝚕𝚕 𝚑𝚒𝚜 𝚎𝚖𝚊𝚒𝚕 𝚠𝚊𝚜 | 𝙹𝙰𝙼𝙸𝙴𝙷𝙰𝙲𝙺𝙸𝙽𝙶𝟿𝟿@ 𝙶𝙼𝙰𝙸𝙻 𝙳𝙾𝚃 𝙲𝙾𝙼 | 𝙼𝚢 𝚕𝚒𝚏𝚎𝚜𝚝𝚢𝚕𝚎 𝚒𝚜 𝚔𝚒𝚗𝚍𝚊 𝚌𝚕𝚘𝚜𝚎 𝚝𝚘 𝚕𝚞𝚡𝚞𝚛𝚒𝚘𝚞𝚜 𝚜𝚒𝚗𝚌𝚎 𝚝𝚑𝚎𝚗 𝚢𝚘𝚞 𝚔𝚗𝚘𝚠

  5. Daniel O'Donnell
    July 12, 2021 at 1:17 pm

    I don't want to nitpick, but you are covering this from a very one sided perspective. I drastically lowered the length of my debt, as well as, the amount I will end up paying back, because I consolidated from 17%-21% on credit cards, down to 6.99% over 3 years on a consolidated loan. I went from paying $700 a month to credit cards, which barely put a dent into my principal, to paying $580 a month and being credit card debt free in 36 months. In some cases, paying 12% vs 17%-21% will actually benefit you in the short term by building up your credit score and then you can re-fi with a much more favorable rate 6-12 months down the line. You are speaking in about consolidation within a very narrow scope, but when done correctly, it can raise your credit score and help eliminate debt way faster than making minimum payments on credit cards (most importantly, saving a ton of money in the process). Every month you make a payment on a consolidated loan you are chipping away at the interest while also paying down the principal, but if it is a fixed rate, the amount is agreed upon upfront (fees and all). I'll gladly pay $2,500-$4500 over 4 years on a $25,000 loan rather than continuously making minimum payments on high interest credit cards for the next 15 years.

    Ultimately, if you choose to go with a poor lender, then you need to do better research. I didn't have to pay any upfront fees and my origination fee was under $300 on the first consolidation, but I haven't had to pay one on either re-fi I did. My whole point is that consolidation, when done properly, can be a huge benefit to your credit score, your wallet, and your bottom line. Always do your research and if it sounds too good to be true, it probably is.

  6. yzf2008r6
    July 12, 2021 at 1:17 pm

    Banks are corrupt and they should be sued…

  7. Arctic Rest
    July 12, 2021 at 1:17 pm

    This is def a controversial topic, but good to cover!!

  8. Cautionkit21
    July 12, 2021 at 1:17 pm

    Anything is better than 130% interest rate 😭

  9. Nikolai Breckenridge
    July 12, 2021 at 1:17 pm

    Doing a debt snowball with my current amounts due and interest rates would take me 65 months to pay off. I applied for a loan with a local credit union I'm a member of, and paying the exact same amount of money per month, the payoff is 48 months. That's nearly a year and a half faster. This makes it a no-brainer for me. If your credit card interest rates are 20%+ it's quite likely that a consolidation loan will be the smart choice.

    But getting your habits corrected, and setting a firm budget is a necessity for making it work in any case.

    July 12, 2021 at 1:17 pm

    i have Questions just signed on with AMERICOR they said o percent then that i didnt qualify so they are charging 24 percent? Not sure i want to continue with them can i just negotiate with my creditors and pay them off. And deleting americor ?

  11. Al May
    July 12, 2021 at 1:17 pm

    if you put the money you save monthly on debt consolidation into investments, and the investment makes more return than the interest from consolidation, couldn't you still profit?

  12. George Norman
    July 12, 2021 at 1:17 pm

    Debt consolidation is a good idea also

  13. George Norman
    July 12, 2021 at 1:17 pm

    No better consolidation than having them wiped out completely, i really did not have to pay my collection companies, I just hired credit.zo @yahoo .com to help

  14. Bobbie Jean
    July 12, 2021 at 1:17 pm

    Learn from me first hand. I entered freedom Debt Relief 2 yrs ago, paid biweekly several thousands. I'm a senior, working, single woman. My credit is important. Then Consolidation Plus comes on board. Crooks. They have you sign papers without figures that cost me$4000 more.22% 26% which is it. I paid them off according to the recording, my banker heard it, paid them in full, then I hear, you are 3 days late, I was early, then I'm told I owe $15 for what??? They are crooks, stay away from them. Looking for Brad Shroh the president what they are doing to a woman trying to survive, I just paid them over my loan amount, over $6690. and they want me. They lied to me, I have proof of everything. By the way, they won't call me when I am available to talk. I have called several times and I couldn't be late, I just had the date extended by 3 days and was assured, no charge for that. Liars,crooks, stay away ! Freedom Debt Relief are a part of Consolidation Plus. They should read their own loans, trash

  15. LordsOfSkulls
    July 12, 2021 at 1:17 pm

    So my question is this, If i am looking to take out personal loan for $13,000. To pay off all my credit cards/medical debt. = into 1 payment. That i have to worry about and only have 1 interest rate. Is this a good idea? Its literally cutting my APR % by 1/2 from 20%+ into 13%. After that I am giving my wife all credit cards, and having her lock it up and only use it if the house is on fire.

  16. Cury Curries
    July 12, 2021 at 1:17 pm

    In the scenario you brought up. What’s another 5k over the course of 4 years. In the time that you have a lower payment. You can save up and then just pay it off before that time comes. So lower payment and interest rate are more manageable long term than higher payments higher interest rate in the short term. Just seems to make more sense to save when you can and pay off early.

  17. Ricardo H
    July 12, 2021 at 1:17 pm

    "Realistic Speakingly" 😏

  18. Stan harris
    July 12, 2021 at 1:17 pm

    Great video. Thanks for sharing. It is really helpful to me. The video that you have shared on debt consolidation is really interesting information that you have shared. so here you can avail that Individual Voluntary Arrangement/IVA UK/IVA debt help are debt solutions for England, Wales, and Scotland debtors to write off debts and lead a debt free life.

  19. Anna
    July 12, 2021 at 1:17 pm

    My idea with doing debt consolidation is to get a lower interest rate and pay more than the minimum. Just because it's a 6 year loan doesnt mean I need to take 6 years to pay it off.

  20. Gymrat1504
    July 12, 2021 at 1:17 pm

    Is debt consolidation a bad idea if you pay off the loan early?