DEBT CONSOLIDATION (A Faster Path to Paying Off Debt or to Bankruptcy?)

DEBT CONSOLIDATION (A Faster Path to Paying Off Debt or to Bankruptcy?)

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Debt consolidation loans are all over the place and they all promise lower interest rates, lower monthly payments and a better overall option to paying off debt.

With debt consolidation you can combine your various credit card debts, store credit cards like a sears credit card, medical bills, or gas credit cards like a bp credit card – into just one monthly payment. It typically does come with a lower interest rate, but is it actually going to save you money over just paying your minimum monthly payments?

Matthew Pillmore digs into consolidation and shows which gets you debt free faster and which ends up costing you less in the long run.

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28 thoughts on “DEBT CONSOLIDATION (A Faster Path to Paying Off Debt or to Bankruptcy?)

  1. I am about to start a debt consolidation with a company name accredited debt relief , they are giving me a 4 years lead time and my monthly payment is very low , my debt is about 14.000$ , I am very interested about it , but they never ask me for any fees , they said everything is included on my monthly payment , he seems to good to be true , and I looked them up online and they have good reviews , anyone has a good experience with those companies??!

  2. Does debt consolidation increase your credit scores? my plan is to consolidate my credit cards to get under the 10% utilization ratio by consolidating it into a unsecure loan. Im really looking for the short term advantages on your FICO when consolidating

  3. A no fee consolidation loan helped me boost my credit score which allowed me to qualify for a new 0% debt weapon.

    Your channel rocks! Paycheck parking combined with better leveraging 0% on some of my cards is paying off in a huge way for me!

  4. I am going through the process of debt freedom & chose to consolidate my debt. So far so good. FDR explained that it will take me 4 years to be finished with the program. I settled with 3 accounts & I have 3 more to go. I’ve been working with them since July 2018. I’m happy with my decision so far. I have 30,000 worth of debt.

  5. Most unsecured debt does not come in the form of simple compounded P&I payments as your exampled purported. Why not share a more reasonable example? Lets take your 20k balance, unsecured. Instead its a credit card. The rate, variable. 17%. And another, 5k, unsecured credit card variable and i'll give you the 12% (although card rates are unlikely to be that low) . Meanwhile you're making min payments. Now you take a debt consolidation loan fixed rate, lets say 13% and we make payments of P&I for 48 months and pay off the 2 unsecured debts. Heres what will happen. 1) You will see your credit utilization decrease right away because both revolving accounts are paid off and now you have no utilization – most likely a jump many many points in your credit (70ish?). 2) you will have established P&I payments of your debt so that you reduce the amount you owe faster than by making min payments on CC 3) you'll benefit from a lower blended interest rate than what you were paying between both cards. Now I will agree with you if you can somehow obtain another zero % 12 month credit card and bal xfer to that card (usually there is a bal xfer fee need to watch that) AND pay off in 12 months ok fine you win…but lets face it, most people who got themselves in this type of situation wouldn't be in this situation if they had this type of discipline. I don't generally agree with your assessment that people looking for debt consolidation should look for another credit card (debt weapon) where a debt consolidation loan could make more sense and help folks get into a better place…but hey….what do i know 😉

  6. Debt consolidation = revolving door of debt! I've spent the last 10+ years in a never ending cycle of debt consolidation. Many factors play into this…loss of income, increase in income (which led to irresponsibility), lack of knowledge, and not having the right tools. I've lived them all.

    The convincing piece to all this hit me in the face when I asked our relationship banker at a bank (of 20+ years) to increase our line of credit so I could start to easily implement paycheck parking. The bank advised against it and offered ANOTHER debt consolidation loan. Needless to say, I will no longer be a sucker to the banks. I am now switching my primary banking to a local credit union that is working exceptionally well for us.

    I came across your channel not even looking for ways to make money, debt consolidation, or anything about money about 4 weeks ago. I have become more educated than ever about money, spending, good debt vs. bad debt. I will admit, I have been doing it wrong since I've earned my first paycheck 20 years ago. I have devoted countless hours to watching your videos. I've crunched numbers, starting positioning money in accounts, and aquired the correct debt weapons. I've watched others channels and I have come to the opinion that your method fits my situation best. I have changed my mindset and my family's mindset on money and spending….forever.

  7. I just cancelled my account with a debt consolidation company today. I realized that with the fees that I paid them could’ve have gone to my other debt. I was with them for a year & a half. They were nice to me at first, kinda rude when I opt out of the program. Thanks for the great video!

  8. Top 10 states with the most credit card debt, according to DiNapoli:
    In 2017, there were nearly 470 million credit card accounts with available balances totaling $3.5 trillion nationwide, with credit cards being the most common method for consumer borrowing, the report notes.

  9. I do not yet have much experience with debt consolidation. But I do look forward to trying to have some kind of debt weapon work for me in terms of being able to help pay off a student loan and hopefully my mortgage.

  10. I know some people who have done debt consolidation and are happy with it, but bad habits most likely got you in that situation in the first place. Once the debt consolidation has been paid off an you have a "clean slate" most people will likely fall into the same situation somewhere down the line.

  11. We need this education! We are programmed to accept that the banks and their policies are the way to go. It's simple math, but we don't do it or don't know how to do it to figure out how much money we're paying for the privilege of paying the banks etc to use our money while we get a very small return. Some people, like us, get rid of credit cards but you have shown that there are other ways to beat the system. Thanks, Matt.

  12. Awesome video again Matt, this is a really good piece of education, people can get trapped on this situation if they don’t understand the full picture . Thank you for sharing. On the same topic, mortgage refinancing, dude is a lot of different information out there, some people said is good other that is bad, I will really like to know your opinion. Thanks again.

  13. I've made this mistake and many more, like paycheck loans. I will say, these 2 things should never be considered in my opinion, for the reasons you stressed in the video. I had tripled the amount of time to pay off the consolidation loan, and payed about $6,000 more in interest. It was not what they sold me over the phone, but it was what I agreed to.

    Great topic, keep them coming.

  14. My debt consolidation went exceptionally well! We had to get and max out a department store credit card when my husband's kids got into jr high and had to live with us full-time a few years straight and husband was seasonally laid-off and we weren't getting any benefits unlike their mom and she filed them as her dependants every year.
    When our bank credit card reached 80%, they refused to negotiate a sudden huge increase in the minimum pmnt, even though we paid all of our available incomes into it each month much more than the minimum, we felt we had no choice but to use a debt consolidation service.
    They first worked out a budget with us even though our incomes fluctuate drastically, lowered interest rates from 11% to 4% for one and 12.75% to 7% on the other, and helped us set a pay-off date goal.
    We did choose to forgo the minimum payment of course and pay as much as possible each month, so we became debt-free in a little less than half the time it would have taken us had we paid only the combined minimums ;).

  15. I've thought about it, but didn't think the interest rate was low enough. I've transferred debt to 0% Interest CC for 18 months and calculated monthly payments to pay it off before 18 months.

  16. I never went with a company but, If I have debt to consolidate I view the whole pictures and far as what is the cost P & I that I will pay making the current payments and will the consolidation save me time and money. For example, I had a loan to install my water treatment system with 13.99% APR and a credit card balance with 21.99% APR. Both were Revolving Credit which I didn't realize with the water treatment system. I increased the balance on my credit card I have with my primary bank and transferred the balance it. With a Cash Advance rate of 10.99%. With me continuing the same payment amount as before with the two. I will save time and a few thousand dollars.

  17. My opinion. Keep the open end credit cards paycheck park. See the minuim payment lower. Now you have increased cash flow. Apply that difference in next month paycheck park….a lot easier then having a closed end Loan when that is locked in higher payment.
    Chase closed end loans with open end cards ….makes you roi very nice.

    Thumbs up

  18. This channel is great. I've told all my friends and family about it. I have been using some of your tactics and I'm already seeing amazing results. Thank you so much Matthew.

  19. Just consolidated 17 student loans. Interest rate fell in the middle. Not sure what it does to credit scores, but they been swinging by 70 points.. But im messing with reports and the burueas are messing with me…

  20. Have to find the cost of interest again… And… don't get caught up in one of those companies who say they will pay off your debt for you and lower the bills, etc, etc!! Was ripped off.

  21. I thought about it… but then chose to just get another debt weapon and do balance transfer I have three cards left and all my consumer debt will be gone

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