About Loans for Personal Debt

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When considering loans for personal debt, it's advisable to look at a consolidation debt. Pull money from real estate to pay off personal debt with help from a financial planner in this free video on personal loans and money management.

Part of the Video Series: Personal Loans & Financial Instruments
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Video Transcript

My name is Bill Rae, I'm with HBW of Florida and I have been in the finance field for well over 20 years. Today we're going to talk about loans for personal debt. That's a heavy topic in today's environment. Most people are well over their heads in debt. So I'm going to assume that what you're probably looking for is a consolidation type debt. If you own real estate and your loan to value, meaning how much do you currently owe on your house versus what it's worth is low enough, that would probably be one of the best places to seek pulling money to pay personal debt. Personal debt can include such things as credit cards, installment loans, your little thrift stores and mom's and pop's stores if you owe them money, any debt that's not secured by real estate. If you can do that, that's probably going to be the best play to acquire money at the most reasonable cost. However, do understand this, whatever type of instrument you use to get rid of your personal debt, do yourself a favor, make a commitment to stop spending as you pay these off, that's the only way it's going to work for you. So as in all instruments, make sure you read it, make sure you understand what your interest rates are and all costs associated with your commitment. You don't want to get in debt and not be able to take care of it. My name is Bill Rae, I'm with HBW and I'm helping you build wealth.


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