About Consolidated Personal Loans

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A consolidation loan takes all of a person's debt and puts it together in a new note that has a lower interest rate. Understand how interest is calculated on a new note 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've been in the finance field for well over twenty year and have helped many people with their financial situations. Today we're going to talk about personal consolidation loans. The first question is, "Is a consolidation loan good?" Well, that depends upon your situation. Generally a consolidation loan simply means you're taking all the debt you owe and you're putting it together in a new note. If that note will carry a lower interest rate and help you get out quicker and save you money, then the answer is obvious. Yes. You should do a consolidation loan. However, sometimes consolidation notes can get you into deeper trouble. So as in all loans and all notes, in fact any financial dealing, please read your contracts carefully. Understand how are they calculating the interest on that new note. Is it a daily interest rate? Is it a previous interest rate? Or, is it an adjusted interest rate. Know what these terms are because that can determine your end cost. As in all instruments read carefully, understand what it is you're going to sign and then pay it promptly. And at all times seek outside counsel. My name is Bill Rae. I'm with HBW and I'm helping you build wealth.

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