From the course: Build Sustainable Wealth and Get Out of Debt

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Tips for debt restructuring

Tips for debt restructuring

From the course: Build Sustainable Wealth and Get Out of Debt

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Tips for debt restructuring

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- Now, here are a couple tips I want to leave you with in this module. Number one is about debt restructuring. There are a lot of companies out there doing debt restructuring. Some of them charge you fees to look at the options. Some of them offer you refinancing offers to refinance credit card debt, like this example. So if you have four different credit cards, and we have the minimum payments posted right beside the balances here, you might get an offer to consolidate all these credit cards over $22,000 at 6% interest. Well, you look at the interest rate on your credit cards and interest rates are 7.9% to 23.4%. 6% would save you money, no question, but you have to look a little further. Minimum payments on your credit cards are $402 and 58 cents a month. The consolidation loan might have to be repaid in four years. That means your new payment would be $519 a month, required, that's the new minimum. That's 28…

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