Considering debt consolidation? Here's what you need to know

youtube
Considering debt consolidation? Here's what you need to know Are you struggling with debt that seems to grow endlessly due to interest? Debt consolidation loans might offer a solution. Prosper CEO David Kimball joins Wealth to discuss the pros and cons of this debt relief option. Kimball emphasizes that the current high-interest rate environment is a primary reason to consider debt consolidation. By consolidating debt, borrowers can potentially reduce interest rate costs, especially if they're carrying balances across multiple high-interest credit cards. This approach allows for a transition from higher-interest debt to a single, lower-interest loan. However, Kimball stresses that the real key to financial health lies in managing finances and changing habits. He explains, "It really comes down to whether or not you have the capacity, and ultimately, if you don't change your habits, if you keep spending the way you were spending, you're going to take this debt from your credit cards, put it on a debt consolidation loan, [but] your credit card lines are still open. If you begin to spend on your credit card lines again, what you're doing at that point is creating more debt." Kimball cautions that this scenario is a significant drawback of debt consolidation. He advises, "You need to face your finances, understand them, and make a budget. For some people, you're going to have to change your spending behavior for this to be a really effective tool." #news #youtube #stocks About Yahoo Finance: Yahoo Finance provides free stock ticker data
  2024/09/08      youtube
Xポスト

latest news

Broadcom's AI Revenue Surge, Supply Constraints

Broadcom (AVGO) faces margin compression...

  2026/09/15

We could be heroes?

Could a genetic mutation ever cause huma...

  2026/09/15

Wells Fargo Warns of 10% S&P 500 Drop to 5,700

Wells Fargo has cut its S&P 500 price ta...

  2026/09/15

Amazon Stock Surges Ahead of Prime Big Deal Days: What Investors Need

Amazon

Amazon is kicking off the fall holiday s...

  2026/09/15

Why Fundamentals Always Beat Market Panic #Shorts

Short-term market fear and anxiety often...

  2026/09/15

Behind The Portfolio: Why Steven Cress Owns This Top-Rated Stock

Steven Cress joins Nicole Benjamin on Th...

  2026/09/15

America: a debt-servicing machine? | FT #shorts

Is the US government turning into a debt...

  2026/09/15

Anthropologist Answers Evolution Questions

Anthropologist Agustín Fuentes joins WIR...

  2026/09/15

How the sale of Harvey Nichols is costing luxury brands | FT #shorts

Brands including Chloé, Victoria Beckham...

  2026/09/15

Should Britain scrap the triple lock? | FT #shorts

Should the UK spend less on pensioners a...

  2026/09/15

Every 2026 Primetime Emmy Winner

Catch up on the major award wins, accept...

  2026/09/15

Every 2026 Primetime Emmy Winner in Under 1 Minute

Catch up on the major award wins, accept...

  2026/09/15

Mark Carney urges EU to cement trade deal as Ottawa seeks pivot from U

In an interview with the FT, Canada's pr...

  2026/09/14

No thoughts, just Andrew Garfield mastering Sam Altman's vibe in "Arti

Andrew Garfield nailed the Sam Altman wa...

  2026/09/14

Yahoo Finance Live: Daily Market Coverage - September 14, 2026 3:30PM

Yahoo

Yahoo Finance Live Daily Market Coverage...

  2026/09/14

The Federal Reserve's communication style is changing, again. 💬

David Rubenstein's hot take: 🔥 1️⃣ Powel...

  2026/09/14