MyMoney Online, Personal Finance with Warren Ingram, Evergreen Content

Drowning in debt? You may be able to refinance (but there are pros and cons)

Drowning in debt?

The Money Show’s Bruce Whitfield interviewed Galileo Capital Financial Advisor Warren Ingram for his weekly personal finance feature.

Ingram explained that certain kinds of debt are good, while other kinds are bad, or neutral.

He also discussed the refinancing of debt by taking out one loan to pay off many others.

This is called "debt consolidation".

Debt consolidation has a number of advantages (e.g. lower cost of debt, simplicity, etc.) and, of course, a few disadvantages.

For more detail; listen to the YouTube clip below (and/or scroll down for quotes from it).

Using debt to buy clothes, furniture, appliances or holidays is bad. There’s never a good reason to use debt to buy any of those things.

Warren Ingram, Galileo Capital

Buying with debt an asset that increases in value is good.

Warren Ingram, Galileo Capital

Debt consolidation is a good idea in about two out of 10 instances. However, for the majority of people it will become an enabler.

Warren Ingram, Galileo Capital

Get the 10 most-read articles of the week from Bruce Whitfield’s The Money Show, emailed to you every Friday morning:

Subscribe to our Business Wrap Newsletter


Recommended

by NEWSROOM AI
Read More
 Wealth strategies for small businesses - income or equity?

Wealth strategies for small businesses - income or equity?

Income or equity – what is the difference?

Is the US stock market heading for a crash like the DotCom bubble in 2000?

Is the US stock market heading for a crash like the DotCom bubble in 2000?

The US market has a big impact on all markets and when they get flu, South Africa sneezes.

Anglo American delivers 3.5-billion USD profit, declares final dividend

Anglo American delivers 3.5-billion USD profit, declares final dividend

Anglo American delivered a 2019 profit attributable to equity shareholders of 3.5-billion USD

Discovery Bank gives an update on the health of the new venture

Discovery Bank gives an update on the health of the new venture

Discovery is soothing investors' nerves after a warning earlier this week that it would report a double digits loss.

Meet the Black Management Forum's New President

Meet the Black Management Forum's New President

The newly elected president of the Black Management Forum (BMF) is Andile Nomlala.

How to become totally free from debt, forever

How to become totally free from debt, forever

Are you drowning in debt? Kim Potgieter says freedom from it starts with being honest with yourself…

Popular articles
Jacob Zuma is coming back to Mzansi, supporters told to gather at OR Tambo

Jacob Zuma is coming back to Mzansi, supporters told to gather at OR Tambo

Committee member of the Gauteng RET Zuma supporters Carl Niehaus says supporters must arrive before 10am.

Dudu Myeni 'unwilling to spend her money on delinquency case, feels targeted'

Dudu Myeni 'unwilling to spend her money on delinquency case, feels targeted'

Organisation Undoing Tax Abuse chief legal officer Advocate Stefanie Fick shares the latest.

Lesotho PM Tom Thabane a no-show in court amid rumours that he's fled to SA

Lesotho PM Tom Thabane a no-show in court amid rumours that he's fled to SA

EWN reporter Nthakoana Ngatane says there are reports that the prime minister is in South Africa for a medical appointment.

Tazne van Wyk's alleged killer has 11 convictions to his name - report

Tazne van Wyk's alleged killer has 11 convictions to his name - report

Eyewitness News reporter Lizelle Persens says the case has been postponed to April for further investigations.

Freedom Park pupil stabbed to death by classmate

Freedom Park pupil stabbed to death by classmate

Gauteng Education spokesperson Steve Mabona says the department is at a loss of for words after the death of another pupil.

[LISTEN] Unpacking the concept non-binary

[LISTEN] Unpacking the concept non-binary

Dr Eve breaks down some of the identities that are outside the gender binary.

'We tend to retire from something and what we should do is retire to something'

'We tend to retire from something and what we should do is retire to something'

Eusebius McKaiser and for 702 presenter John Robbie co-host an hour open line special.

[WATCH] Kid completing an extreme backflip stunt has social media talking

[WATCH] Kid completing an extreme backflip stunt has social media talking

Khabazela shares some of the videos that went viral on Twitter and Facebook.

[WATCH] Syrian father teaching daughter how to cope through laughter goes viral

[WATCH] Syrian father teaching daughter how to cope through laughter goes viral

Khabazela shares some of the videos that went viral on Twitter and Facebook.

Lesotho's DPP to charge PM Thabane for murder of his second wife

Lesotho's DPP to charge PM Thabane for murder of his second wife

Deputy police commissioner Paseka Mokete says the prime minister is expected to appear in court to be charged on three counts.