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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

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