MyMoney Online, The Personal Finance series 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


This article first appeared on 702 : Drowning in debt? You may be able to refinance (but there are pros and cons)


Recommended

by NEWSROOM AI
Read More
How to build a business that will survive constant technological change

How to build a business that will survive constant technological change

The Money Show’s Bruce Whitfield interviews Pavlo Phitidis, founder of Aurik Business Accelerator.

How to pay up to 45% less tax (and save the SA economy while you’re at it)

How to pay up to 45% less tax (and save the SA economy while you’re at it)

The Money Show’s Bruce Whitfield interviews Darryn Faulds, a fund manager at Grovest Group.

Will Government hit punch-drunk South Africans with more tax hikes in 2019?

Will Government hit punch-drunk South Africans with more tax hikes in 2019?

Revenue collections are surprisingly good, so far, thanks to the VAT hike. Bruce Whitfield interviews PwC's Kyle Mandy.

9 tough questions you should never be afraid to ask your financial advisor

9 tough questions you should never be afraid to ask your financial advisor

Times are tough. Don’t spare her feelings! You must ask these questions of your advisor, implores Galileo Capital's Warren Ingram.

'Sars eFiling is stable, at the moment'

'Sars eFiling is stable, at the moment'

Testimonies at the Sars Inquiry has many South African taxpayers panicked. Bruce Whitfield interviews Sars' Mark Kingon.

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
Thousands displaced after three fires ravaged the Cape over the weekend

Thousands displaced after three fires ravaged the Cape over the weekend

Gift of the Givers' together with the City of Cape Town have stepped in to help those affected by the fire with food and water.

[WATCH] Baby cries every time he hears Adele

[WATCH] Baby cries every time he hears Adele

Khabazela shares some of the most popular tweets, posts, and videos on 'What's gone viral'.

Golden Arrow responds to complaints of how fares and routes are decided

Golden Arrow responds to complaints of how fares and routes are decided

Listeners say they're unhappy that there no direct buses from where they live forcing them to use multiple busses.

3 emergency numbers you should have on speed dial and how they work

3 emergency numbers you should have on speed dial and how they work

These are the emergency numbers you should have on your cellphone and this is what you must understand about how they work.