Drowning in debt?
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:
Recommendedby NEWSROOM AI
The Money Show’s Bruce Whitfield interviews Pavlo Phitidis, founder of Aurik Business Accelerator.
The Money Show’s Bruce Whitfield interviews Darryn Faulds, a fund manager at Grovest Group.
Revenue collections are surprisingly good, so far, thanks to the VAT hike. Bruce Whitfield interviews PwC's Kyle Mandy.
Times are tough. Don’t spare her feelings! You must ask these questions of your advisor, implores Galileo Capital's Warren Ingram.
Testimonies at the Sars Inquiry has many South African taxpayers panicked. Bruce Whitfield interviews Sars' Mark Kingon.
Are you drowning in debt? Kim Potgieter says freedom from it starts with being honest with yourself…
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.
Khabazela shares some of the most popular tweets, posts, and videos on 'What's gone viral'.
Listeners say they're unhappy that there no direct buses from where they live forcing them to use multiple busses.
These are the emergency numbers you should have on your cellphone and this is what you must understand about how they work.