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  • 2 years ago
Is Loan Consolidation Always a Good Idea?

Is Loan Consolidation Always a Good Idea?

A loan consolidation can actually hurt you if you haven't met one clear pre-requisite, and Howard Dayton and Steve Moore discuss that important step today on MoneyWise. Then they turn to questions at (800) 525-7000 and [email protected] about the following:

Should we put extra income toward a savings account for a larger home or toward repairing / expanding our current home?
What do you think about using a 'second to die' life insurance policy as a vehicle for funding ministries? (Howard mentioned the National Christian Foundation)
We're on a limited income, but want to pay off our mortgage early - how can we know how much extra to pay each month? Also, can we do that and build up a 6-month savings buffer?

Mentioned on today's program were the Compass Calculators, Howard's 'Financial Fitness' weekly e-mail and his book, 'Your Money Counts' (also available in audioformats). Be sure to check out our website, Compass1.org, for a number of helpful resources (we're on Facebook, too

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