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Charles Wells Sheds Light on His Upcoming Projects and Future Growth Plans

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To be successful, you have to have a heart in your business, and your business in your heart.

Born in Texas, Charles Lee Wells Jr., a former Air Force Officer and IT consultant, had a vested interest in the real estate business. He decided to throw down the gauntlet of his previous profession and step into the world of real-estate in 2014. Having accomplished ten home rental portfolios and flipped eight homes in 36 months, Wells now owns a million-dollar crib, bringing in USD 150k yearly as a real estate agent.

Renowned for his real estate investment firm – for remodeling and building homes to his real-estate-rental portfolio, Wells is expanding into luxury and new markets. He has purchased two residential lots and is all set to start his first development project, wherein he would be building two duplexes from ground level. “This is my first One Million Dollar Project – If successfully executed, it will increase my net worth to over USD 200K and generate a passive income of USD 2000+ per month in cash flow,” the Texas real estate prodigy says.

It’s an incredibly impressive trajectory when you consider Wells’ background and that the real estate is famously a dynastic business. “I always wanted a life where I could use my creativity to make money and have full autonomy over my schedule and income.” His proficiency in six sigma and lean processing, and rigorous mental training during his Air Force tenure masterfully taught him organization, discipline, time management, and stress management. Earning his first investment in Peru with 50% returns, he made frivolous decisions then, ultimately becoming the catalyst for his failures. “For every sale that you miss because you’re too enthusiastic, you’ll miss a hundred because you’re not enthusiastic enough,” he says. Not losing faith in himself as the world threw its worst at him, he took the bull by its horns and rose back to earn ten times the amount he would have made at first.

“I tell everyone that I mentor today that you have to max out your potential because you never know what direction life is going to take you.” Wells believes that success is providing a service or product that people fall in love with. Currently, Wells is all geared up to boost his success with his upcoming projects and future growth plans.

The idea of Bigtime Daily landed this engineer cum journalist from a multi-national company to the digital avenue. Matthew brought life to this idea and rendered all that was necessary to create an interactive and attractive platform for the readers. Apart from managing the platform, he also contributes his expertise in business niche.

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Business

What Is Debt Consolidation and How Does It Work? 

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Debt consolidation combines all debts of an individual, often high-interest ones like credit card bills, into one payment system. 

Suppose you can secure a reduced interest rate. In that case, debt consolidation may be an ideal option for you, assisting you in reducing your overall debt and restructuring to help you clear it quicker.

This guide will walk you through what debt consolidation is and how it works. 

What Is Debt Consolidation?

Debt consolidation is a debt relief alternative that helps consumers bind multiple financial obligations in to one that can be regularly paid with a consolidation loan or a debt management plan (DMP).

This approach lowers the charges on debts and reduces the monthly payment. Debt consolidation sorts out the challenges faced by consumers, especially those who find it hard to service their numerous bills on time.

How Debt Consolidation Works

To consolidate debts, a borrower may request their bank or other loan providers for a balance transfer credit card, a personal loan, or a similar debt consolidation instrument. 

In the event of a debt consolidation loan, the lender may instantly clear off the borrower’s outstanding bill, or the borrower may collect the money and pay their remaining sums. 

Similarly, most balance transfer credit cards feature a recommended method for combining a cardholder’s current credit cards.

Although debt consolidation frequently reduces the amount a debtor owes monthly, it prolongs the repayment term of the merged debts. 

However, consolidating debts simplifies the payments process, making it simpler to handle finances—this is particularly beneficial for borrowers who have problems managing their money. 

Once the debtor’s old liabilities have been sorted with cash from the new loan, they’ll make just one monthly payment plan on the new loan.

Is Debt Consolidation The Same As Debt Settlement? (50 words)

While these are debt-relief options, they have a distinct difference. 

Debt consolidation transfers the borrower’s loan from multiple creditors to a single creditor but does not reduce the initial amount. 

On the other hand, debt settlement targets to lower the consumer’s debt levels. Settlement firms do not give loans; instead, they negotiate with creditors on behalf of the debtors.

Types of Debt Consolidation 

1. Debt Consolidation Loan

Debt consolidation loans are personal loans used to reduce a debtor’s interest rate, simplify payments, and generally better loan terms. 

While personal loans are often accessible in credit unions and banks, many online loan providers also provide debt consolidation services. 

However, before picking an alternative, you need to seek debt advice to give you an insight into the hidden risks. Reputable FREE debt advice platforms, such as Reform Debt Solutions, could help you. 

2. Credit Card Balance Transfer

A credit balance transfer happens when a debtor applies for another credit card, often one with lower rates, and transfers their entire balance to the new credit card. 

Similar to other debt consolidation methods, this approach leads to a single repayment to manage, may cut on the debtor’s monthly payment, and can lower the general fee of the debt by reducing the interest rate. 

Before deciding to go for a credit card balance transfer option, you should consider the accessibility of interest rates, transfer charges, transfer deadlines, and the implications of defaulting payment. 

3. Student Loan Consolidation

Student loan consolidation refers to binding different student loans into one. 

Besides reducing and streamlining monthly payments, graduates can benefit from borrower protections such as Public Service Loan Forgiveness. 

This concept is frequently used in combination with student loan consolidation, which entails consolidating multiple governments or private student loans into one personal loan.

4. Home Equity Loan

A home equity loan is a debt consolidation approach that includes obtaining a loan guaranteed by the debtor’s home value. The cash is given to the debtor in a single payment, and they can use it for clearing off or consolidating previous obligations. 

After the money is disbursed, the borrower pays interest on the whole loan. Still, since their property secures the loan, they are likely eligible for a considerably lesser interest than a debt consolidation loan.

5. Cash-out Mortgage Refinance

A cash-out mortgage refinance happens when consumers refinance their mortgage for a sum more significant than the outstanding loan balance. The borrower can then withdraw the excess in cash and clear off other debts. 

This approach then allows the borrower to combine their other loan payments with the mortgage payment to make one payment. Additionally, when the loans are folded into a guaranteed mortgage, the rate is likely to be significantly less than the rate on the initial obligations.

Pros and Cons of Debt Consolidation 

Pros

  • Combines multiple loans into one and simplifies payment 
  • Can lower the borrower’s gross interest rate
  • May reduce a borrower’s gross monthly payment 

Cons

  • Providers can charge loan origination, balance transfer, or closing fees
  • Borrowers may lose their houses if they fail to pay off the consolidation loan
  • Some come with high rates

Bottom Line

Using debt consolidation as an option for debt relief comes with many shortcomings. And indeed, it’s not the ultimate solution to the debt issue. Unlike the debt settlement approach, which reduces your loan, debt consolidation only transfers you to another lender. Besides, most of its methods tend to extend the time for settling your debts, attracting more interest rates. 

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