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From Event Planning to Managing Celebrities, Ambiance Entertainment Group CEO Shady Ayach Looks Ahead to the Digital Future

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You started out studying computer science. How and why did you make the jump to the entertainment industry?

I have been playing the piano since I was a child, and loved music, especially live performances. I shifted fields when my brother, the Lebanese pop star Ramy Ayach, asked me to manage his career when he started as a professional singer. So I had to quit the IT industry – I had my own business – to start to manage his career. All the while, I have been continuously learning about artists, events and the entertainment industry by taking intensive courses, during travels, and of course by reading a lot.

Please tell us the story of Ambiance Entertainment Group. When was it founded and what is the vision of the company?

Ambiance Entertainment Group was founded in 2010. The company’s main vision is to offer the best consultation services to our clients according to their needs. This can include coming up with themes, presentations, guidelines, designs, scheduling, planning, preparation and production. 

From wedding planning, to corporate events, to concerts, to occasion-specific designs covering entire buildings, AEG Events’ line of work is very diverse. As a CEO, how do you manage to juggle between these different types of events?

It is a hard but joyful job, and it is very rewarding. I am an entrepreneur, event planner and an artistic person, passionate about design, esthetics and beauty, and my intention is to deliver perfect solutions to our clients: this is what makes AEG a unique company. I am lucky to be working with a professional team of experts that deliver great results right on the spot.

AEG also specializes in talent management and booking public figures. Which personalities are you proudest of having worked with?

Honestly, each and every public figure, celebrity, or artist, has his or her own personality and idiosyncrasies. I have worked with so many different famous people, and each one of them has a unique character. To be honest, I have to say I’m proud to have worked with all of them. 

How were you affected by the COVID-19 pandemic, which slowed down the event-planning industry because of lockdowns, social distancing and increased health and safety measures?

This is the big shift. We are now living in a new era, as if each science fiction movie we have seen were happening live, right now, or could happen in the very near future. Society and the economy at large were affected by COVID, and the events sector especially so. We are trying our best to create unique virtual concepts with our own special signature. 

To what extent do you think that the event-planning industry will move to the digital world in the future, and how do you envisage your company pivoting to the virtual realm?

Well this is something that’s real, and we can’t escape the fact that this happening; we have to adapt. I think the event-planning industry is going to turn to the virtual whether we like it or not. The big question is: How should we do it, and what will distinguish us in the industry? At AEG, we are hard at work trying to come up with original answers to these questions. 

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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