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Why Consolidate Debt



Debt consolidation means taking one loan to pay a number of smaller loans. This consolidation of debt enables you to secure lower interest rate. There are numerous debt consolidation companies that will provide you different options to consolidate your debt and help you avoid bankruptcy.

First, let us try to understand why one gets into debt. Normally you will have debt from one or two sources. But when the debt starts increasing, you look for more sources of credit. The best way of getting out of debt is to decrease your expenditure and or increase your income and ensure that you are left with excess money each month to repay your monthly instalments. But when you do not pay attention to repaying your instalments and look for different sources to get more loan, you end up having a number a creditors.

Now the interest rate with each creditor is different. Moreover the duration of the loan is different and you don’t know whom to pay first. Everything becomes very complex. To make things simple, you should opt for debt consolidation.

After debt consolidation, you will have to pay the loan to a single entity with a fixed interest rate, which is generally lower than the combined interest rate you had to pay earlier. Imagine the pace of mind you will get if you have to sign just one check every month.

The different reasons for consolidating your debt include the following:

1. You have to pay lower monthly instalments after debt consolidation.

2. Managing your debt becomes easy, because earlier you had to pay numerous instalments and now you have to sign only one check.

3. You will also get a clear understanding of how much money you have to pay each month. Thus things are no more complicated.

4. You also get low interest rate and you can save money over your entire loan. Banks have interest rates lower than interest rates on credit cards; however, the bank interest rate is also higher when you compare it with the interest rate of the consolidated loan.

5. You also save time as you don’t have to sign numerous checks, post them or calculate your total monthly instalment.

6. There is also little chance of forgetting to pay any instalment as there is only one instalment now. Earlier there were numerous instalments and the chance of forgetting an instalment was very high.

Another advantage of debt settlement is that your creditors cannot contact you for the debt after you consolidate your debt. You also get a clear understanding of much you debt you own and when you have to pay it, at what interest rate and what will be monthly instalments.

Debt consolidation is generally beneficial; however, it can also lead to bankruptcy if you fail to pay back your consolidated loan. Hence you should be careful while consolidating your loans. The debtor who takes a loan to secure his credits is called debt consolidator.

The main aim of the debt consolidator should be to get an interest rate as low as possible. You should also have a plan ready to repay the loan.

Also check out how much time is realistic for you to repay the loan and seek a consolidated loan accordingly. If you do not pay attention to this while consolidating your loans, you might get into trouble later. Also do not show any laziness in payback, or do not take the consolidated loan for granted thinking that you will get another alternative to get out of the consolidated loan. No, the way out is bankruptcy and it is the last thing that you want to happen to you.

Once you have decided to consolidate your loan, there are various ways in which you can do it. The different types of debt consolidations include the following:

o Secured consolidated loan: You can take a loan by securing your asset such as property or land. This involves low interest rate, but you risk your asset. Home equity loan is a type of secured consolidated loan.

o Unsecured consolidated loan: This loan comes with higher interest rate as you do not provide any security on the loan amount. Personal loan is the best example of unsecured consolidated loan.

o Debt settlement: There are special debt settlement companies which will carry out the entire debt settlement negotiation for you and pay your loan for you. You in turn will have to pay the company loan in fixed monthly instalments. You creditors cannot contact you once you take the services of a debt settlement company.

o Credit counselling: Credit counselling companies are well known for debt consolidation. These companies will help you get out of your debt as soon as possible.

Whatever way you choose to consolidate your loan, you should always be cautious in your debt consolidation. As told earlier, probably this is the last thing you can resort to before you are forced to file a bankruptcy.

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Terra Announces Non-Profit ‘Luna Foundation Guard’



Terra Announces Non-Profit 'Luna Foundation Guard'

Terra Luna’s ‘lunatics’ have had their sights set on a multi-part announcement that is set to unveil, and this week the first piece of the puzzle has come to life.

This week, Terra announced the formation of a new non-profit organization, the Luna Foundation Guard (LFG), that is “dedicated to supporting the advancement of open-source technology, facilitating the growth of the Terra ecosystem, and improving the sustainability and stability of Terra’s algorithmic stablecoins.”

Terra Says “LFG”

Terra has launched a dedicated landing page,, outlining the team, mission, and funding & grants around LFG. The new non-profit will emphasize a number of major pillars that they see as core in advancing the ecosystem.

Founder and CEO of Terraform Labs, Do Kwon, also released a recent tweet thread highlighting the major pillars behind LFG:

In all, the Foundation will serve as a mechanism to continue driving engagement and adoption of Terraform Lab’s growing stablecoin, UST. Adoption of UST has continued to grow as the token, seen broadly as one of the most decentralized yet mainstream stablecoin options currently available, approaches an $11B market cap.

The aforementioned Do Kwon will lead the charge for the Luna Foundation Guard, alongside founding member Nicholas Platias and several governing council members. The team will deploy foundation grants, starting at the end of the month, to blockchain projects in the ecosystem that address open-source development, research and education, and community growth within the Terra network.

Related Reading | TA: Bitcoin Dives Below $40K, Why Bulls Could Struggle In Near Term

Luna, the tradable token that arguably serves as the 'backbone' of the Terra ecosystem, has performed exceptionally well over the past year. | Source: LUNA-USD on

One Of Three… What’s To Come?

As mentioned previously, this announcement is slated to be the first of three, from what started as a teaser image of the cover photo used here. That photo led many ‘lunatics’ to speculate on what could be coming – the two intersecting circles led many to believe that an incoming MasterCard partnership could be coming, and many Terra fanatics believed that some sort of Bitcoin-related support could be brought to life as well.

Speculation aside, the Terraform Labs-created blockchain continues to shine, recently becoming the first decentralized stablecoin to achieve a $10B market cap as well as launching a new automated market maker (AMM), Astroport.

For now, the LFG webpage still has a “{redacted}” section, so don’t be surprised if the coming two announcements, which could likely be unveiled over the weeks to come, are extensions or supplementary pieces of the non-profit.

Related Reading | TA: Ethereum Nosedives, Indicators Show Signs Of Larger Downtrend

Featured image from, Charts from
The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.

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Multichain Hacker Returns 322 ETH, Keeps 62 ETH as ‘Bug Bounty’



Multichain Hacker Returns 322 ETH, Keeps 62 ETH as 'Bug Bounty'
  • Multichain claimed the critical vulnerability had been “reported and fixed.”
  • The money was returned in four separate payments.

Over the week, Multichain users lost more than $3M due to a security flaw in six tokens. More than 527 Ethereum is still untraceable even after the recovery of 322 Ethereum, which the white-hat hacker returned. One of this week’s Multichain hackers has remitted 322 ETH ($974,000) to the cross-chain routing protocol and one of the victims. As a “bug bounty,” the hacker pocketed 62 Ethereum ($187,000), while 528 Ethereum ($1.6M) remained unclaimed after the vulnerabilities.

Vulnerabilities of Six Coins

The theft of $1.43 million in WETH, PERI, OMT, WBNB, MATIC, and AVAX tokens was reported earlier this week due to a Multichain security flaw. On January 17, Multichain claimed that the critical vulnerability had been “reported and fixed.” However, due to the vulnerability’s public disclosure, many attackers pounced, stealing more than $3 million. Multichain has spent $44.5 million draining cash from numerous chain bridges to prevent severe vulnerabilities of the six coins.

Hackers calling themselves “white hat” have reached out to both Multichain and a user who lost $960,000 in the last day or two in an attempt to recover 80 percent of the money in exchange for a large finder’s fee. On January 20, Tal Be’ery, a co-founder of ZenGo wallet, posted a tweet claiming that the hacker had saved the rest of Multichain users from being attacked by bots through the act of defensive hacking.

The money was returned in four separate payments. The hacker returned 269 ETH ($813,000) to the individual he took it from in two transactions and pocketed the bug reward of $50,000 on January 20.

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Crypto Market Falls With Cardano (ADA) Losing 10% In Last 24 Hours



Crypto Market Falls With Cardano (ADA) Losing 10% In Last 24 Hours
  • In January, ethereum is down more than 18 percent.
  • Cardano’s market capitalization fell to $41.27 billion.

The worldwide cryptocurrency market capitalization has fallen by 7.75 percent in the previous 24 hours to $1.83 trillion. A decrease in investors’ confidence sent Bitcoin’s price down to $39,000 today, continuing the downward trend. The most popular and most valuable cryptocurrency in the world fell by almost 7% to $38,802. Since the beginning of this year, the value of Bitcoin has fallen by more than 14%.

Meanwhile, the second most popular cryptocurrency, Ethereum, fell below the $3,000 barrier. At $2,861, it’s down by more than 8%. Compared to Bitcoin’s 60 percent rise last year, the token gained nearly 400 percent. However, in January, the token is down more than 18 percent.

Since October 27, 2021, Cardano’s (ADA) one-day percentage loss has been the highest. Cardano’s market capitalization fell to $41.27 billion, or 2.22 percent of the overall cryptocurrency market capitalization, following the downward trend. At its peak, Cardano’s market capitalization was $94.80 billion dollars. The preceding twenty-four hours have seen Cardano move between $1.2117 and $1.2802.

Read More: Cardano Price Prediction

60.90% Down From All-time High

Cardano’s price has been stagnant for the previous seven days, moving only 1.19 percent. The last seven days have seen this currency fluctuate between $1.2113 and $1.6349. Cardano is now trading at a loss of 60.90 percent from its all-time high of $3.10 reached on September 2, 2021.

ADA/USDT: Source: TradingView

Cardano’s price is now $1.23 USD, with a 24-hour trading volume of $2,814,126,246 USD, according to CoinMarketCap. Compared to the previous day, there has been a 9.99 percent decline in the price of Cardano.

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