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Episode 2654:
Philip Taylor of PTMoney.com delves into the complex decision of using loans to pay off debt, offering a critical examination of various loan types and their implications. Taylor emphasizes the importance of addressing the underlying causes of debt and exploring self-managed debt reduction strategies, cautioning against the potential pitfalls of simply transferring debt through loans without solving the root financial behaviors.
Read along with the original article(s) here: https://ptmoney.com/getting-a-loan-to-pay-off-debt/
Quotes to ponder:
"Just because you can get a loan to pay off your debt, doesn’t mean you should."
"People who consolidate debts this way often find themselves in dangerous levels of debt again."
"Shortcuts might help you get out of debt quicker, but your habits will inevitably land you back in debt eventually."
Episode references:
Ramsey Solutions' Debt Snowball Calculator: https://www.ramseysolutions.com/debt/debt-calculator
Calculator.net's Debt Payoff Calculator: https://www.calculator.net/debt-payoff-calculator.html
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Optimal Finance Daily - Financial Independence and Money Advice