188: How to Get out of Credit Card Debt | Feedback Friday
Apr 19, 2019
Struggling with credit card debt? Discover practical tips from financial expert Ramit Sethi on how to take control of your finances without feeling overwhelmed. The conversation dives into the emotional aspects of financial struggles, including whether to confide in family. There's also an insightful discussion about supporting loved ones dealing with health anxieties post-surgery and navigating relationship fallout after breakups. Plus, find effective travel tips for connecting with locals while abroad!
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volunteer_activism ADVICE
Addressing Credit Card Debt
Consider telling your family about debt issues if they're supportive, but be mindful of potential added stress.
Negotiate lower interest rates with credit card companies; they often prefer retaining customers to losing them.
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Practical Tips for Debt Management
Freeze your credit cards to avoid temptation and give yourself time to reflect before using them.
Prioritize paying off the card with the highest interest rate first to save money.
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Supporting a Hypochondriac Spouse
If your spouse catastrophizes pain after cancer treatment, encourage therapy or online counseling like BetterHelp.
Validate their feelings but gently suggest professional help for managing health anxiety.
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This book, updated for a new era, provides a simple and powerful 6-week program to manage finances. Ramit Sethi focuses on behavioral psychology to help readers save more, earn more, and automate their finances. Key lessons include focusing on big wins rather than small savings, automating financial tasks, and spending guilt-free on things you love while cutting back on unnecessary expenses. The book also covers topics like crushing debt, setting up high-interest bank accounts, and long-term investing in index funds.
If you've gotten yourself into credit card debt, it's hard to see a way out. Minimum payments can be as much as rent and won't always whittle down the debt because your interest rates are probably too high. With thanks again to Ramit Sethi (@ramit) of I Will Teach You to Be Rich, we'll show you how get out of credit card debt more easily than you probably think possible.
And in case you didn't already know it, Jordan Harbinger (@JordanHarbinger) and Jason DeFillippo (@jpdef) banter and take your comments and questions for Feedback Friday right here every week! If you want us to answer your question, register your feedback, or tell your story on one of our upcoming weekly Feedback Friday episodes, drop us a line at friday@jordanharbinger.com. Now let's dive in!
You're in more credit card debt than you'd like. Should you tell your family about it so you don't feel like you're hiding something from them?
While we're on the topic of credit card debt, we share some tips from Ramit Sethi for getting that debt under control (Script found here).
After surgery, monitoring, and an almost clean bill of health, how can you encourage your spouse that every pain experienced now isn't cancer?
How do you deal with blame and taking responsibility after the breakup of a long-term relationship and the fallout of shared property?
When visiting another country, we've advised hiring a local to hang out with and guide you around. But where can you find such a guide?
How can you find a suitable, non-nuclear solution for you and your long-time partner to travel together, given different work circumstances?
Going from employee to entrepreneur in an industry where name equals credibility, how do you keep your name safe if your business fails?
So you want to get involved in politics or some other high-profile career? You might want to scrub those old social media posts; here's how.
Your timing for knowing when to interject in a conversation could be better. How do you improve it?
Life Pro Tip: Keep a $100 bill folded in a side compartment of your wallet in a doggie poop bag. The money is for emergencies. The bag is for protecting your valuables if you're caught out in the rain.
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