How to Money A Foolproof Plan to Ditch Debt (Bestie) #924
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Dec 27, 2024 Sitting too much can be as harmful as consumer debt! Dive into strategies for managing debt effectively, from negotiating lower interest rates to understanding budget essentials. Discover how to conquer post-holiday financial hangovers and the psychology behind repayment methods. Explore popular techniques like the debt snowball versus avalanche approaches. Plus, celebrate those small victories along the way, envisioning a brighter, debt-free financial future!
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Debt's Sneaky Impact
- Consumer debt, especially credit card debt, can be harmful long-term, similar to how excessive sitting impacts health.
- Small amounts of debt may seem manageable, but they accumulate and worsen over time, hindering financial goals.
The Rising Cost of Debt
- Credit card debt is worsening due to rising interest rates, approaching 20% APR.
- Many people remain unaware of their credit card interest rates, hindering their motivation to tackle debt.
Buy Now, Pay Later Pitfall
- A listener, an HR manager, shared that a job applicant had 18 delinquent buy now, pay later accounts.
- This negatively impacted his chances because it suggested irresponsibility, especially for government jobs with security clearances.