Life Kit A shame-free guide to digging out of debt
Oct 19, 2023
Stacey Vanek-Smith, NPR's global economics correspondent, dives into the realities of debt and personal finance. She discusses the rising debt crisis in America and the common life events that contribute to financial struggles. Stacey offers empowering, shame-free strategies for tackling debt, such as negotiating lower interest rates and prioritizing repayments. She emphasizes the importance of budgeting while saving for emergencies, ensuring listeners gain both immediate relief and long-term financial discipline.
AI Snips
Chapters
Transcript
Episode notes
Prioritize High-Interest Debt
- Prioritize paying off high-interest debt, like credit cards, first.
- Look at the interest rates on all debts and tackle the highest ones aggressively.
Negotiate Lower Interest Rates
- Negotiate lower interest rates with credit card companies by leveraging other offers.
- Call your current card company and ask them to match or beat competitor's lower rates.
Build Emergency Savings
- Build an emergency fund, even while paying down debt, to avoid future credit card charges.
- Aim for a small cushion (e.g., $500) to handle unexpected expenses.