211. How to Pay Off Credit Card Debt

8 snips

Jan 30, 2025

Struggling with credit card debt? Discover the sneaky ways interest rates impact your hard-earned money. Learn effective strategies like the snowball and avalanche methods for repayment. Explore the benefits of personal loans to consolidate debt and the importance of maintaining an emergency fund. Transform your mindset by visualizing financial success and embrace community support on your journey to financial freedom. It's all about taking control and fighting for your financial empowerment!

Ask episode

AI Snips

Chapters

Books

Transcript

Episode notes

INSIGHT

Debt Components

Debt has two parts: principal (original amount) and interest (the extra cost).
Not all debt is created equal; interest rates, accrual periods, and compounding methods vary.

INSIGHT

Credit Card Interest

Credit card interest is typically high (22%-30%), accrues daily, and compounds.
This trifecta makes credit card debt dangerous, as interest quickly accumulates.

ADVICE

Responsible Credit Card Use

Use credit cards responsibly to build credit, enjoy security, and earn rewards.
Always spend within your means and pay your balance in full and on time every month.

Get the Snipd Podcast app to discover more snips from this episode

Get the app

If you’ve been struggling to break free from credit card debt––you’re in the right place. In this episode, I’m diving deep into one of the most commonly requested topics: the ins and outs of credit card debt. We’ll uncover how sneaky interest rates can chip away at your hard-earned money every single day and explore powerful strategies to help you tackle that high-interest debt so you can finally breathe easy. As someone who’s dedicated to helping women save money, invest, and feel financially confident, I firmly believe that understanding your debt is the first crucial step in breaking free from it. When we take back control of our finances, we collectively fight the patriarchy—by making ourselves richer, savvier, and fully in control of our money.

Resources mentioned:

Check to see if you qualify for my partner personal loan recommendation (doesn’t hurt your credit score! Terms apply: https://soficreator.pxf.io/c/1408818/2083784/25681?adcampaigngroup=lending&adnetwork=brand

Our favorite travel and cash-back credit cards, plus other financial resources: herfirst100k.com/tools

Read transcripts, learn more about our guests and sponsors, and get more resources at https://herfirst100k.com/financial-feminist-show-notes/211-how-to-pay-off-credit-card-debt/

Not sure where to start on your financial journey? Take our FREE money personality quiz! https://herfirst100k.com/quiz

Looking for accountability, live coaching, and deeper financial education? Check out our exclusive community, The $100k Club: https://herfirst100k.com/100k-pod

Special thanks to our sponsors:

Squarespace

Go to www.squarespace.com/FFPOD to save 10% off your first website or domain purchase.

Rocket Money

Stop wasting money on things you don’t use. Cancel your unwanted subscriptions by going to RocketMoney.com/FFPOD.

Quince

Get cozy in Quince's high-quality wardrobe essentials. Go to Quince.com/FFPOD for free shipping on your order and 365-day returns.

Netsuite

Download the CFO’s Guide to AI and Machine Learning at NetSuite.com/FFPOD.

Gusto

Run your first payroll with Gusto and get three months free at gusto.com/ffpod.

Indeed

Hiring? Indeed is all you need. Get a $75 sponsored job credit to get your jobs more visibility at www.indeed.com/ffpod.

Public

Fund your account in five minutes or less at public.com/ffpod and get up to $10,000 when you transfer your old portfolio. (see disclosures: https://herfirst100k.com/financial-feminist-show-notes/211-how-to-pay-off-credit-card-debt/)

Learn more about your ad choices. Visit megaphone.fm/adchoices