290. Study Hall: Credit Card Debt
Notas do episódio
In this edition of Study Hall, I'm compiling all of our best credit card debt advice into one place so you can stop Googling in a shame spiral at 2 a.m. and actually understand what's going on with your debt. I'm breaking down how interest really works (and why credit card debt is uniquely expensive), walking you through step-by-step payoff strategies, including the avalanche method, the Debt Free Guys' lasso method, and using personal loans to consolidate, and I'm finishing with some real talk about why shame is the worst debt payoff strategy on the planet. If you're carrying credit card debt and you feel stuck, overwhelmed, or like it's somehow your fault: this episode is your starting line.
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00:00 What makes up debt?
01:00 How credit card interest actually works
04:00 Why credit card debt compounds into a "slippery slope"
05:30 Paying down the principal to reduce total cost
06:30 Getting your debt payoff plan together
07:00 Step-by-step: list debts, calculate payments, find extra
08:30 The avalanche method explained
09:30 Tori's Toyota story: paying toward principal
12:00 The Debt Lasso Method with the Debt Free Guys
16:00 Why balance transfers only work with a real plan
18:30 Personal loans: what they are and why they work
22:00 Simple interest vs. compound interest for debt
23:00 Things to consider before getting a personal loan
25:00 When personal loans are NOT the right move
28:00 What personal loans should NOT be used for
29:00 Debt settlement and your rights as a consumer with Leslie Tayne, Esq.
31:00 The Fair Debt Collection Practices Act
33:00 Tori's closing pep talk: debt is not a personal failing
35:00 Goal-setting hack: specific, timely, and mission-driven
37:00 Writing goals in past tense — the visualization hack
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