Great article with great benefits. For some it may seem that "A six step plan to fight debt" is a pack of already obvious steps, but most people continue to take loans, don’t think about interest at all and when the time comes, everyone shouts in one voice that they were deceived.
On step 4 of your 6 step plan to fight debt it is imperative that the borrower close all the accounts the consolidation loan has paid off. It is too easy to now start using the accounts now that they all have a zero balance. Dave says, "Personal finance is 20% knowledge but 80% behavior." The behavior must match the efforts we put into becoming debt free then investing our income long term.
Exactly. Reminds me of a quote from The Psychology of Money – "Doing well with money has little to do with intelligence and a lot to do with behavior." We are the products of our habits, and being aware of our habits and working on them can make a huge difference to our financial well-being.
I was shocked that my decades old credit card had somehow inched up in interest rates to nearly 20%!
I called them, knowing I had a great credit score (824) and asked them to lower it to their bottom end of 13.4%. They did. That will help me pay down more of my debt each month.
I have a 0% offer from another credit card company I have, but the transfer fee is 5%, and I don't have a very high credit limit with them, so the transfer fee might not be a big savings for the hassle of remembering to transfer money each month, and if missed by the deadline, incurring a hefty penalty and ding to my credit score.
Also, by using up a high ratio of that credit card limit with this offer, it will lower my credit score, and give the 1st card lender the excuse to jack my percentage back up.
Great article with great benefits. For some it may seem that "A six step plan to fight debt" is a pack of already obvious steps, but most people continue to take loans, don’t think about interest at all and when the time comes, everyone shouts in one voice that they were deceived.
True, the most obvious facts still need effective systems around them to make an actual difference.
Really interesting and worth reading carefully
On step 4 of your 6 step plan to fight debt it is imperative that the borrower close all the accounts the consolidation loan has paid off. It is too easy to now start using the accounts now that they all have a zero balance. Dave says, "Personal finance is 20% knowledge but 80% behavior." The behavior must match the efforts we put into becoming debt free then investing our income long term.
Exactly. Reminds me of a quote from The Psychology of Money – "Doing well with money has little to do with intelligence and a lot to do with behavior." We are the products of our habits, and being aware of our habits and working on them can make a huge difference to our financial well-being.
I must say i'm angered by that title in my inbox....
Hahaha
Great content 👍
A very enjoyable read, I love your style, thank you!
Thanks!
Thank you for this newsletter Graham :)
This is an amazing article and weekly newsletter! You do fantastic work! Thanks so much.
Thanks Blake
Fantastic article Graham. Glad I saw this one and opened it amongst the 1000s of emails I get. Flagged for later :)
I was shocked that my decades old credit card had somehow inched up in interest rates to nearly 20%!
I called them, knowing I had a great credit score (824) and asked them to lower it to their bottom end of 13.4%. They did. That will help me pay down more of my debt each month.
I have a 0% offer from another credit card company I have, but the transfer fee is 5%, and I don't have a very high credit limit with them, so the transfer fee might not be a big savings for the hassle of remembering to transfer money each month, and if missed by the deadline, incurring a hefty penalty and ding to my credit score.
Also, by using up a high ratio of that credit card limit with this offer, it will lower my credit score, and give the 1st card lender the excuse to jack my percentage back up.