How to get rid of credit card debt (and medical debt) FAST?
My guest today is a credit card expert who doesn’t just talk the talk but walks the walk on paying off credit cards to achieve financial independence.
👉 How To Take Control Of Your Financial Future And Make Your Money Work For You, So You Can Sleep Soundly At Night…
(Without relying on your husband and even if you are super busy…)
How To Pay Off Credit Card Debt? Best Methods
Beverly explains some of the best practices to pay off your credit card debt at minute 3:55 of this interview.
She says:
“One of the books I’ve written confessions of credit junkie, I use the blizzard debt method, the Snowball debt method, and avalanche Debt method.
With Debt Snowball, you start paying off credit card debt with the low smallest balance on a credit card and you work your way up to the largest and you pay more money this way because you weren’t thinking about the interest rate, but you get that quick lift, you know, for paid something off quickly.”
Beverly continues:
“The avalanche debt method is would you start with the highest APR and they go down to the lowest you save more money. So I just combine the two I started with the snowball and started with my smallest balance because I needed to feel good about something in a hurry to keep going and then I switched to avalanche.”
After you watch the video, go to the comment section and let me know if it makes sense for you to move your credit card debt to a personal loan.
Moms:
How To Take Control Of Your Financial Future
And Make Your Money Work For You,
So You Can Sleep Soundly At Night
(Without relying on your husband and even if are super busy)
HOW TO GET RID OF MEDICAL DEBT
On minute 6:40 of this interview, Beverly goes over special situations and paying off medical debt. She says:
”
One thing that I recommend to pay off debt is that you call your medical providers and talk to them about your bill. You know, let them know that you were unable to work because of the symptoms. Just be upfront and honest, you can do this with credit card issuers as well.
They have hardship departments. So if it’s a situation, say where you think you’re going to be out of work for a year, and then you think things are going to be looking up for you, again, you’ll be able to work again, call and talk to your credit card issuers hardship department about that.”
Beverly continues:
“They will try to put together a program for you things usually last about a year. So it’s for short term issues they might let you skip a couple of payments or they might let you pay half of the minimum payment just to stay current is best you can.
Let’s say you’ve got 100 grand and medical debt. Call a credit counselor to talk to somebody at National Foundation for Credit Counseling, and spend an hour on the phone with a counselor there and then and then you can decide what would be the best path for you to take. Now, some people in this situation do end up with debt, management program or even bankruptcy. But in most cases, sometimes just a little nudge from the counselor can get you sent off in the right direction, and that helps you recover that do something.
It’s only going to get worse if you don’t can be proactive about.”
About Credit Card Debt Expert, Beverly Harzog
Beverly Harzog is a nationally recognized personal finance and credit card expert for U.S. News & World Report. She’s also the bestselling and award-winning author of five personal finance books. She is also a former shopaholic who maxed out seven credit cards and racked up more than $20,000 worth of credit card debt, and shares the debt payment strategy she used to get out of debt in just two years!
Before becoming a writer, she worked as a CPA for the former BellSouth Mobility. After maxing out seven credit cards and getting into credit card debt, she decided to leave her cubicle to become a financial journalist and help others avoid the mistakes she had made. Through her books and media appearances, she’s become well-known in the credit industry as a consumer advocate.
Harzog was a successful freelance journalist for over 20 years, writing for major national magazines and custom publications. She became so entrenched in the credit industry, that in 2008, she was approached by CardRatings.com to be a credit card spokesperson for their site. In 2010, Harzog then went on to become the credit card expert for Credit.com.
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