How to Escape Credit Card & Personal Debt
NEW YORK, NY, April 09, 2019 /24-7PressRelease/ — Money Answers Show host, Jordan Goodman, invited Gerri Detweiler, Head of Market Education for Nav and author, to his weekly podcast on how to answer your credit questions and how to manage your personal and credit card debt.
Money Answers Show episode, “What Every Credit Card User Should Know with Gerri Detweiler” discusses how to keep your credit score where you want it to be by managing your debt to spending ratio, monitoring interest rates, and how to pay off debt with a realistic plan that fits your needs.
Consumer debt builds in ebbs and flows, and during times of stability, people may often go into more debt than they are able to afford. Life interruptions happen such as medical emergencies, unemployment, or disability which can leave debt a large hindrance on a consumer.
Two important pieces of information to know are your credit card interest rates and your credit score. Credit card interest rates are slowly on the rise and are tied to rates in the economy as well as a potential rise in Federal Reserve interest rates. Higher interest rates can lead to more difficulty getting out of debt. Average rates are between 15% and 18%. Moving your balance to take advantage of an 18-24 month 0% interest rate is a potential strategy if done correctly. Debt consolidation may also be an option but be sure your payments are sent on time to avoid fees.
Knowing your debt amount is also essential to staying in control. Credit scores are calculated using the most recent financial information, within the last two years, and your debt to income ratio.
Detweiler states, “generally for most consumers, once your balance is starting to creep up above 20 to 25% of your available credit, it starts to impact your credit scores potentially in a negative way.” You may want to consider working with your companies before a balance transfer to help extend credit limits and avoid a high debt to income ratio.
As head of marketing education at Nav, Detweiler also has essential insight to maintaining healthy credit as a small business owner. She offers insight on how to build strong credit for your business without having to use personal credit.
Whether you are a consumer or business owner, managing your debt and credit score is important to a healthy financial future.
For more information on how to get your planning back on track, check out “What Every Credit Card User Should Know with Gerri Detweiler” and other great podcasts from the Money Answers Show.
You can listen to The Money Answers Show with Jordan Goodman live every Monday 12 p.m. PST; 3 p.m. EST. or download the podcast on iTunes, Stitcher, or wherever you get your podcasts. You can also catch Goodman on Money Answers TV. If you’re looking for additional information on financial topics, you can read Goodman’s books on everything from repaying your student loans to real estate.
Jordan E. Goodman is “America’s Money Answers Man” and a nationally-recognized expert on personal finance. He is a regular guest on numerous radio and television call-in shows across the country, answering questions on personal financial topics. He appears frequently on The View, Fox News Network, Fox Business Network, CNN, CNBC, and the CBS Evening News. He is the author/co-author of 13 best-selling books on personal finance including “Master Your Debt Fast Profits in Hard Times,” “Everyone’s Money Book,” “Master Your Money Type,” “Barron’s Dictionary of Finance and Investment Terms and Barron’s Finance and Investment Handbook.” Jordan is also a speaker and seminar leader on personal finance topics for business executives, students, associations, investment clubs, employees and others. For more information, please visit https://www.moneyanswers.com.
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