How Americans Can Get Out of Debt by Avoiding Financial Quicksand (#341)
Manage episode 443277570 series 3320629
In this episode, A.B. Ridgeway, a Certified Private Wealth Advisor®️ professional and host of Financial Advisors Say The Darndest Things, dives into debt management, one of the four pillars of Christian finance. He shares practical advice on how to navigate credit card debt, avoid financial quicksand, and improve your credit score to regain control of your financial future. With the help of expert advice and listener stories, A.B. discusses the importance of credit and how to take actionable steps to pay down debt and avoid high-interest traps.
Key Takeaways:
- Understanding Financial Quicksand: Credit card debt, especially with high-interest rates like 23%, can feel like quicksand. It’s crucial to address this debt immediately to avoid sinking deeper.
- Improve Your Credit Score: Good credit is essential to taking advantage of better financial options, such as transferring balances or obtaining personal loans with lower interest rates. Focus on improving your credit score by making consistent, timely payments.
- Explore Multiple Financial Avenues: Don’t settle for a “no” from just one or two lenders. Broaden your search and negotiate with banks and credit card companies to find better options for paying off debt.
Notable Quotes:
- “Credit card debt is financial quicksand. The more you struggle without a plan, the deeper you sink.”
- “When you're in debt, credit really does matter. It’s like telling the world you haven’t paid off the people you owe.”
- “The focus should be on paying down your debt to improve your credit, so you can access better financial tools and opportunities in the future.”
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*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.
Video/Audio Credit: The Today Show
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