Moving money around is not paying off debt
Should you do a balance transfer to a lower rate interest card to help get out of debt?
Mathematically, sure. It's always better to pay less [in interest] for something. But more often that not, interest on your debt is not what's holding you back.
Are you cutting back on spending so you can pay more towards your debt?
In this video I discuss:
(timestamps)
- 0:55 - It doesn't get at the root cause of what caused you to go into debt in the first place.
- 2:20 - If you are going to transfer to a low interest card, here's how to pay it off, for good.
- 3:45 - Consolidation can also be a short-term fix that may not change your financial habits in the long run.
- 5:05 - How paying off debt can start to shift other aspects of your financial life.
- 7:25 - Link to download to help you get started in your own path!
Are you feeling ready for change?
I believe the first step to changing your financial future is to examine what you are doing right now. Do you feel like you have no idea where all your money goes? If so, you are not alone!
I've created a simple, 3-step guide to track down your spending. It's the first step that I walk through with my clients, and doing this exercise is usually an eye-opener!
Click here ⬆ to get the guide!