With consumer debt hitting record levels, here’s a simple method to shrink your credit card balances.
Transcript:
Bernadette Joy: A lot of personal finance folks just say, you know, pay off your credit card every month and make sure you know you’re not getting into debt. But I actually encourage all my clients to pay off their credit cards every week. And that’s a big change for people, especially those who feel like, oh, they’re not they’re not actually in a bad shape because they pay off their credit card every month. What I found is that a lot of folks, even though they’re paying off every month, they’re actually behind. If you think about it, all those expenses that are accruing for that balance that you pay at the end of the month was sometimes 30 days ago, if it started like in that cycle. And so what I found for folks to be able to really get ahead of that debt, especially with credit card interest rates being so high right now, is to pay it off every week. And so, you know, taking 15 minutes on a Friday afternoon to check in on it makes a big difference.
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