This is especially the case for credit cards, as they have high annual percentage rates that vary as interest rates change.
Here’s why this part is essential: It takes you out of autopilot. You may have been making minimum payments on your debts because that’s what you felt you could handle. And while that approach does allow you to avoid late fees and knocks to your credit scores, it’ll keep you trapped in debt for a much longer time. If you can shift your spending even slightly, you may be able to afford bigger payments.
Rivera sometimes recommends temporarily limiting contributions to retirement accounts if your credit card interest rate exceeds the return you’d get on investments. She also looks at whether her clients can make more dramatic lifestyle changes, like taking on a side hustle for more income, or getting a roommate to cut down on living expenses.
— LOOK INTO BALANCE TRANSFER CREDIT CARDS: These offers generally charge a one-time fee and require good credit . But they let you move debt onto a card charging 0% interest for up to nearly two years, depending on the card. You’ll save on interest, but don’t let your debt sit there without a plan. Aim to pay off your debt before the interest kicks in again, and use debit cards or cash to make purchases so you don’t add to your debt.
BidenDeliversAGAIN BidenWorstPresidentEver Bidenflation
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