What the Fed Rate cut means for your house, car, and credit cards

Financial Advisors Say The Darndest Things

In this episode of Financial Advisors Say The Darndest Things, A.B. Ridgeway breaks down the financial quicksand that is credit card debt and shares strategies to regain control of your financial future. With interest rates climbing to as high as 23%, getting out of credit card debt seems harder than ever. But with the right approach, such as leveraging personal loans, improving credit scores, and negotiating with creditors, you can begin to make real progress.

Here’s how to approach it:

3 Key Takeaways:

1. Use a Personal Loan to Escape High-Interest Debt Credit cards can carry overwhelming interest rates, but personal loans often offer much lower rates. Use the loan to pay off your credit cards, then focus on chipping away at the loan itself. This can help avoid paying upwards of 23% in interest fees.
2. Good Credit is Your Golden Ticket Whether it’s getting a personal loan, refinancing debt, or negotiating better interest rates, good credit is the foundation. Focus on improving your credit score before making any major financial moves, as it significantly impacts your financial opportunities.
3. Always Negotiate for Better Terms One of the best-kept secrets in personal finance is the power of negotiation. Don’t hesitate to call your credit card company and ask for a lower interest rate. Studies show that this works over 76% of the time—simply asking can save you thousands in interest over time.

3 Powerful Quotes:

1. "Who wants to pay 23% interest? Nobody." — A.B. Ridgeway This highlights the crippling effect high-interest rates can have on your financial freedom.
2. "Credit is like telling the world, you have not paid off the people you owe." — A.B. Ridgeway This vivid analogy underscores how crucial your credit score is in the financial world.
3. "It is very dishonest to take money from someone and refuse to pay them back, whether it's your student loan, credit card, or anything else." — A.B. Ridgeway A reminder that integrity in finance means honoring your commitments and paying off debts.

This episode emphasizes the importance of taking proactive steps to manage debt, protect your credit, and negotiate better financial terms. It’s not just about paying off debt but building a strategy that protects your financial 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: Today