All tagged debt payoff
Like most things in personal finance, balance transfers can be a helpful tool or a total trap, and figuring out which one it’ll be depends on your situation, your habits, and your plan.
Let’s break down how these offers actually work, what to watch out for, and how to decide if it’s the right move for you.
Why it helps: Late payments have the biggest impact on bringing down your credit score. Automatic payments ensure you never miss a due date. Partnering automatic payments with a plan for your money is key (more on that later).
This not only prevents forgetfulness, which is a common ADHD challenge but also keeps your payment history spotless, a crucial component of your credit score.
What do I recommend to my clients (and anyone else who will listen)? Start by working on a small emergency fund while paying minimums on your debts, and then aggressively tackle your debt. And yes, there’s a method to this madness that can help you avoid financial stress in the long run.
Credit cards can be great tools to help minimize your financial risk. If your card is compromised and used by someone else, the credit card companies have procedures in place so you are not responsible for the charges. We have had this happen several times and have always been credited back the money for the charges.
