Amber Burton

speaker

331 appearances 7 recordings 1 series first heard Nov 2020 last heard Jun 2021

Amber Burton’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · After Paying Off Your Credit-Card Debt, What's Next? · 21 May 2021 podcast

One financial advisor I spoke with said, really taking a look at your debt kind of in a holistic way is the best way to figure that out.

So for example, when you're looking at, maybe I should move on to my auto loans next.

It's looking at, you know, how much debt is left on that auto loan?

Has that debt surpassed the actual price of the car?

If so, you know, it might be better for you to start considering right away, should I just go ahead and sell the car and cut my losses here?

Or should I just double down and go ahead and pay this one right away?

So taking it all into consideration, laying it out in front of you will help you figure out, you know, the immediacy in which you should be paying it all off.

People can keep their credit score high if they just continue to pay that bill in full every month.

So paying it in whole instead of paying the minimum is going to keep that credit score up so you can keep enjoying the benefits of that higher credit score.

Yeah, we all know that the higher the credit score, the more access you seem to have to the financial system.

So one of the perks that comes with that is access to different things like being able to refinance.

So you're able to refinance some other loans in debt that you might have and get a lower interest rate.

So that's one big perk to look into.

You also have the ability to create space for taking on additional credit assets.

You know, maybe taking out additional loans if you're looking to buy a house or even, you know, get a car.

This will make it a little bit easier.

Having that higher credit score makes you eligible to take on some of those new assets and financial milestones.

Existing credit card debt can actually be beneficial because you do have more options these days to do something like a balance transfer.

So if you do still have a balance, it's okay.

There are more offers appearing right now as we come out of the pandemic.

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