Stephanie Genkin
speaker
136 appearances
3 recordings
1 series
first heard Dec 2022
last heard Dec 2024
Stephanie Genkin’s voice in public audio — every appearance, attributed to the second.
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Appearances
First of all, anybody who's in debt, be kind to yourself if you have credit card debt and try not to judge yourself or be shamed by it.
This will help you actually tackle it.
And the second thing I would say is the mindset is not to try to do it so fast because probably it didn't happen quickly, but to give yourself grace to actually get rid of it properly.
So there's two methods that people use.
One is the snowball where you start with the smallest debt first, build that muscle up, and then it's motivating to keep going.
It's like practicing for a marathon.
You run short races first and you build up.
And that works for some people where they might have self-doubt and they need a quick win.
The other way of doing it is looking at the highest interest rate first.
That's going to save you the most amount of money.
But it's also possible that across three cards that total $10,000, it's a long slog and you can get discouraged along the way.
Debt consolidation is usually working with a company that is going to help put all your debt together, possibly lower the rate, do some negotiation.
I don't really favor that as the first thing to go to.
I like to encourage do-it-yourselfers first and gain that confidence with a little bit of organization to get it done.
So one of the things that one should try before even just throwing up your hands and saying, I can't do this, I'm going to refer to a debt consolidation.
In this case, I'll use the example of take a clean piece of paper and write down each credit card, the total balance, the interest rate, and your monthly minimum payment.
When I have my clients do that as part of a financial intake,
the clarity just comes into focus many times people are not looking at this because they're upset what they have they're beating themselves up and they don't want to look and then what you're going to do is understanding that you're going to find room in your budget otherwise known as a spending plan to see where you might be able to cut down some spending you don't need right now to put it more towards the credit card debt
Often when I'm trying to be efficient, I tell people make monthly minimum payments on two of the three cards and then give the biggest punch monthly to the one that you want to tackle first, whether it's the lowest balance to get a quick win or the highest interest rate to save the most amount of money.
Once that's paid off, then you can snowball it into the next.
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