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
So there's pros and cons of this.
The pro is that instead of having a 29% interest rate, which I just saw one of my clients recently had, everything you're paying back is principal.
So it really saves time and saves money.
But the con side is if you're the person that's going to keep charging things, then the clock is going to run out and that 0% goes to a much higher balance.
But for people who are like, I'm very focused, I make enough money to do this.
I'm going to do it.
I think that the 0% balance is really a great opportunity to get rid of this.
Because think of it this way.
When you have $10,000 of credit card debt, some people will see it as, oh, I just have to pay off $10,000.
But actually, if it comes with a 19%, 25%, 30% interest rate, it will take you much longer.
You don't realize how insidious the interest rate is.
Oh, absolutely.
What you don't want to do is close the card or leave it dormant.
Because if you close the card, now you're shrinking your available credit.
And when you are using credit, it's a bigger proportion.
And we don't often think of that because if you don't work in the credit industry, you don't know.
So you do want to keep the card open after it's been paid off.
But what you would do is you'd put a low-cost item that's reoccurring, like my Netflix example, and auto-pay it so you never miss a payment.
That automating the $10 and forgetting about it, so to speak, but knowing that it'll be covered...
is going to pump good information into your credit score, showing that you paid it off, you're a responsible user, the card is still open, and that's going to help the score as you're battling through the rest of the debt.
Showing 21–40 of 136 · page 2 of 7
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