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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WSJ Your Money Briefing · Getting Out of Debt: First Steps You Can Take Yourself · 27 Dec 2022 podcast

It often has a much higher interest rate than student loans, and it's going to be different for each card.

So that's the part I would focus on first.

And I would also focus first on monthly minimum payments just to make sure that across all of your debt, you're meeting all the obligations.

There are times where it makes sense to pay more than the monthly minimum.

Then I would start with probably the highest interest rate, but not always because there's also a case to be made for tackling the smallest debt first.

And that's a psychological approach that you want an early win to show this is possible.

It's really motivating as opposed to taking a really big debt with a high interest rate.

Sure, the spreadsheet might say that you do that, but actually it's a long slog and motivation and endurance is going to be a key factor here.

You know, I take a two-pronged approach.

So a lot of people, when I'm working with them, think that they're just going to throw everything in the debt and it makes no sense to put some of it in savings because they want to work through the debt faster.

And I respect that, except for the fact that when something comes up, then you have no money to turn to.

I also think it's really habit building to be able to

save something at the same time that you're paying down debt if you're able to.

So if you're able to do those monthly minimum payments and still put, let's say, something like $50 or more in a savings account separate from your checking account, this is the way to start building that muscle so that when you do pay your debt down, you're not going to go back into it again.

That's really the main thing.

Yeah, I mean, that could be really uncomfortable.

So the first thing I would say is that if you're contacted by a debt collector, the first and most important rule of thumb is not to say that it is your debt.

Don't own it.

Say, oh, I didn't realize I owe anything.

Could you tell me more about it?

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