Beverly Harzog is a consumer finance analyst and credit card expert at U.S. News and author of The Debt Escape Plan, she paid off $20,000 of debt in only 2 years and now inspires others to do the same.
[2:37] First off can you tell us a bit about your debt payoff journey? What motivated you to tackle all that debt and what was the debt from?
● When Beverly was young she knew nothing about personal finance, she was a CPA
● Getting out of College, she got a ton of offers for credit cards
● She spent a ton of money on her image (she was self-conscious)
● She took things seriously and really cut back to get rid of her debt
[5:7] Debt, debt, debt! We’ve seen a whole bunch of rate hikes this year, debt’s like one of those things that you should be using responsibly. When do you think it’s a good time (if any) to go into debt and what are some things to look out for?
● There is good debt and bad debt,
● Good debt is something like debt on a home
● Bad debt is credit card debt
[9:14] It it’s always easy, some people have bad credit. What advice do you have for people with bad credit and do you have any good resources they can use?
● Don’t feel terrible
● Get a secured credit card; US News is a great resource
● Some credit card have fees
● If you are against a credit card, you could try get a credit builder loan.
[11:9] You wrote a post about whether you should get a credit card or a loan, do you want to give us your view of when you’d want to choose either option?
● People often reach for their credit card if they have big purchases
● If something is much more long term, then you might want to look at a loan
● Get a 0% intro APR on purchases if you have good credit
● You should always be careful of taking out any debt, get online and do research about the companies
If you want to listen to books on the go check out chainofwealth.com/audible for a free trial
Value Link Round
[15:35] What is your saving or retirement plan?
● Emergency fund – a year’s worth of expenses in the fund
● IRAs as self employed
[16:20] Do you have any other books or podcasts you can recommend?
● Beverly’s book – The Debt Escape Plan
[19:11] Favorite Quote?
● Do or do not, there is no try
[20:6] Parting piece of advice?
● If you have debt do whatever you have to do