Chain of Wealth

E132 – Beverly Harzog

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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


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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

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Chain of Wealth

Chain of Wealth

The Chain of Wealth podcast is a biweekly podcast boasting over 500,000 downloads. We interview inspirational guests about money topics. You can learn more about us here.

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