How To Budget For Credit Card Debt
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In our latest series, The Budget Fix, TFD creative director Holly Trantham and financial educator Berna Anat dissect real-life budgets to help you better reach your long-term money goals. In this episode, budgeter Dawn shares her struggles with credit card debt, having now accumulated $7,000 in debt after going in and out of credit card debt for years. We discuss Dawn's scarcity mentality, spending guilt, student loans and the PSLF program, and feeling more confident in long-term financial stability.
Thanks to our amazing cohost Berna Anat!
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DISCLAIMER: This is for educational and entertainment purposes, and folks should always seek help from a licensed financial professional for their individual situations.
00:00 Intro
00:25 Ad break
02:29 Our budgeter, Dawn
20:23 Mild budget fix
30:10 Medium budget fix
39:07 Spicy budget fix
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why did this turn into a religioustrological conversation 💀lmao
The debit card idea for dining out or entertainment is a good idea. I struggle with having cash reserves vs paying off CC debt. I’d like to get to just having 1 month’s bills or salary saved. Then I’d feel good about tackling CC debt
Why does every video on this channel have to have these constant political comments. WE GET IT! It is more than clear what political party you all agree with and which one you don’t. The worst part is that I really liked the financial content. When did the financial diet turn into a platform for your political views with a side of financial advise. AGHHHH. If I wanted to listen to a political podcast I would, this was to be a financial channel.
Snowflake mentality. No one’s financial situation lives in a vacuum, and there are DRASTIC changes happening at the federal level. If you don’t like it, find someone who will tell you to buy gold or crypto or something
It’s relevant to this person’s budgeting that government programs are being shut down. The financial is political. I understand saying this on other videos that are mostly opinion, but this is all based on changes happening in our world right now.
Sweetie! Why are you here then?! Politics and finance are interwined! Or else you wouldnt have these companies and private equity firms lobby politicians to push legislation to their favor! So stupid! Look at Trump dismantling federal regulatory agencies that protect consumers
Personal finance has always been political.
If you are on a federal loan forgiveness program then it matters whether that program gets deleted. Did you listen to video?
Why do you assume that inherited scarcity is from beimg a child of immivra t families? Many children of depression era parents inherited this attitude without being 1st gen Americans. Additionally, many families come here with money and move into houses tgey own. Stop with the idealogical assumptions! Y’all are showing your bias and immaturity.
Yes, agree. Many parents and grandparents views on scarcity have severely impacted their children’s views on finances. There are so many that didn’t come from a family that has budgeting or investment knowledge, etc. It’s wild that there is such an implication that because of the color of someone’s skin they have the privilege of knowledge of xyz financial information.
What? Both can be true. This person *is* a child of immigrants who brought it up specifically because it impacted her money habits, they didn’t just assume it.
They mentioned an application, so this person probably mentioned it. Also just because being a child of immigrants is one way to have financial trauma doesn’t mean that there are other ways
My understanding is that if you chose to continue making student loan payments, then those payments still count toward loan forgiveness. However, there is no penalty for not making payments, as interest is not accruing and payments are not due as normal, so making those payments is optional. I have little enough debt that it makes more sense to wait it out and see if SAVE will go through, but for people with a lot of debt it may make more sense to pay the principal down while interest is frozen, because even if the loan forgiveness program fails, that’s less debt that will start accruing interest again.
Just want to say I am really enjoying these, they are very cool ❤ it’s nice to see examples that seem more realistic, that aren’t shamed, and answers are explained and even has alternatives. Love these can’t wait to see more of them!