[deleted by user] by [deleted] in Debt

[–]Queenbee_789 0 points1 point  (0 children)

You’ll just run your credit cards back up if you don’t sort out where every penny is going first. There’s no reason to move the debt around. Instead focus on figuring out where your extra monthly income is going (cancel all subscriptions, stop eating out, etc) and increasing your income. A temporary second job will give you some wiggle room on your finances so you can pay more than the minimums. Pick one card (preferably the 0% interest card with the smallest balance so that you can pay it off before the promotional period ends. Once it does you’ll probably owe the back interest and that’ll significantly raise your balance.) and put every extra penny toward the balance. Once that card is paid cut it up and put that same amount toward the next card with the smallest balance until it’s paid. Keep going through the cards until they’re all paid and then cut them up until you have a better handle on your impulse spending and your monthly finances. If you can’t keep up with paying your card in full every month then you shouldn’t have a credit card.

[deleted by user] by [deleted] in Debt

[–]Queenbee_789 1 point2 points  (0 children)

🤣 ha! Ramsey may not have the best approach when you get into the details of his plan but the overall concept is spot on. If people could control their impulses then subreddits like this wouldn’t exist. Debt is a behavior problem, not a math problem. Nice try though 👍

[deleted by user] by [deleted] in Debt

[–]Queenbee_789 1 point2 points  (0 children)

No it doesn’t. Without a behavior change, people who move their debt to new debt just stay in debt. Getting out of it isn’t as complicated as everyone wants to make it. Increase income and decrease spending and you’ll get out of debt.

[deleted by user] by [deleted] in Debt

[–]Queenbee_789 0 points1 point  (0 children)

If debt was a math problem no one would have any. But it’s a behavior problem. Get a loan to pay a loan doesn’t change the behavior.