Once you acquire debt, it’s not uncommon to begin worrying about how to pay it off. In our most recent WalletWorks podcast episode, hosts Sara and Lisa discuss different types of debt, various strategies for paying it down, and how debt can have an impact on your overall financial health.
When planning to eliminate your debt, not only will you want to consider different payoff strategies – like snowball vs. avalanche – but you’ll need to determine what funds you have available to put toward your debt payments. The hosts discuss ways to cut expenses in your current budget outside of skipping a cup of coffee or clipping coupons. You’ll learn tips for reducing your expenses, and they’ll help you determine if debt consolidation might be right for you.
In each episode of the WalletWorks podcast, Sara and Lisa will answer questions from the audience. This week, our audience has questions about 0% interest offers, why credit scores drop after paying off debt, and whether you should carry a balance on your credit card to help build credit. To find out answers to these questions along with other tips and tricks for eliminating debt, download our latest episode.
If you have a financial question you’d like to ask, please email the WalletWorks podcast at walletworks@psecu.com. All submissions will remain anonymous. If you’d like, you can subscribe to the podcast and get updates when we release new episodes. Visit psecu.com/learn for any additional financial tips & tools from our WalletWorks program.