Budget Rehab: How to Stop Paying Only Interest and Make Real Progress on Credit Card Debt
About this episode
The episode discusses strategies for tackling significant credit card debt through budgeting and various repayment options.
Learn how to tackle $25,000 in credit card debt and which payoff strategy could work best for your situation. How do you get out of $25,000 in credit card debt when minimum payments aren't making a dent? In this episode, hosts Sean Pyles, CFP®, and Elizabeth Ayoola sit down with listener Jessica, a Bay Area mom carrying three maxed-out credit cards with interest rates ranging from 11% to 24%. They walk through her real budget, including nearly $2,000 in rent, close to $1,200 in monthly transportation costs, and significant childcare expenses, to understand why her spending outpaces her income. They also explore what options could realistically help her make progress, from nonprofit credit counseling and debt management plans to whether a free bankruptcy consultation might be worth her time before committing to any path. Read our roundup of best Debt Settlement Companies: https://www.nerdwallet.com/personal-loans/learn/best-debt-settlement-companies Learn more about National Debt Relief: https://www.nationaldebtrelief.com/ Read through NerdWallet's guide to the best strategies for whittling down what you owe, depending on how much debt you have…
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