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Episode 2654:
Philip Taylor of PTMoney.com delves into the complex decision of using loans to pay off debt, offering a critical examination of various loan types and their implications. Taylor emphasizes the importance of addressing the underlying causes of debt and exploring self-managed debt reduction strategies, cautioning against the potential pitfalls of simply transferring debt through loans without solving the root financial behaviors.
Read along with the original article(s) here: https://ptmoney.com/getting-a-loan-to-pay-off-debt/
Quotes to ponder:
"Just because you can get a loan to pay off your debt, doesn’t mean you should."
"People who consolidate debts this way often find themselves in dangerous levels of debt again."
"Shortcuts might help you get out of debt quicker, but your habits will inevitably land you back in debt eventually."
Episode references:
Ramsey Solutions' Debt Snowball Calculator: https://www.ramseysolutions.com/debt/debt-calculator
Calculator.net's Debt Payoff Calculator: https://www.calculator.net/debt-payoff-calculator.html
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2627: Rich As I Say, Not As I Do by Nick Maggiulli of Of Dollars and Data on Wealth-Building & Financial Advice
2626: 8 Tools to Get Control of your Anxiety by Rachel Shanken of Mind Body Wise on Neuroscience
2625: 5 Tips For Saving On Groceries And Staying On Budget by Courtney Luke of Arrest Your Debt on Grocery Meal Planning
2624: [Part 2] How To Come Up With A Financial Plan Without Visiting A Professional by Jim Wang with Making Sense of Cents
2623: [Part 1] How To Come Up With A Financial Plan Without Visiting A Professional by Jim Wang with Making Sense of Cents
2622: Money Lessons From Spinning Class by Vicki Cook of Women Who Money on Social Interaction & Investment
2621: Five Things You NEED to Know Before Buying a House by James Altucher on Home Ownership & Hidden Costs
2620: Playing Financial Chess by ESI of ESI Money on Money Management & Wealth Building
2619: Ways To Save On Food That Don’t Require Extreme Couponing by Tania Brown of Financial Finesse
2618: 7 Steps to Financially Prepare for a New Baby by Amy Beardsley with Smart Money Mamas
2617: Practical Magic for Your Money by Jessica Jokisch of ChristineLuken.com on Financial Dignity & Psychology
2616: 7 Tips For Living on an Inconsistent Income by Marc with Mad Money Monster on Budgeting Strategies & Emergency Fund
2615: Getting My Wife on Board With the FIRE Lifestyle by Joel with Budgets Are Sexy on Financial Partnership & Passive Income
2614: Pick Your Hobbies Strategically and Save by Honey Smith of Get Rich Slowly on Skill Development & Financial Management
2613: We Decided To Pay Cash For Everything (Here’s What Happened Next!) by Jason Price with PT Money
2612: The Internal Financial Struggle by Andrea Joy of Saving Joyfully on Budget Management & Debt Reduction
2611: Place is Core to Financial Planning by Ryan Frederick of Here.life on Housing Decisions & Investment Potential
2610: How to Scale Down Exercise Instead of Skipping It When You Feel Low by Rachel Trotta on Workout Consistency
2609: [Part 2] The False Choices That Steal Our Future by Liz of Frugalwoods on Financial Independence & Non-Conformity
2608: [Part 1] The False Choices That Steal Our Future by Liz of Frugalwoods on Frugal Living & Conscious Choice
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