Also in this playlist...
This transcript is automatically generated
Bombs and Rochester New York hey Bob what's up.
They -- thanks for taking my call.
I'm sixty years old and married for 35 years and I just recently found out that my wife has been running -- some credit cards that.
But -- -- tells me that she's having a tough time making the payments and interest rates are shooting upward as they always do when you missed payments.
And so she wants her ideas to kick out of -- or home equity loan or.
-- home equity.
Line of credit.
And I'm not sure that that's the best option.
How much credit card debt -- run out.
She tells -- it's about forty grand.
-- -- that the truth.
I hope it's true -- And what's your household income.
Household income of 80000 dollars -- We -- our own home we don't have a mortgage.
That's great and so -- -- the spending what what's broken.
After thirty some years of marriage or six years -- why does she go crazy like this.
That's a good thing to know because that you know the problem is second wave a -- pay off this debt they'll grow around back more.
Well I -- what you're saying and I know it's of failure of communication on my -- probably partially at least.
90% my fault because when we got married.
She would stay home mom and we spent -- I spent most of my.
Waking hours trying to make a living and then include a lot of travel salute you Lotta times.
But -- moment so became easy for her easier for our -- picture of the pills -- -- I don't see the bills.
Still if you're only here and it's still after all these years you don't see -- no I don't well I think you guys have got to fix that.
You're gonna have to be not now take over the bills but -- you need to have a game plan where you agree work together and we agree that we're not doing this ever again.
I think -- -- That's a big part of the formula as we have to.
Make sure that this this -- is dugout by the roots Sullivan grow back we missed -- top of an off but it'll grow right back otherwise.
And I wanna go all the way down -- that the system that's broken and then the people and make sure we got that part fixed.
After that having said all of that without -- with a debt making 80000 dollars on the -- -- no house -- -- pay it off pretty quick and let's just attack it.
And up threaten them with moving the the card balance or another -- at a cheaper rate if they don't drop the rate they're gonna lose a customer you and I both know the truth is literally the customer anyway.
But I'll call him up and negotiated with them and the -- if you can get the rates down the ones that -- if you wanna -- from -- of the card.
That's fine or even an unsecured loan over the bank that's fine but I wouldn't take a second on the house.
And interest rates aren't the problem it's going to be that's getting on beans and rice -- some beings budget and getting -- getting these credit cards cut up.
Getting -- paid off as soon as possible.
And then interest rates not gonna matter much 120000 dollars.
I mean a 10% swing in one year only if you're paying them off rapidly is only gonna represent about a thousand bucks -- your average would be about 101000 dollar for the -- -- that year.
If you pay it off and one year so we're not a thousand dollars doesn't make this deal or break this deal.
And so you know column and where -- out on the rates move a little bit -- and other cards if you want but your big deal here is to commit to cutting lifestyle way back.
And attacking this debt and aggressively getting rid it.
And not a real -- point -- -- a year would know how.
Filter by section