2068: 7 Things to Know About Credit Card Default by Philip Taylor

Optimal Finance Daily - Financial Independence and Money Advice

Optimal Living Daily LLC

Investing, Business, Education, Self-improvement

4.4 • 1.3K Ratings

🗓️ 17 October 2022

⏱️ 11 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Philip Taylor with PT Money shares 7 things to know about credit card default Episode 2068: 7 Things to Know About Credit Card Default by Philip Taylor PTMoney.com is about helping you make extra money, save more money, and spend your money wisely--all in an effort to help you fix your finances so you can build the life you want. It was started by Philip Taylor, a CPA, entrepreneur, and blogger who started the site in 2007. He also created FinCon, the popular conference for financial nerds. The original post is located here: https://ptmoney.com/credit-card-default/ Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	This is Optimal Finance Daily, Episode 2068, seven things to know about credit card default
0:07.3	by Philip Taylor of PTMoney.com, and I'm your host and personal finance enthusiast, Diana
0:13.8	Mariam.
0:14.8	We're going to jump right into today's post to start the week as we optimize your life.
0:24.3	Seven things to know about credit card default by Philip Taylor of PTMoney.com
0:31.6	When a credit card company approves you for an account, they issue you a line of credit.
0:36.7	This credit card limit is the maximum you can borrow with the credit card company.
0:41.4	Let's say the amount is $5,000.
0:44.0	That $5,000 line of credit is an unsecured line of credit.
0:48.6	Unsecured credit does not have an asset tied to the loan, like your house.
0:53.5	If you default on your home mortgage, the bank will foreclose on you and take the
0:57.3	asset your home from you.
1:00.0	But what happens when you don't pay your credit card bill?
1:03.6	What is credit card default?
1:06.5	Credit card default happens when you borrow money on your credit card and never pay it off.
1:11.1	The path to default is unpleasant and full of increasingly angry phone calls from the
1:16.3	company you owe money to.
1:18.0	Let's take a look at what usually happens.
1:21.9	A credit card default example.
1:25.1	You receive a $5,000 line of credit with ABC credit card company.
1:30.4	You charge $5,000 on an awesome flat screen television, sofa and surround sound system.
1:37.0	You've borrowed the money from ABC credit card company and have 30 days to pay it back.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Optimal Living Daily LLC, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Optimal Living Daily LLC and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.