651 - How to Tell the Difference Between Good and Bad Debt

Money Girl

Macmillan Holdings, LLC

Investing, Education, Business, Entrepreneurship, How To

4.6 • 1.8K Ratings

🗓️ 9 September 2020

⏱️ 27 minutes

🔗️ Recording | iTunes | RSS

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Summary

Laura interviews Howard Dvorkin from Debt.com about the state of debt in the U.S., tips for consumers and small business owners, how to prioritize payments, and ways to understand the difference between good and bad debt so you can eliminate them faster. Read the transcript. Check out all the Quick and Dirty Tips shows. Subscribe to the newsletter for regular updates. Join the conversation on Facebook and Twitter. Links: https://www.quickanddirtytips.com/money-finance/loans/difference-between-good-bad-debt https://www.quickanddirtytips.com/podcasts https://www.quickanddirtytips.com/subscribe https://www.facebook.com/MoneyGirlQDT https://twitter.com/LauraAdams

Transcript

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0:00.0	Hey everyone you're listening to the Money Girl podcast where my
0:09.2	mission is to help you live rich and love the journey. I'm Laura Adams, author of a brand new book,
0:16.6	Money Smart Solopreneur, a personal finance system for freelancers,
0:21.1	entrepreneurs, and side hustlers.
0:23.4	If you're interested in the new book, there are some awesome free bonuses and giveaways you can claim
0:28.6	if you pre-order it before it officially goes on sale September 22nd, 2020.
0:35.0	To learn more, just text the word pre-order, all one word, pre-order, to the number
0:41.1	3,34,4.
0:43.4	Or you can visit Laura D Adams.com.
0:47.6	I'm excited about today's show.
0:49.6	It's about a topic that most of us
0:51.9	have a love- hate relationship with. That's debt. We like it to buy
0:57.4	homes, cars, and pay for college, but we don't like it when we're feeling strapped by debt payments that leave us unable to reach critical goals, such as saving for retirement.
1:09.4	According to the Federal Reserve, consumer debt was near $14 trillion after the second quarter in 2019.
1:18.0	That's the 20th consecutive quarter of debt increase in the United States.
1:23.0	That staggering number is the total of Americans,
1:26.0	home, auto, student loans, and credit card debt.
1:29.6	If you are struggling with how to prioritize debt or making payments right now,
1:35.3	believe me, you're not alone.
1:37.5	While it might sound simple, the key to digging out of debt
1:41.4	is staying focused on wise solutions, not dwelling on problems.
1:46.5	You can't do much about the past.
	...

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