Ask Paula: Use One Debt to Pay Off Another?

Afford Anything

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Business, Investing

4.6 • 3.4K Ratings

🗓️ 18 October 2023

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

#467: Should Knoxville use a higher-interest Home Equity Loan (HELOC) to pay off a lower-interest 401k loan? Joelle’s tenant is interested in a rent-to-own agreement. Is this a good idea from a landlord’s perspective? A recent wildfire shifted Sharon’s house into a flood zone. Should she sell before FEMA redraws the map and it becomes official? Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode. Enjoy! P.S. Got a question? Leave it here. For more information, visit the show notes at https://affordanything.com/episode467 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	Hey, Joe, you used to be in a lot of debt, right?
0:02.4	I was in a ton of debt.
0:04.4	Did you ever use one debt to pay off another?
0:08.8	I did.
0:09.8	I used consolidation loans to stop using my credit card,
0:14.3	get them all in one place, and have just a single payment.
0:17.6	Nah, interesting.
0:18.8	OK, well, we are about to tackle a question from a listener
0:23.1	who is thinking about using one debt to pay off another.
0:26.1	And we're going to do that because this is the Ford Anything Podcast.
0:29.1	The show that understands, you can afford anything,
0:31.9	but not everything.
0:33.4	Every choice that you make carries a trade-off.
0:36.0	So what trade-offs are you willing to accept?
0:38.4	That's what this show is here to explore.
0:40.2	I'm Paula Bant, the host of the show.
0:43.1	And this is my buddy, former financial planner, Joe
0:45.5	Salcihi, who joins me every other week
0:48.0	to answer questions that come from you, the community.
0:51.9	I'm glad that we're recording a show,
0:53.3	because I thought you just want to remind me that I used to be
0:55.0	in a lot of debt.
	...

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