The Importance of Interest Rates in Paying Down Your Debt

WSJ Your Money Briefing

The Wall Street Journal

News, Business News

3.8 • 1.6K Ratings

🗓️ 14 January 2024

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

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Summary

Paying down debt can improve someone’s credit score and open opportunities for financial milestones like a house or car. WSJ’s Bourree Lam and Julia Carpenter, authors of “The New Rules of Money,” join host J.R. Whalen to discuss the importance of tracking your interest rates when choosing debts to pay off. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This episode is brought to you by Shopify.
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0:16.7	Sign up for a one pound per month trial period at shopify.coidek slash special offer
0:21.8	or lowercase that Shopify dot coe
0:24.2	ek slash special offer. Here's your money briefing for Sunday January 14th I J. R. Whelan for the Wall Street Journal.
0:37.6	The second of our four-part series of Sunday episodes about making the right moves to plan your
0:42.1	financial future focuses on paying off
0:44.8	your debt. For some people it's an uphill battle because of how they approach their
0:49.6	monthly expenses. A lot of people only look at that minimum payment and when it's due. They're not
0:55.7	calculating what the interest is on the full balance and how that is affecting them.
1:01.6	So they're thinking, well I pay off my credit card I pay the
1:03.9	minimum and that's actually not the same as paying off your credit card. We'll talk to
1:07.3	W. S. J. Beret Lamb and Julia Carpenter authors of the new rules of money
1:11.7	after the break.
1:13.0	Must remember do not forget.
1:29.0	Remind me to bring photo ID.
1:32.0	Reminder, set.
	...

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