Where have all the 0% offers gone?

NerdWallet's Smart Money Podcast

NerdWallet Personal Finance

Business, Education, Investing, How To

4.2 • 665 Ratings

🗓️ 11 May 2020

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

It used to be easy for people with good credit scores to get 0% balance transfer offers. As lenders pull back, those with credit card debt may need alternative plans to deal with their balances. As always, send us your money questions! Email [email protected] or call or text the NerdHotline at 901-730-6373. And visit www.nerdwallet.com/podcast for more info on this episode. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Ready to launch your business? Get started with the commerce platform made for entrepreneurs.
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0:22.8	entrepreneurs like you. Sign up for your $1 a month trial at Shopify.com slash setup.
0:33.7	Welcome to the NerdWallet Smart Money podcast where we answer your questions and help you feel a little smarter about what you do with your money. I'm your host, Liz Weston. And I'm your other host, Sean Piles. As always, be sure to send us your money questions. You can call or text the nerd hotline at 901-7306373. That's 901-730 Nerd. Or you can email us at podcast at nerdwollet.com.
0:57.3	This episode, Sean and I are going to discuss how to pay off credit card debt when you have a
1:00.9	high credit score and how payment options are different in the era of COVID-19.
1:06.0	But first, we'll get to our new segment this week in your money, where we talk about the
1:09.8	latest trends in the personal finance world and what it means for you.
1:12.9	This week we're talking about how coronavirus is financially affecting millennials, specifically
1:17.2	how it's hitting us harder than other age groups.
1:20.6	The data that we're discussing comes from TransUnion, the credit reporting agency, and it was
1:24.5	collected the week of April 27th, so it's pretty fresh still.
1:27.8	Here were some of the findings. First of all, millennials were the most concerned about being
1:32.1	able to cover their bills. With 77% reporting, they were worried about this. Additionally,
1:37.2	34% of millennials were concerned about being able to pay their mortgage. And millennials
1:42.7	contacted their creditors to discuss payment
1:45.0	options in higher rates than other generations, with 61% of them doing so. And 13% of millennials
1:52.8	did not have a plan to pay their bills. So we've seen a lot of surveys recently showing that
1:59.2	there's a huge impact from the coronavirus
2:01.5	pandemic on people's finances. This one calls out the outsized effect it seems to have on
	...

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