Are high-interest debts holding you prisoner? Justin Gaines and I, John Prober, have joined forces to arm you with a financial maneuver that could set you free faster than you ever imagined. We're not just talking about throwing money at your debt and hoping it shrinks—we're sharing a power-play using balance transfers to outsmart sky-high interest rates. By swooping in with zero percent introductory offers, you could slice through your debt like a hot knife through butter. But beware, this isn't a game for rookies; a sharp eye for the fine print and a robust credit score are key. We're pulling back the curtain on our own money-saving escapades, revealing how even the most daunting student loans can be tamed by transferring to a cunningly chosen credit card.
Put on your financial strategist hat because this episode is a master class in managing your money like a Wall Street pro. We don't stop at just tackling debt; we're also illuminating how you can parlay those savings into investment triumphs. Imagine redirecting dollars from your debt snowball into a growing Roth IRA nest egg—now that's what we call financial wizardry. Justin and I aren't just preaching theory; we've lived it, and we're laying out our blueprint so you can too. So gear up for insights that could redefine your financial future, and join us for a journey that could lead you to a land of prosperity and security.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Welcome to the Balanced Blueprints podcast,
where we discuss the optimaltechniques for finances and
health and then break it downand create an individualized and
balanced plan.
I'm your host, justin Gaines,here with my co-host, john
Prober.
In this week's episode, Johnand I discuss a hack to help
accelerate the speed of gettingout of credit card debt, or
getting out of.
You could really use it for anytype of debt.
(00:21):
So we hope you enjoy thisepisode and thank you for
listening.
So the trick that we're goingto talk about I've only ever
used it with clients for creditcards, but realistically you
could use it for anything.
It would accelerate any sort ofdebt pay down if you're trying
(00:44):
to push more towards eliminatingthose debts and we've talked
about this before.
So when I say it, you're goingto be like, oh yeah.
So it's the classic if yourcredit's not completely garbage
and you're not completely maxedout on all of your debts, then
you can do this.
But if your credit score is 650or lower, you're probably not
(01:06):
going to be able to do this.
And if you're totally maxed outon all of your credit, you
probably won't be able to dothis.
But if you're starting on yourfinancial journey, you're
realizing, oh wow, I have builtup some credit card debt or I've
built up some bad debt that Iwant to snowball down or just
get rid of a little bit quicker.
This is a way to knock out theinterest, and so then you would
(01:26):
be paying zero percent interestand paying down faster because
you're not paying any interest.
Because a lot of times that'sthe biggest hurdle with credit
cards is, you know, I mean withcredit card rates.
Right now I just pulled up andlooked at my credit card rates
before, you know, we went onthis.
Now I don't carry a balance onmy credit card, so I'm not
actually paying these rates.
(01:47):
But of the three credit cards Ihave, they're all within one
percentage point of each otherand they range from 25.5% to 26%
Pesky.
So you're at over 2% per monththat you're paying an interest,
which means if you have a$10,000 balance of credit, you
(02:09):
know, if you're carrying a$10,000 balance on your credit
card, you're going to be payingevery single month $200.
So your minimum is going to be,you know, $225, $250.
$25, $250.
And if you have this all in onecredit card, then it's not as
much of a headache because it'svery easy to organize.
(02:29):
But say you're trying to paythat down and you're paying $400
a month on it, only $200 ofthat's going to the principal.
So what I recommend clients dois, if you've made two or three
$ hundred dollar monthlypayments and you know that you
can make those payments, what Itell clients to do is look for a
(02:50):
good balance transfer card thathas a zero percent introductory
rate.
Apply for it, see what limityou get, what they'll approve
you for if you're able to getthe limit to the same extent
that you have the debt.
So you know, if you have tenthousand dollars in credit card
debt, if you can get a tenthousand dollar limit, that's
(03:12):
honestly the best case scenario,because then what you would do
is you would do a balancetransfer from your current
credit card that has a tenthousand dollar limit at 25
interest and you'd move thatover to this credit card.
That's an introductory zeropercent interest and what that
does is now you can continueusually those introductory rates
(03:32):
are.
You know anywhere from 12 to 18months that you're paying and so
you'd want to make sure thatyou're going to be able to pay
off whatever you're moving over.
You want to make sure you'regoing to pay off that full
amount.
So in in this example let's sayit's an 18-month you're paying
$400 a month currently, sothat's $7,200.
(03:54):
So you wouldn't be able to payoff the full $10,000.
You could move the full $10,000and then at the end you're only
going to get hit with a littlebit of interest.
But you want to read the fineprint on that, because sometimes
these introductory rates, ifyou move the full amount over,
it only is zero percent interest.
If you pay it all off before itends, sometimes they'll back
(04:15):
charge you the interest.
Yeah, you want.
Yeah, you want to.
You want to read the fine printon these, but that's why I want
you to make a couple ofpayments that you've made.
So if you're paying $400,you're going to get hit with the
$200 in interest those firstcouple of payments.
But you want to make sure thatyou're able to actually hit
these so that you know whateveramount you move over will be
(04:36):
able to be paid.
So in this example, you gotapproved for $10,000 limit.
You have $10,000 in debt.
You're paying four hundreddollars a month.
What you could do is moveseventy two hundred dollars over
to the zero balance, the zero,uh, zero, zero interest credit
card.
Continue to pay the fourhundred dollars every month and
(05:00):
then you're going to make yourminimum payments on the other
card, so you're going to pay 400and then the remaining 2800
that you have on the other card.
Continue to make your minimumpayments on the other card, so
you're going to pay $400, andthen the remaining $2,800 that
you have on the other card.
Continue to make the minimumpayment, because that's going to
slowly chip away at theprincipal, but also pay off the
interest and not get you anypenalties on a regular card.
(05:21):
If you had just left it thereand continued to pay $400 over
18 months, you would have onlymade, you know, somewhere in the
ballpark of $4,000 of progressversus $7,200 of progress.
This way, and then a lot oftimes, what you'll end up with
is once you get outside of thatintroductory rate, a lot of
(05:42):
these cards, after six months,eight months, they will allow
you to do it again.
They'll give you like a promowhere they'll say okay, you know
, because you've got a loyalcustomer, here is your promo
rate.
You can now move up to fivethousand dollars for a four
percent fee and then you don'thave to pay it off and they
(06:03):
usually give you the.
They don't tell you how manymonths it is.
You have to calculate that.
They'll tell you the month inthe year that you don't have to
pay till.
Yeah, and so if you get one ofthose, then you pay the four
percent fee and move over therest of the twenty eight hundred
dollars or you know whatever'sleft, because you were paying
the minimum.
So that should have come down alittle bit.
Otherwise you're just going toapply the $400, continue to
(06:26):
apply the $400, which is goingto move a lot faster because
you're only paying on 25%interest on a smaller principal
balance.
So it does allow you to movethings a lot faster because
you've knocked out that massiveinterest rate.
So that's the concept in awhole, and the reason why I say
(06:46):
it primarily applies to creditcards is because you're going to
see the needle move a lotfaster if you're doing this with
credit cards than you will ifyou take, you know, say, your
student loan.
So I have my financialcalculator up and all my numbers
up, so like my, my studentloans range from, you know,
three and a half to 5%, and soif you did the same same
(07:12):
strategy with those, it's notreally going to make that big of
a difference because you're notpaying that much on a monthly
basis or even on an annual basis.
You're not paying that much.
However, if you could knock out, if you know, you know, if, say
, you're in the process of justclearing out debts and you're
trying to get rid of your debtsand you take that same person,
he's paying $400 a month.
(07:32):
He or she is paying $400 amonth.
They've cleared out this creditcard.
You know, say we're two yearsinto it, cleared out $10,000
worth of debt and now you wantto continue to make good habits.
So you have that $400.
If you get another promo, youcould say you know what, let's
move.
You know, say it's a 12-month0% interest promo but there's a
(07:54):
4% fee.
You have to remember the 4% feebecause my student loans that
are at 3.51% or any of the onesthat are at or below four
percent, it really doesn't makesense to pay that fee.
But the one that's at fivepercent it's really only it's
two, two that are at fivepercent.
(08:15):
I could do the zero dollartransfer and then pay those off
and get a one percent savingsthere.
Yeah, doesn't so much helpbecause it's only 1%.
It's not as big of a move,honestly, for those numbers I
would probably just invest the$400 a month into a Roth or into
an IRA investment account justbecause you're going to make a
(08:37):
higher rate of return.
But credit card debts the reasonI am so adamant on getting rid
of those is, you know, you'rejust not going to consistently
make those rates of return inthe market.
You're not going to hit 20percent, 25 percent.
You might have, you know, overa 40 to 50 year investment.
You know retirement planningand investment cycles.
(08:58):
You might hit two, maybe three,20, 30 percent years, but
generally speaking you're notgoing to hit those.
Maybe three, 20, 30% years, butgenerally speaking you're not
going to hit those.
So you know the really thestrategy applies to credit cards
.
Maybe if you have like a reallyhigh interest rate on a
personal loan or car, carpayments can get up there.
(09:19):
So you might have, you know,seven, eight percent on a car
you could pay down this way.
The other thing I have seenpeople do is if they have a
mortgage that they want to pay alittle bit extra towards this.
Way actually works where youyou get double the effect here,
because you're taking out ifyou're early in a 30-year
(09:39):
mortgage.
you're paying a lot in interest.
Primarily, most of your paymentis going towards interest, so
your payment is going to remainthe same.
Don't change your payment, buttake out $7,200 worth of
principal out of that mortgage.
Pay that with the $400.
Continue to make your regularpayment with the mortgage.
Continue to make your regularpayment with the mortgage and
(10:04):
you will have just moved a goodportion of your payment from
interest over to principal, andso your pay down will be much
faster because your monthlypayments are paying down plus
the $7,200 that you drew out ofit.
Speaker 2 (10:14):
Right, right, that makes sense.
And the other thing too, isn'tcredit card?
Is credit card debt the mostcommon one?
Speaker 1 (10:21):
Credit card debt, I do believe, is the most common
one.
The other thing, too is creditcard debt the most common one?
Credit card debt, I do believe,is the most common one.
The other thing that I'll sayis credit card debt is the worst
debt that you can have.
So that's why any time that Ihave a client that has credit
card debt in their balance sheet, immediately that's what I go
after and tackle, just because Imean, it's impossible to pay
(10:42):
25% in interest and get ahead.
Speaker 2 (10:46):
Yeah, yeah, that makes sense for that.
And then my other thought thatcame up for question was there's
not a transfer fee when you'reinitially doing it right, only
if it's like that promo part.
Speaker 1 (10:58):
Right.
Typically, the initial transferdoesn't have a fee.
And the reason credit cardcompanies do this is they want
you, because I get the promosall the time and there's times
that I'll actually use it for mybusiness, where I'll take that
0% interest and then go and buysomething with the business and
then which actually brings up areally good point that I'll talk
about next but I'll go and buysomething with the business and
(11:21):
then pay that 4% fee and thennot have to pay a larger fee and
just pay that off within theyear.
No big deal.
Speaker 2 (11:28):
The point that I was just reminded of, because I
learned this the hard way.
Speaker 1 (11:32):
The first time I ever did that with my credit card is
, if you use, say, you're payinga lot of your regular bills,
you're paying your internet bill, your electricity, you know,
maybe some monthly subscriptionsthat you have on a credit card
and you do the $0 transfer onthat credit card.
Once you do a $0 transfer, the0% interest or the 0% interest
(11:59):
transfer, the 0% interestportion of your balance will be
paid first.
So if you charge, what thatmeans is if I take a credit card
and I transfer ten thousanddollars onto that card at zero
percent interest plus the fourpercent fee, but zero percent
interest while it's happening,and then I charge a hundred
(12:20):
dollars a month interest whileit's happening, and then I
charge $100 a month forutilities internet, that sort of
stuff that $100 a month isgoing to be charged interest and
it's going to be chargedinterest until you pay down the
0% number.
Speaker 2 (12:33):
Because it's act like it's on top of it.
Speaker 1 (12:36):
Right, because, if you think about it, the credit
card company is not going toallow you to just carry this
zero percent interest balanceforever.
The reason they offer you thisbenefit is they want you to put
a balance on there, get used tohaving a balance there and then
over time, they're going to maketheir money.
Now, if you're a really goodcustomer, because credit card
(12:57):
companies like I don't want to.
I don't want to make creditcard companies look like a
villain here, because at the endof the day, credit card
companies do a lot of reallygood things for individuals that
use them.
Where credit cards become aproblem is when you carry a
balance on them.
Credit card companies makemoney.
Even if you do what werecommend and don't carry a
(13:19):
balance.
If you pay it off every singlemonth and you never pay interest
, credit card companies arestill making money Because when
you swipe that card, thebusiness is paying a transaction
fee, so they're making moneyoff those transaction fees.
They make money.
They have that 4% fee, so thatwhen you do this balance
transfer, they're still making alittle bit of money.
Speaker 2 (13:43):
And so even with a really good customer.
Speaker 1 (13:43):
They want you to do that balance transfer because
they're going to make 4%additional than they would have
made, and so where they becomean issue is if you're carrying
that balance, you know.
The other thing that I likeabout credit cards, as I've
talked about in past episodes,is it's a lot easier to reverse
a transaction if there's fraudon a credit card than there is
on a bank card.
They have, like, my tsapre-check gets paid for by my
(14:07):
credit card.
You just have to run it on the.
I have a specific card that hastravel benefits.
It's an international.
No, no internationaltransaction fees.
A lot of those cards that haveno international transaction
fees.
If you use that card for yourTSA pre-check, you can then just
reach out to customer serviceand they'll apply a credit for
(14:28):
the amount of it.
Typically it's limited to $80every five years, but the reason
it's limited to $80 every fiveyears is they only want to pay
for it once and then it's goodfor five years.
So at the end, once it comes upfor renewal, you'll be able to
buy it again and they'll pay forit again.
So you get tsa pre-checkeffectively for free just by
having one of these cards.
Now they do that because you'regoing to run the card when
(14:51):
you're overseas and they'regoing to get their fees from
atms and businesses that you'rerunning your transactions with,
so they're able to make money inother ways.
They make their money.
They want to make their moneyoff those transaction fees.
That's why they charge you sucha high interest rate is they
don't want you carrying abalance.
That's not as profitable forthem.
(15:12):
They make.
They make faster money, easiermoney if you're not running a
balance.
Speaker 2 (15:17):
So that's true you know the high interest rate
isn't because they are moneyhungry.
Speaker 1 (15:24):
There's definitely a portion of it that is because
they're money hungry.
In my opinion, however, theprimary reason why interest
rates are so high on creditcards is they use the absolute
max that they're legally allowedbefore they become a loan shark
, but they use the highest limitthey're allowed, and it's in
order to penalize you, so thatyou do not want to carry a
(15:44):
balance, because that's notwhere they make most of their
money.
Speaker 2 (15:49):
Yeah, that makes sense too.
And why they give you so muchincentives of cash back and
stuff, because then you'll usethat card more often.
So wipe it more.
Speaker 1 (15:57):
Right, because a lot of times the best cards out
there give you one and a half totwo percent back, but they're
charging two and a half, threepercent to the business that's,
you know, running, that'saccepting that card.
So you know you spend athousand dollars and they're
making one percent on that afterthey give you, you know, the
(16:17):
one and a half two percent cashback to you yeah so you know
they're making $10 just off ofthat, which doesn't sound like a
lot.
but if you take that $10 and youapply that over a million
people who have that card acrossthe world, you just made $10
million off of a thousanddollars in monthly transactions
Wild and like that's.
(16:38):
That's where they want to maketheir money.
Speaker 2 (16:40):
Right, and that's the other thing too, which I know
we're kind of just.
We both know this, especiallyyou, and it's just assumed, but
I just want to bring it up to.
That's why this trick thatyou're mentioning seems like one
to me that is so important towork with someone, because if
you've probably gotten yourselfin credit card debt, it's like
it's kind of like going you're agambler and then you're kind of
(17:02):
going to the casino to winmoney.
It's like tempting with anothercredit card.
Speaker 1 (17:06):
So I would imagine yeah, and I'm glad you brought
this up, because I actually, um,I left a piece out that I
typically use with clients, so I, if I'm working with a client
and they've worked with me andthey're paying me a lot of times
.
I'll take on this expense.
I think I've bought like 20 ofthese in the last two years, um,
but if it's somebody that I'mjust doing pro bono work, I tell
(17:29):
them to spend the 20 bucks 10bucks, but if you go to, amazon.
you can just pull up, it's a,it's a.
Typically it's called a phonesafe, um, but it can be your
credit card safe, and so it'sjust a tiny little safe and you
put your credit card in thereand you lock it and it's got a
timer on there on how long itcan be locked.
for Now most of them will onlygo to 30 days.
(17:51):
But if you're working, you know, if you have a partner, you
have a friend in your life whoknows that you know that you can
be transparent with you, canjust let, just let them know
like, hey, you're going to comeover, we're going to have a
drink or whatever we do, andyou're just going to reset this
for me because I need to nothave this.
That's, if you don't have anyself-control at all.
If you have the self-control tobe like I know I'm trying to
(18:11):
get out of this and I'm lockingthese so I don't use them, in
that case then you just, when itgets unlocked after days, just
put a reminder in your phone torelock it.
What a lot of my clients say isthat after my credit card's
unlocked for 30 days, I don'teven they don't even put the
second reminder in there,because they forget that they
(18:32):
have the card, they forget thatit's there and they're starting
to build that habit of I don'thave the card because it's
locked, let me take a day or twoto think about this, and then a
day or two passes and theydidn't actually think about it
because they didn't actuallywant it that bad, it was just
that emotional impulse, and so Ido recommend locking up your
credit cards, or it's very easyto replace your cards.
(18:53):
So you could cut your card upbecause you're not supposed to
be using it anyways.
If we're in this plan, you'renot really supposed to be using
it anyways.
Cut it up and then, when youget it paid off in a year,
request a replacement cardbecause it was damaged or stolen
.
Speaker 2 (19:08):
Yeah, and if you request it, because it was
damaged, your credit cardnumbers won't change.
Speaker 1 (19:13):
The only thing that will change is the expiration
date and the security code onthe back.
So you won't have to worryabout like updating your
subscriptions and all thosethings yeah, that's a good idea
you know.
So you're not supposed to beusing the card, so cutting it up
really shouldn't be an issuefor you right you know,
emotionally maybe and that's ifyou don't.
You know, if that's if you don'twant to spend the 10 or 20
(19:34):
dollars for this little locksafe.
Otherwise, get the lock safe,spend the 10, 20 bucks, throw it
in there.
Um, spend the 10, 20 bucks,throw it in there.
To me, the 10 or 20 dollarsthat you're going to spend on
that is worth it because it'ssaving you from spending 30, 40,
50, 60 dollars.
I mean, you can't fill up yourtank for less than 20 dollars,
and I'm not saying that youshouldn't be spending money to
(19:55):
fill up your tank.
That's something you have tospend.
But in this situation, maybeyou transfer to using a bank
card to pay for your gas untilyou have these things figured
out.
Speaker 2 (20:07):
And then the only other thing that I can think of
is I know we talked about thismainly for credit cards, but at
the beginning we were talkingabout if you had like a student
loan, so this might work too.
If you just go, it's not likethe after you did it pro bono
period, right, because thenthere's not that 4% fee usually,
so you could just do it andyou'd save a lot, or no.
Speaker 1 (20:30):
You're not going to save a lot just because the
majority of people aren't goingto get approved for more than a
$10,000 limit.
Speaker 2 (20:37):
Yeah, and loans are yeah.
Speaker 1 (20:39):
So if you're paying you know, say, you're even
paying on the high end you knowyou might be paying 7%, and so
if you're getting it paid off ayear earlier by doing this,
you're talking about saving $800.
And that's if you have a$10,000 limit and you have
(21:00):
$10,000 of student loans thatyou're moving over.
So it doesn't make a hugedifference, a huge difference.
However, you know it issomething that I mean.
Until we recorded this podcast,I haven't used this trick in a
while.
I mean, I've used it forclients, but I haven't used it
(21:20):
for myself in a while.
Until we recorded this podcast,I didn't really think to use it
myself.
But as we were recording, I waslike you know what this
actually could benefit me for.
You know these four or $5,000credits limits that I have for
these student loans that are at5%, 6%, because I know my fee is
4%.
So I don't have any of six.
(21:41):
I have 4.8 is the highest.
But I have a personal loan fromsome home renovations that I
did that's at 7.99.
So maybe that's a good one tolet's do a $0 transfer and
transfer off of that card andthen pay that down a lot faster.
There's just little things likethat that you don't really think
(22:03):
about until you have aconversation like this and
you're like, oh, that actuallycould help too.
And again, okay, so we'retalking about a two percent
difference on 10 grand, so we'reonly talking about 200 bucks.
But for somebody like me whohas the habits down and it's
really about optimizing at thispoint, what I'm going to do is
(22:24):
I'm going to take that 200, I'mgoing to throw that into an
investment and then so not onlydid I save $200, that $200 now
on average, my Roth makes, youknow, a 10% rate of return each
year on average, so that $200over the course of, you know, to
retirement years you're talkingabout doubling every seven
(22:46):
years.
I have another easily 40 yearsuntil I retire You're going to
get six doublings, just undersix doublings, so that $200 is
going to turn to $400, $800, $16, $32, $64, $12, $8.
So it's going to be somewhere.
(23:06):
It's going to be just under $12, $8 in theory, so that $200
turns into $12,000 forretirement.
Speaker 2 (23:14):
Right, but that also goes along the lines too.
I like what you said before.
If you're more of the commonfolk, it's like if all that
headache is going to save you$200, like you said, max out
your Roth first.
Speaker 1 (23:28):
Do some other investments instead of getting
so nitty gritty Like you'vealready done that, obviously, so
you can get nitty gritty butRight, yeah, I mean I'm maxing
out my Roth and you know, andthat's where working with
somebody is helpful, becausewhat may happen here is so like
that personal loan for me is$431 and change every single
month, and so for averageindividual who's not running
(23:54):
these numbers like I am, youknow, once a month what may
happen is, you know, say thatit's the same person.
They're paying $400 towards debtconsolidation.
They've been doing that.
They can now knock this out,save $200 in interest, and now
they're going to be able tosnowball here, because they had
(24:14):
$431 they were paying towardsthis loan, $400 that they're
going to be paying towardscredit cards.
By now eliminating this andbringing it into the debt
consolidation piece, you nowhave $831 of monthly payments
that you were used to paying, sonow you're going to knock out
that $10,000 a lot faster.
(24:35):
So you just take the $831,knock out that $10,000 in 11
months, yeah, and then right,does that work?
No, it'd be 12 and a halfmonths.
So in a year, though, you knockthat out now, and now, after
that, you have enough to max outyour Roth, which $7,000 a year
(24:56):
is what you can contribute toyour Roth as of 2024.
So that's $548 a month, Ibelieve.
No, it's not.
$548 is what I used, because Iwas when I reallocated it.
It's, let's see, 7,000 by 12,$583 a month.
(25:17):
This person had $831 a monththat they were putting towards
debt consolidation.
So now you have 200, you'remaxing out your Roth now and you
have $248 to put towards anadditional investment account,
(25:37):
or you have maxed out your Rothand you have $248 to spend.
Catch yourself on the top andgoing this way to slip In theory
, that's from taking somebodywho had $10,000 of credit card
debt and ten thousand dollars ona personal loan and, over the
course of three years, with thisstrategy, went from not being
(25:59):
able to see the light at the endof the tunnel and paying
minimums on a credit card, or alittle bit more than minimums,
and then, over the course ofthree years, eliminated that
credit card debt, eliminatedthis personal loan debt and
started maxing out a roth andhaving an extra 250 a month in
an income that's a glow up tospend, you know, and I think I
(26:19):
think the part that I want toharp on the most, though, is
that three years, you know Imean it doesn't happen overnight
, like if you know and that'sthat's just to eliminate twenty
thousand dollars worth of creditcard.
That, and assuming that you havean extra $400 to throw.
Speaker 2 (26:34):
Well, it wouldn't be extra $400.
Speaker 1 (26:35):
It'd be like an extra $200 a month to put towards
this.
You know you may not have that.
There may be other things youhave to do.
You may not be able to be in aposition, because of your credit
and everything, to even usethis strategy.
But if you're in thosepositions, try and find somebody
who will have a conversationwith you Reach out to me even
(26:55):
and let's have a conversationabout how can we get your credit
?
What should we tackle?
First to get your credit scoreto go up so that then you can be
approved for this and then wecan start working faster.
Because ultimately, if you'reusing your credit journey
strategy and your financialstrategy properly, it'll be
hardest day one and then, as youslowly work towards these
(27:18):
things, it'll get easier becauseyou're moving hurdles out of
the way and then, eventually,your progress is just going to
compound exponentially andbefore you know it, you'll be
credit card debt free withinfive years, depending on what
your limits are and everything.
But within five years you'll bein a much different financial
position putting towardsretirement, building so that you
(27:38):
have a very nice financialfuture from a position that
looked like very doom and gloom.
How am I ever going to haveanything?
How am I ever going to be ableto buy a house?
How am I ever going to be ableto do any of this stuff?
Nice, that about sums it up.
(28:02):
Um, you know, that's the basicson how to use a zero, zero
percent interest credit cardlimit or credit card transfer
for, in order to pay down yourdebts and just work towards, you
know, a more balanced financialposition.
I hope you enjoyed the episodeand thank you for listening.
Speaker 2 (28:17):
Thanks for listening to our podcast.
Speaker 1 (28:19):
We hope this helps you on your balance freedom
journey.
Speaker 2 (28:21):
Please share your thoughts in the comments section
below.
Speaker 1 (28:23):
Until next time, stay balanced.
Welcome to the Balanced Blueprints podcast,
where we discuss the optimaltechniques for finances and
health and then break it downand create an individualized and
balanced plan.
I'm your host, justin Gaines,here with my co-host, john
Prober.
In this week's episode, Johnand I discuss a hack to help
accelerate the speed of gettingout of credit card debt, or
getting out of.
You could really use it for anytype of debt.
(00:21):
So we hope you enjoy thisepisode and thank you for
listening.
So the trick that we're goingto talk about I've only ever
used it with clients for creditcards, but realistically you
could use it for anything.
It would accelerate any sort ofdebt pay down if you're trying
(00:44):
to push more towards eliminatingthose debts and we've talked
about this before.
So when I say it, you're goingto be like, oh yeah.
So it's the classic if yourcredit's not completely garbage
and you're not completely maxedout on all of your debts, then
you can do this.
But if your credit score is 650or lower, you're probably not
(01:06):
going to be able to do this.
And if you're totally maxed outon all of your credit, you
probably won't be able to dothis.
But if you're starting on yourfinancial journey, you're
realizing, oh wow, I have builtup some credit card debt or I've
built up some bad debt that Iwant to snowball down or just
get rid of a little bit quicker.
This is a way to knock out theinterest, and so then you would
(01:26):
be paying zero percent interestand paying down faster because
you're not paying any interest.
Because a lot of times that'sthe biggest hurdle with credit
cards is, you know, I mean withcredit card rates.
Right now I just pulled up andlooked at my credit card rates
before, you know, we went onthis.
Now I don't carry a balance onmy credit card, so I'm not
actually paying these rates.
(01:47):
But of the three credit cards Ihave, they're all within one
percentage point of each otherand they range from 25.5% to 26%
Pesky.
So you're at over 2% per monththat you're paying an interest,
which means if you have a$10,000 balance of credit, you
(02:09):
know, if you're carrying a$10,000 balance on your credit
card, you're going to be payingevery single month $200.
So your minimum is going to be,you know, $225, $250.
$25, $250.
And if you have this all in onecredit card, then it's not as
much of a headache because it'svery easy to organize.
(02:29):
But say you're trying to paythat down and you're paying $400
a month on it, only $200 ofthat's going to the principal.
So what I recommend clients dois, if you've made two or three
$ hundred dollar monthlypayments and you know that you
can make those payments, what Itell clients to do is look for a
(02:50):
good balance transfer card thathas a zero percent introductory
rate.
Apply for it, see what limityou get, what they'll approve
you for if you're able to getthe limit to the same extent
that you have the debt.
So you know, if you have tenthousand dollars in credit card
debt, if you can get a tenthousand dollar limit, that's
(03:12):
honestly the best case scenario,because then what you would do
is you would do a balancetransfer from your current
credit card that has a tenthousand dollar limit at 25
interest and you'd move thatover to this credit card.
That's an introductory zeropercent interest and what that
does is now you can continueusually those introductory rates
(03:32):
are.
You know anywhere from 12 to 18months that you're paying and so
you'd want to make sure thatyou're going to be able to pay
off whatever you're moving over.
You want to make sure you'regoing to pay off that full
amount.
So in in this example let's sayit's an 18-month you're paying
$400 a month currently, sothat's $7,200.
(03:54):
So you wouldn't be able to payoff the full $10,000.
You could move the full $10,000and then at the end you're only
going to get hit with a littlebit of interest.
But you want to read the fineprint on that, because sometimes
these introductory rates, ifyou move the full amount over,
it only is zero percent interest.
If you pay it all off before itends, sometimes they'll back
(04:15):
charge you the interest.
Yeah, you want.
Yeah, you want to.
You want to read the fine printon these, but that's why I want
you to make a couple ofpayments that you've made.
So if you're paying $400,you're going to get hit with the
$200 in interest those firstcouple of payments.
But you want to make sure thatyou're able to actually hit
these so that you know whateveramount you move over will be
(04:36):
able to be paid.
So in this example, you gotapproved for $10,000 limit.
You have $10,000 in debt.
You're paying four hundreddollars a month.
What you could do is moveseventy two hundred dollars over
to the zero balance, the zero,uh, zero, zero interest credit
card.
Continue to pay the fourhundred dollars every month and
(05:00):
then you're going to make yourminimum payments on the other
card, so you're going to pay 400and then the remaining 2800
that you have on the other card.
Continue to make your minimumpayments on the other card, so
you're going to pay $400, andthen the remaining $2,800 that
you have on the other card.
Continue to make the minimumpayment, because that's going to
slowly chip away at theprincipal, but also pay off the
interest and not get you anypenalties on a regular card.
(05:21):
If you had just left it thereand continued to pay $400 over
18 months, you would have onlymade, you know, somewhere in the
ballpark of $4,000 of progressversus $7,200 of progress.
This way, and then a lot oftimes, what you'll end up with
is once you get outside of thatintroductory rate, a lot of
(05:42):
these cards, after six months,eight months, they will allow
you to do it again.
They'll give you like a promowhere they'll say okay, you know
, because you've got a loyalcustomer, here is your promo
rate.
You can now move up to fivethousand dollars for a four
percent fee and then you don'thave to pay it off and they
(06:03):
usually give you the.
They don't tell you how manymonths it is.
You have to calculate that.
They'll tell you the month inthe year that you don't have to
pay till.
Yeah, and so if you get one ofthose, then you pay the four
percent fee and move over therest of the twenty eight hundred
dollars or you know whatever'sleft, because you were paying
the minimum.
So that should have come down alittle bit.
Otherwise you're just going toapply the $400, continue to
(06:26):
apply the $400, which is goingto move a lot faster because
you're only paying on 25%interest on a smaller principal
balance.
So it does allow you to movethings a lot faster because
you've knocked out that massiveinterest rate.
So that's the concept in awhole, and the reason why I say
(06:46):
it primarily applies to creditcards is because you're going to
see the needle move a lotfaster if you're doing this with
credit cards than you will ifyou take, you know, say, your
student loan.
So I have my financialcalculator up and all my numbers
up, so like my, my studentloans range from, you know,
three and a half to 5%, and soif you did the same same
(07:12):
strategy with those, it's notreally going to make that big of
a difference because you're notpaying that much on a monthly
basis or even on an annual basis.
You're not paying that much.
However, if you could knock out, if you know, you know, if, say
, you're in the process of justclearing out debts and you're
trying to get rid of your debtsand you take that same person,
he's paying $400 a month.
(07:32):
He or she is paying $400 amonth.
They've cleared out this creditcard.
You know, say we're two yearsinto it, cleared out $10,000
worth of debt and now you wantto continue to make good habits.
So you have that $400.
If you get another promo, youcould say you know what, let's
move.
You know, say it's a 12-month0% interest promo but there's a
(07:54):
4% fee.
You have to remember the 4% feebecause my student loans that
are at 3.51% or any of the onesthat are at or below four
percent, it really doesn't makesense to pay that fee.
But the one that's at fivepercent it's really only it's
two, two that are at fivepercent.
(08:15):
I could do the zero dollartransfer and then pay those off
and get a one percent savingsthere.
Yeah, doesn't so much helpbecause it's only 1%.
It's not as big of a move,honestly, for those numbers I
would probably just invest the$400 a month into a Roth or into
an IRA investment account justbecause you're going to make a
(08:37):
higher rate of return.
But credit card debts the reasonI am so adamant on getting rid
of those is, you know, you'rejust not going to consistently
make those rates of return inthe market.
You're not going to hit 20percent, 25 percent.
You might have, you know, overa 40 to 50 year investment.
You know retirement planningand investment cycles.
(08:58):
You might hit two, maybe three,20, 30 percent years, but
generally speaking you're notgoing to hit those.
Maybe three, 20, 30% years, butgenerally speaking you're not
going to hit those.
So you know the really thestrategy applies to credit cards
.
Maybe if you have like a reallyhigh interest rate on a
personal loan or car, carpayments can get up there.
(09:19):
So you might have, you know,seven, eight percent on a car
you could pay down this way.
The other thing I have seenpeople do is if they have a
mortgage that they want to pay alittle bit extra towards this.
Way actually works where youyou get double the effect here,
because you're taking out ifyou're early in a 30-year
(09:39):
mortgage.
you're paying a lot in interest.
Primarily, most of your paymentis going towards interest, so
your payment is going to remainthe same.
Don't change your payment, buttake out $7,200 worth of
principal out of that mortgage.
Pay that with the $400.
Continue to make your regularpayment with the mortgage.
Continue to make your regularpayment with the mortgage and
(10:04):
you will have just moved a goodportion of your payment from
interest over to principal, andso your pay down will be much
faster because your monthlypayments are paying down plus
the $7,200 that you drew out ofit.
Speaker 2 (10:14):
Right, right, that makes sense.
And the other thing too, isn'tcredit card?
Is credit card debt the mostcommon one?
Speaker 1 (10:21):
Credit card debt, I do believe, is the most common
one.
The other thing, too is creditcard debt the most common one?
Credit card debt, I do believe,is the most common one.
The other thing that I'll sayis credit card debt is the worst
debt that you can have.
So that's why any time that Ihave a client that has credit
card debt in their balance sheet, immediately that's what I go
after and tackle, just because Imean, it's impossible to pay
(10:42):
25% in interest and get ahead.
Speaker 2 (10:46):
Yeah, yeah, that makes sense for that.
And then my other thought thatcame up for question was there's
not a transfer fee when you'reinitially doing it right, only
if it's like that promo part.
Speaker 1 (10:58):
Right.
Typically, the initial transferdoesn't have a fee.
And the reason credit cardcompanies do this is they want
you, because I get the promosall the time and there's times
that I'll actually use it for mybusiness, where I'll take that
0% interest and then go and buysomething with the business and
then which actually brings up areally good point that I'll talk
about next but I'll go and buysomething with the business and
(11:21):
then pay that 4% fee and thennot have to pay a larger fee and
just pay that off within theyear.
No big deal.
Speaker 2 (11:28):
The point that I was just reminded of, because I
learned this the hard way.
Speaker 1 (11:32):
The first time I ever did that with my credit card is
, if you use, say, you're payinga lot of your regular bills,
you're paying your internet bill, your electricity, you know,
maybe some monthly subscriptionsthat you have on a credit card
and you do the $0 transfer onthat credit card.
Once you do a $0 transfer, the0% interest or the 0% interest
(11:59):
transfer, the 0% interestportion of your balance will be
paid first.
So if you charge, what thatmeans is if I take a credit card
and I transfer ten thousanddollars onto that card at zero
percent interest plus the fourpercent fee, but zero percent
interest while it's happening,and then I charge a hundred
(12:20):
dollars a month interest whileit's happening, and then I
charge $100 a month forutilities internet, that sort of
stuff that $100 a month isgoing to be charged interest and
it's going to be chargedinterest until you pay down the
0% number.
Speaker 2 (12:33):
Because it's act like it's on top of it.
Speaker 1 (12:36):
Right, because, if you think about it, the credit
card company is not going toallow you to just carry this
zero percent interest balanceforever.
The reason they offer you thisbenefit is they want you to put
a balance on there, get used tohaving a balance there and then
over time, they're going to maketheir money.
Now, if you're a really goodcustomer, because credit card
(12:57):
companies like I don't want to.
I don't want to make creditcard companies look like a
villain here, because at the endof the day, credit card
companies do a lot of reallygood things for individuals that
use them.
Where credit cards become aproblem is when you carry a
balance on them.
Credit card companies makemoney.
Even if you do what werecommend and don't carry a
(13:19):
balance.
If you pay it off every singlemonth and you never pay interest
, credit card companies arestill making money Because when
you swipe that card, thebusiness is paying a transaction
fee, so they're making moneyoff those transaction fees.
They make money.
They have that 4% fee, so thatwhen you do this balance
transfer, they're still making alittle bit of money.
Speaker 2 (13:43):
And so even with a really good customer.
Speaker 1 (13:43):
They want you to do that balance transfer because
they're going to make 4%additional than they would have
made, and so where they becomean issue is if you're carrying
that balance, you know.
The other thing that I likeabout credit cards, as I've
talked about in past episodes,is it's a lot easier to reverse
a transaction if there's fraudon a credit card than there is
on a bank card.
They have, like, my tsapre-check gets paid for by my
(14:07):
credit card.
You just have to run it on the.
I have a specific card that hastravel benefits.
It's an international.
No, no internationaltransaction fees.
A lot of those cards that haveno international transaction
fees.
If you use that card for yourTSA pre-check, you can then just
reach out to customer serviceand they'll apply a credit for
(14:28):
the amount of it.
Typically it's limited to $80every five years, but the reason
it's limited to $80 every fiveyears is they only want to pay
for it once and then it's goodfor five years.
So at the end, once it comes upfor renewal, you'll be able to
buy it again and they'll pay forit again.
So you get tsa pre-checkeffectively for free just by
having one of these cards.
Now they do that because you'regoing to run the card when
(14:51):
you're overseas and they'regoing to get their fees from
atms and businesses that you'rerunning your transactions with,
so they're able to make money inother ways.
They make their money.
They want to make their moneyoff those transaction fees.
That's why they charge you sucha high interest rate is they
don't want you carrying abalance.
That's not as profitable forthem.
(15:12):
They make.
They make faster money, easiermoney if you're not running a
balance.
Speaker 2 (15:17):
So that's true you know the high interest rate
isn't because they are moneyhungry.
Speaker 1 (15:24):
There's definitely a portion of it that is because
they're money hungry.
In my opinion, however, theprimary reason why interest
rates are so high on creditcards is they use the absolute
max that they're legally allowedbefore they become a loan shark
, but they use the highest limitthey're allowed, and it's in
order to penalize you, so thatyou do not want to carry a
(15:44):
balance, because that's notwhere they make most of their
money.
Speaker 2 (15:49):
Yeah, that makes sense too.
And why they give you so muchincentives of cash back and
stuff, because then you'll usethat card more often.
So wipe it more.
Speaker 1 (15:57):
Right, because a lot of times the best cards out
there give you one and a half totwo percent back, but they're
charging two and a half, threepercent to the business that's,
you know, running, that'saccepting that card.
So you know you spend athousand dollars and they're
making one percent on that afterthey give you, you know, the
(16:17):
one and a half two percent cashback to you yeah so you know
they're making $10 just off ofthat, which doesn't sound like a
lot.
but if you take that $10 and youapply that over a million
people who have that card acrossthe world, you just made $10
million off of a thousanddollars in monthly transactions
Wild and like that's.
(16:38):
That's where they want to maketheir money.
Speaker 2 (16:40):
Right, and that's the other thing too, which I know
we're kind of just.
We both know this, especiallyyou, and it's just assumed, but
I just want to bring it up to.
That's why this trick thatyou're mentioning seems like one
to me that is so important towork with someone, because if
you've probably gotten yourselfin credit card debt, it's like
it's kind of like going you're agambler and then you're kind of
(17:02):
going to the casino to winmoney.
It's like tempting with anothercredit card.
Speaker 1 (17:06):
So I would imagine yeah, and I'm glad you brought
this up, because I actually, um,I left a piece out that I
typically use with clients, so I, if I'm working with a client
and they've worked with me andthey're paying me a lot of times
.
I'll take on this expense.
I think I've bought like 20 ofthese in the last two years, um,
but if it's somebody that I'mjust doing pro bono work, I tell
(17:29):
them to spend the 20 bucks 10bucks, but if you go to, amazon.
you can just pull up, it's a,it's a.
Typically it's called a phonesafe, um, but it can be your
credit card safe, and so it'sjust a tiny little safe and you
put your credit card in thereand you lock it and it's got a
timer on there on how long itcan be locked.
for Now most of them will onlygo to 30 days.
(17:51):
But if you're working, you know, if you have a partner, you
have a friend in your life whoknows that you know that you can
be transparent with you, canjust let, just let them know
like, hey, you're going to comeover, we're going to have a
drink or whatever we do, andyou're just going to reset this
for me because I need to nothave this.
That's, if you don't have anyself-control at all.
If you have the self-control tobe like I know I'm trying to
(18:11):
get out of this and I'm lockingthese so I don't use them, in
that case then you just, when itgets unlocked after days, just
put a reminder in your phone torelock it.
What a lot of my clients say isthat after my credit card's
unlocked for 30 days, I don'teven they don't even put the
second reminder in there,because they forget that they
(18:32):
have the card, they forget thatit's there and they're starting
to build that habit of I don'thave the card because it's
locked, let me take a day or twoto think about this, and then a
day or two passes and theydidn't actually think about it
because they didn't actuallywant it that bad, it was just
that emotional impulse, and so Ido recommend locking up your
credit cards, or it's very easyto replace your cards.
(18:53):
So you could cut your card upbecause you're not supposed to
be using it anyways.
If we're in this plan, you'renot really supposed to be using
it anyways.
Cut it up and then, when youget it paid off in a year,
request a replacement cardbecause it was damaged or stolen
.
Speaker 2 (19:08):
Yeah, and if you request it, because it was
damaged, your credit cardnumbers won't change.
Speaker 1 (19:13):
The only thing that will change is the expiration
date and the security code onthe back.
So you won't have to worryabout like updating your
subscriptions and all thosethings yeah, that's a good idea
you know.
So you're not supposed to beusing the card, so cutting it up
really shouldn't be an issuefor you right you know,
emotionally maybe and that's ifyou don't.
You know, if that's if you don'twant to spend the 10 or 20
(19:34):
dollars for this little locksafe.
Otherwise, get the lock safe,spend the 10, 20 bucks, throw it
in there.
Um, spend the 10, 20 bucks,throw it in there.
To me, the 10 or 20 dollarsthat you're going to spend on
that is worth it because it'ssaving you from spending 30, 40,
50, 60 dollars.
I mean, you can't fill up yourtank for less than 20 dollars,
and I'm not saying that youshouldn't be spending money to
(19:55):
fill up your tank.
That's something you have tospend.
But in this situation, maybeyou transfer to using a bank
card to pay for your gas untilyou have these things figured
out.
Speaker 2 (20:07):
And then the only other thing that I can think of
is I know we talked about thismainly for credit cards, but at
the beginning we were talkingabout if you had like a student
loan, so this might work too.
If you just go, it's not likethe after you did it pro bono
period, right, because thenthere's not that 4% fee usually,
so you could just do it andyou'd save a lot, or no.
Speaker 1 (20:30):
You're not going to save a lot just because the
majority of people aren't goingto get approved for more than a
$10,000 limit.
Speaker 2 (20:37):
Yeah, and loans are yeah.
Speaker 1 (20:39):
So if you're paying you know, say, you're even
paying on the high end you knowyou might be paying 7%, and so
if you're getting it paid off ayear earlier by doing this,
you're talking about saving $800.
And that's if you have a$10,000 limit and you have
(21:00):
$10,000 of student loans thatyou're moving over.
So it doesn't make a hugedifference, a huge difference.
However, you know it issomething that I mean.
Until we recorded this podcast,I haven't used this trick in a
while.
I mean, I've used it forclients, but I haven't used it
(21:20):
for myself in a while.
Until we recorded this podcast,I didn't really think to use it
myself.
But as we were recording, I waslike you know what this
actually could benefit me for.
You know these four or $5,000credits limits that I have for
these student loans that are at5%, 6%, because I know my fee is
4%.
So I don't have any of six.
(21:41):
I have 4.8 is the highest.
But I have a personal loan fromsome home renovations that I
did that's at 7.99.
So maybe that's a good one tolet's do a $0 transfer and
transfer off of that card andthen pay that down a lot faster.
There's just little things likethat that you don't really think
(22:03):
about until you have aconversation like this and
you're like, oh, that actuallycould help too.
And again, okay, so we'retalking about a two percent
difference on 10 grand, so we'reonly talking about 200 bucks.
But for somebody like me whohas the habits down and it's
really about optimizing at thispoint, what I'm going to do is
(22:24):
I'm going to take that 200, I'mgoing to throw that into an
investment and then so not onlydid I save $200, that $200 now
on average, my Roth makes, youknow, a 10% rate of return each
year on average, so that $200over the course of, you know, to
retirement years you're talkingabout doubling every seven
(22:46):
years.
I have another easily 40 yearsuntil I retire You're going to
get six doublings, just undersix doublings, so that $200 is
going to turn to $400, $800, $16, $32, $64, $12, $8.
So it's going to be somewhere.
(23:06):
It's going to be just under $12, $8 in theory, so that $200
turns into $12,000 forretirement.
Speaker 2 (23:14):
Right, but that also goes along the lines too.
I like what you said before.
If you're more of the commonfolk, it's like if all that
headache is going to save you$200, like you said, max out
your Roth first.
Speaker 1 (23:28):
Do some other investments instead of getting
so nitty gritty Like you'vealready done that, obviously, so
you can get nitty gritty butRight, yeah, I mean I'm maxing
out my Roth and you know, andthat's where working with
somebody is helpful, becausewhat may happen here is so like
that personal loan for me is$431 and change every single
month, and so for averageindividual who's not running
(23:54):
these numbers like I am, youknow, once a month what may
happen is, you know, say thatit's the same person.
They're paying $400 towards debtconsolidation.
They've been doing that.
They can now knock this out,save $200 in interest, and now
they're going to be able tosnowball here, because they had
(24:14):
$431 they were paying towardsthis loan, $400 that they're
going to be paying towardscredit cards.
By now eliminating this andbringing it into the debt
consolidation piece, you nowhave $831 of monthly payments
that you were used to paying, sonow you're going to knock out
that $10,000 a lot faster.
(24:35):
So you just take the $831,knock out that $10,000 in 11
months, yeah, and then right,does that work?
No, it'd be 12 and a halfmonths.
So in a year, though, you knockthat out now, and now, after
that, you have enough to max outyour Roth, which $7,000 a year
(24:56):
is what you can contribute toyour Roth as of 2024.
So that's $548 a month, Ibelieve.
No, it's not.
$548 is what I used, because Iwas when I reallocated it.
It's, let's see, 7,000 by 12,$583 a month.
(25:17):
This person had $831 a monththat they were putting towards
debt consolidation.
So now you have 200, you'remaxing out your Roth now and you
have $248 to put towards anadditional investment account,
(25:37):
or you have maxed out your Rothand you have $248 to spend.
Catch yourself on the top andgoing this way to slip In theory
, that's from taking somebodywho had $10,000 of credit card
debt and ten thousand dollars ona personal loan and, over the
course of three years, with thisstrategy, went from not being
(25:59):
able to see the light at the endof the tunnel and paying
minimums on a credit card, or alittle bit more than minimums,
and then, over the course ofthree years, eliminated that
credit card debt, eliminatedthis personal loan debt and
started maxing out a roth andhaving an extra 250 a month in
an income that's a glow up tospend, you know, and I think I
(26:19):
think the part that I want toharp on the most, though, is
that three years, you know Imean it doesn't happen overnight
, like if you know and that'sthat's just to eliminate twenty
thousand dollars worth of creditcard.
That, and assuming that you havean extra $400 to throw.
Speaker 2 (26:34):
Well, it wouldn't be extra $400.
Speaker 1 (26:35):
It'd be like an extra $200 a month to put towards
this.
You know you may not have that.
There may be other things youhave to do.
You may not be able to be in aposition, because of your credit
and everything, to even usethis strategy.
But if you're in thosepositions, try and find somebody
who will have a conversationwith you Reach out to me even
(26:55):
and let's have a conversationabout how can we get your credit
?
What should we tackle?
First to get your credit scoreto go up so that then you can be
approved for this and then wecan start working faster.
Because ultimately, if you'reusing your credit journey
strategy and your financialstrategy properly, it'll be
hardest day one and then, as youslowly work towards these
(27:18):
things, it'll get easier becauseyou're moving hurdles out of
the way and then, eventually,your progress is just going to
compound exponentially andbefore you know it, you'll be
credit card debt free withinfive years, depending on what
your limits are and everything.
But within five years you'll bein a much different financial
position putting towardsretirement, building so that you
(27:38):
have a very nice financialfuture from a position that
looked like very doom and gloom.
How am I ever going to haveanything?
How am I ever going to be ableto buy a house?
How am I ever going to be ableto do any of this stuff?
Nice, that about sums it up.
(28:02):
Um, you know, that's the basicson how to use a zero, zero
percent interest credit cardlimit or credit card transfer
for, in order to pay down yourdebts and just work towards, you
know, a more balanced financialposition.
I hope you enjoyed the episodeand thank you for listening.
Speaker 2 (28:17):
Thanks for listening to our podcast.
Speaker 1 (28:19):
We hope this helps you on your balance freedom
journey.
Speaker 2 (28:21):
Please share your thoughts in the comments section
below.
Speaker 1 (28:23):
Until next time, stay balanced.
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