Show Notes
In this edition of Study Hall, I'm compiling all of our best credit card debt advice into one place so you can stop Googling in a shame spiral at 2 a.m. and actually understand what's going on with your debt. I'm breaking down how interest really works (and why credit card debt is uniquely expensive), walking you through step-by-step payoff strategies, including the avalanche method, the Debt Free Guys' lasso method, and using personal loans to consolidate, and I'm finishing with some real talk about why shame is the worst debt payoff strategy on the planet. If you're carrying credit card debt and you feel stuck, overwhelmed, or like it's somehow your fault: this episode is your starting line.
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What makes up debt?
How credit card interest actually works
Why credit card debt compounds into a "slippery slope"
Paying down the principal to reduce total cost
Getting your debt payoff plan together
Step-by-step: list debts, calculate payments, find extra
The avalanche method explained
Tori's Toyota story: paying toward principal
The Debt Lasso Method with the Debt Free Guys
Why balance transfers only work with a real plan
Personal loans: what they are and why they work
Simple interest vs. compound interest for debt
Things to consider before getting a personal loan
When personal loans are NOT the right move
What personal loans should NOT be used for
Debt settlement and your rights as a consumer with Leslie Tayne, Esq.
The Fair Debt Collection Practices Act
Tori's closing pep talk: debt is not a personal failing
Goal-setting hack: specific, timely, and mission-driven
Writing goals in past tense — the visualization hack
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