Scenario: I used a credit card for a $15,000 family vacation because we hadn’t been on one in a long time. After that, we decided to move which cost $10,000 and I didn’t have the cash so I used the credit card again. I received an offer to consolidate my debts and pay 0% APR for 6 months. I have 3 months left and have made zero progress on my credit card. What should I do?

What I’d do:

This is a tough situation!

You don’t want to be dinged with all of the interest, but also as you can see it’s hard to make progress on your cards when you just keep shuffling them around.

I wouldn’t play the credit card shuffle anymore and would buckle down and work hard to pay off that credit card.

It’s going to be painful to see how much interest you are paying, but you’ve gotta get it done.

I’d also get on a budget, assign a job to my money and manage my P&L very tight so that all excess cash can go toward this debt.

Remember, budgeting is not restrictive - it’s just assigning an intentional way to spend your money.

Good luck - I believe in you!

Don’t fall into this trap!

You must pay the statement balance to avoid paying interest and fees on your credit card!

If you pay the minimum balance, you will find yourself in credit card debt rather quickly.

A rule of thumb with credit cards: Only use them if you have the cash to make the purchase.

Otherwise you’re playing with fire and waiting to get burned.

My wife said I should do lunges to stay in shape. That would be a big step forward.