Updated almost 7 years ago on . Most recent reply
$20,000 credit card debt
Hey BiggerPockets! I’m trying to help a friend with $20,000 in credit card debt, avg interest over 18%. What are some good options to pay it down? Transfer to 0%/15 month credit card? personal loan? What are some ways to go about reducing this kind of debt and paying it off sooner?
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@Tanner Kier this is a question that I personally dealt with and the issue of credit card debt is no joke. First if you are helping a friend you have to understand that they can only help themselves and that you are there for support. Do not pretend that you know their situation, no matter how close you are to them. The best thing you can do is listen. Second recommend books and podcasts that you think may help them. I loved “I will make you rich” Ramit Sethi. “Money, master the game” Tony Robbins. Also, my debt was an issue because of bad habits and my mind set. BiggerPockets touches on a lot of great guests and ideas but their is a wealth of other people out there. Go down the rabbit hole of great thinkers and share with your friend. Ultimately, you can only do so much. Just be there as a friend and support. They are on their own path and they may not be ready for your advice, just give it and don’t expect anything.
Also, I think it is understated the effect a person has on the world when they live to their highest potential. Don’t shove your success on people’s lives, but simply continue to live your best and it will effect those around you.