Why Are You In Financial Trouble?
Gail Vaz-Oxlade is one of the most popular financial experts for a reason. Her no holds barred approach really hits people in the eye with one fairly consistent message: You need to be the one to take action to take care of your debt problems.
You may rail at the bank, the credit reporting agency or payday loan companies (okay, I rail at them too), but at the end of the day you have to be able to identify that you are too deep in debt and need to do something about it.
The types of debt that most often trigger deep financial problems include credit card debt, high interest financing loans, payday loans and misused lines of credit. In our rebroadcast of one of our most popular podcasts, Gail calls these types of debt 'callable debt'. She recommends you focus any debt repayment plan on this type of debt first, and for good reason. This is the type of credit that can be taken away at a moment's notice. The bank can cancel your credit cards, your line of credit and demand immediate payment. If you don't have a good credit score this could leave you struggling and at risk of bankruptcy.
Listen to our podcast with Gail to learn about the reality of building a good solid debt repayment plan or click here for to read the full transcript.
Resources Mentioned in the Show
- Gail's Website
- A Clean Credit Report Does Not Mean a Good Credit Report
- How Much Debt Is Too Much Debt?