Pick Your Community: | Hopkins | Muhlenberg | Daviess | Christian | Henderson | Lakes | McCracken | Webster

Dave Says – Feb. 16, 2014

dave says1KENTUCKY (2/16/14) – This Week Dave offers tips on credit cards and debunks debt balance transfers.

Dear Dave,

How can I get credit card companies to stop sending us preapproved offers? My wife continues to sign up for these, and now we have $40,000 in credit card debt.

Dan

Dear Dan,

Chances are you’ll never get credit card companies to stop sending stuff, but there a few things you can do that might help slow things down. Access your credit bureau report, and opt out of marketing offers. You can also freeze your credit report, and send direct requests to the credit card companies to take you off their mailing lists.

I’ve been telling people not to use credit cards for 20 years and, believe it or not, even I get offers in the mail. The more mailing lists you get on, the more your mailbox will fill up with junk mail. If you have magazine subscriptions and things like that, your contact information is circulating all over the place.

The next thing I’m going to say may sound cruel, but I really don’t mean it that way. You don’t have a junk mail problem, Dan. You have a relationship problem. You two are not on the same page about money. Either she doesn’t feel like you two have enough money, and she’s resorting to credit cards for this reason, or she does this because she’s a spoiled brat who thinks she should always have what she wants when she wants it. Her behavior is destroying your financial lives and driving a wedge between you.

My advice would be to sit down and have a gentle, loving talk with her about all this. Try to find out why she feels the need to have all these credit cards, and explain that you’re worried about what it’s doing to your marriage and your finances. That may mean having to spend some time with a marriage counselor, but that’s okay, too. There’s no reason to be ashamed of something like that. The truth is, most of us who have been married more than 20 minutes could use a little help in that area of our lives!

—Dave

 
Dear Dave,

I’m trying to pay off my credit card and get out of debt. Do you think I should transfer the balance to one with a lower interest rate while I do this?

Kelsey

Dear Kelsey,

I’m not against this idea, as long as you understand that you’re not really accomplishing much. All you’re doing is moving money around, and maybe saving a tiny bit on interest. If you were planning on keeping the debt around for 30 years it would become a big deal. But if you’re talking about a few months, just until you get it paid off, it’s not that much money.

The problem with balance transfers is that you feel like you took a big step forward when you really didn’t. Lots of times this causes people to lose focus on other things they can do to get out of debt, like picking up an extra job or selling a bunch a crap they don’t want or need. That kind of stuff, along with living on rice and beans and a strict written budget, is 98 percent of the battle when it comes to getting out of debt!

—Dave

* Dave Ramsey is America’s trusted voice on money and business. He’s authored four New York Times best-selling books: Financial Peace, More Than Enough, The Total Money Makeover and EntreLeadership. The Dave Ramsey Show is heard by more than 6 million listeners each week on more than 500 radio stations. Follow Dave on Twitter at @DaveRamsey and on the web at daveramsey.com.

 

Disclaimer: The content supplied by columnists and letters to the Editor on this site does not in any way, shape or form, implied or otherwise, necessarily express or suggest endorsement or support of any of such content, statement, or opinions therein. SurfKY News does not necessarily adhere to or endorse content provided by outside non-staff sources.

© Copyright 2014 SurfKY News Group, Inc. All rights reserved. This material may not be published, broadcast, or rewritten without permission. SurfKY News encourages you to share this story by using one of the social media links below.

button coupons
button classifieds

In Other News...

Daviess County City Hall, Transit, Parks, Sanitation Holiday Schedule

DAVIESS COUNTY, Ky. (12/20/14) — The following is the Christmas and New Year's 2014-2015 schedule for the City of… Read More

Most Read This Week

December 16, 2014 10574

Coal Miner Fatally Injured in Underground Mining…

in Top News For All Sites by Dick Brown
December 17, 2014 7491

Elderly Couple Found Shot to Death in Muhlenberg

in Local (Muhlenberg) Top News by Trooper Stu Recke
December 17, 2014 6758

Three Men Charged with Burglary

in Local (Hopkins) Top News by Madisonville Police Department
December 15, 2014 5081

Hopkins County Woman Charged Second Time in Two…

in Local (Hopkins) Top News by Charles W. Riley II, SurfKY News
December 15, 2014 4539

Woman Leads Police on High-Speed Chase in Stolen…

in Local (Hopkins) Top News by Madisonville Police
December 19, 2014 4300

Dawson Springs Man Charged with Sexual Abuse of…

in Local (Hopkins) Top News by Detective Sean McCance
December 19, 2014 4115

Armstrong Mine to Layoff 39 by End of Day

in Top News For All Sites by Rita Dukes Smith, SurfKY News Director
December 18, 2014 4074

Cat Scratching over Dog Ownership Escalates

in Local (Hopkins) Top News by Amber Averitt, SurfKY News
December 19, 2014 3889

Woman Flown to St. Mary's after Two-Car Collision

in Local (Hopkins) Top News by Trooper Stu Recke
December 16, 2014 3712

Highway Crews Pre-Treating Roadways for Potential…

in Hopkins News by Keith Todd

Stories Trending Today

December 19, 2014 3193

Vehicle Fire Causes Traffic Back-Up on Pennyrile

in Local (Hopkins) Top News by Doreen Dennis
December 19, 2014 1221

Greenville Mayor Honored during Final Council…

in Local (Muhlenberg) Top News by Charles W. Riley II, SurfKY News
December 20, 2014 1070

KET’s Kentucky Life Segment to Feature Old…

in Local (Muhlenberg) Top News by Paul McRee, SurfKY News
December 20, 2014 906

New Trial Sites Added for U of L's Brown Cancer…

in General News For All Sites by Health Sciences News
December 20, 2014 839

Farmers' Markets, Vendors; Sign Up for Free…

in General News For All Sites by Ted Sloan
December 20, 2014 829

WKU Public Affairs Claims 17 Statewide Awards

in General News For All Sites by WKU News
December 20, 2014 814

'When the Universe Was Young' Opens Jan. 4 at…

in General News For All Sites by WKU News
December 20, 2014 809

Happenings and Meetings - Hopkins County

in Hopkins News by Amber Averitt, SurfKY News
December 20, 2014 800

Law Enforcement Officers, Agencies Honored for…

in General News For All Sites by Erin Eggen
December 20, 2014 739

City of Madisonville Holiday Schedule

in Hopkins News by Leslie Curneal

SurfKY News Group, Inc.
Corporate Office & Studio
1125 Nebo Rd.  •  Madisonville, KY 42431
270.452.2727 (phone)
  •  270.452.2249 (fax)


Contact a member of our staff: www.surfky.com/contact
Copyright © 2014 SurfKY News Group, Inc.  •  Terms of Use  •  Site Map

social fbsocial twsocial yt
social gpsocial flrsocial rss