Pick Your Community: | Hopkins | Muhlenberg | Daviess | Christian | Fayette | Henderson | Lakes | McCracken | Warren | 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.

In Other News...

Happenings and Meetings Owensboro

OWENSBORO, Ky. (4/15/14) — The following events are scheduled in Daviess County this month. Tribute Band TuesdaysApril… Read More

Grow Garden Grow - Spring Has Sprung

KENTUCKY (4/14/14) — The grass is green, forsythias, dogwoods, redbuds, crabapple trees, and tulip magnolias are… Read More

Most Read This Week (Site-Wide)

April 15, 2014 15238

UPDATE- U.S. Bank Robbery, Bomb Threat…

in Top Stories by Taylor Riley, SurfKY News Reporter
April 11, 2014 5177

Sheriff's Office Rounds Up Three in Drug…

in Top Stories by Sheriff Curtis McGehee
April 14, 2014 4971

U.S. Bank Hanson on Lockdown Due to Bomb…

in Top Stories by Rita Dukes Smith, SurfKY News Director
April 14, 2014 4820

Pedestrian Killed During Two Vehicle…

in Top Stories by Chris E. King
April 11, 2014 4280

Greenville Police Confirm Official…

in Top Stories by Paul McRee, SurfKY News Reporter

Most Read Stories from Hopkins County

April 14, 2014 4820

Pedestrian Killed During Two Vehicle…

in Top Stories by Chris E. King
April 13, 2014 4140

One Dead in Two Vehicle Head On Collision

in Top Stories by Chris E. King
April 11, 2014 3744

Couple Charged for Trying to Use Funny…

in Top Stories by Madisonville Police Department
April 12, 2014 2640

One Injured in Two Vehicle Accident in…

in Top Stories by Rita Dukes Smith, SurfKY News Director
April 11, 2014 2430

Hopkins County Crime Stoppers Tip Leads…

in Top Stories by Madisonville Police Department

Most Read Stories from Owensboro

April 14, 2014 970

Grow Garden Grow - Spring Has Sprung

in News by Barbara Cecil Russ
April 13, 2014 777

Two Daviess County Men Busted for…

in Top Stories by Scott Gibbs
April 11, 2014 694

Business Spotlight: Local Entrepreneur…

in Top Stories by Dennis Beard, SurfKY News
April 11, 2014 454

Daviess County Student Honored in KDA…

in Top Stories by Ted Sloan
April 14, 2014 417

Owensboro Health Hosts Tours for…

in Top Stories by Dennis Beard, SurfKY News

Most Read Stories from Muhlenberg County

April 11, 2014 5177

Sheriff's Office Rounds Up Three in Drug…

in Top Stories by Sheriff Curtis McGehee
April 11, 2014 4280

Greenville Police Confirm Official…

in Top Stories by Paul McRee, SurfKY News Reporter
April 11, 2014 3442

Meteorologist Hart Shares Weather Tips,…

in Top Stories by Paul McRee, SurfKY News Reporter
April 13, 2014 2009

Muhlenberg 4-H is Buzzing

in Top Stories by Janie Culton
April 14, 2014 1361

MCC Staff Shares Good News with…

in Top Stories by Paul McRee, SurfKY News Reporter

SurfKY News Group, Inc. Central Office & Printing Division
1125 Nebo Rd.  •  Madisonville, KY 42431  •  270.452.2249 (fax)
Main Number: 270.452.2727 (phone)  •  Printing Division Direct Line: 270.821.8600 (phone)

SurfKY Owensboro News Bureau
920 Frederica St. / Suite 210  •  Owensboro, KY 42301  •  270.683-8060 (phone)


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

social 06social 21social 22social 04social 03