Pick Your Community: | Hopkins | Muhlenberg | Daviess | Christian | Henderson | Lakes | McCracken | Webster
Davis Motor Sales banner ad

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.

Started 11/8/2013
Started 11/8/2013
Started 11/8/2013
Started 11/8/2013
Started 11/8/2013
Started 11/8/2013

In Other News...

Man Charged for Switching Plates on Vehicle; Hides Seagram's Bottle in Pants

MADISONVILLE, Ky. (10/21/14) — During patrol, Madisonville Police observed a white Oldsmobile without a decal traveling… Read More

HCHS Students Participate in Outstanding Youth and Variety Contest

HENDERSON, Ky. (10/22/14) — Three Henderson County High School students, JT Payne, Michaela Boeglin and Addie Farley,… Read More
Started 11/8/2013
Started 11/8/2013

Most Read This Week

October 17, 2014 11940

UK Women's Soccer Welcomes Ole Miss, No. 5/4…

in General Sports For All Sites by UK Athletics
October 20, 2014 5428

Uncle Lee's in Greenville is Closing Its Doors…

in Local (Muhlenberg) Top News by www.unclelees.com
October 17, 2014 3780

Single Vehicle Collision Results in One Injury

in Local (Muhlenberg) Top News by Trooper S. C. Recke
October 19, 2014 3720

Kentucky Energy Department Releases Virtual Solar…

in General News For All Sites by Dick Brown
October 16, 2014 3007

Madisonville Police Arrest Reports - Oct. 16, 2014

in Hopkins News by Madisonville Police Department
October 17, 2014 2750

Woman Arrested at Taco Bell for DUI

in Local (Hopkins) Top News by Madisonville Police Department
October 21, 2014 2711

UPDATE: Pedestrian Struck by Vehicle on Shamrock…

in Local (Hopkins) Top News by Officer C.P. Haynie
October 18, 2014 2655

Muhlenberg County Celebrates New Farmer’s Market

in Local (Muhlenberg) Top News by Charles W. Riley II, SurfKY News
October 20, 2014 2636

Man Charged for Assaulting Pregnant Wife

in Local (Hopkins) Top News by Madisonville Police Department
October 17, 2014 2546

Madisonville Police Arrest Reports - Oct. 17, 2014

in Hopkins News by Madisonville Police Department

Stories Trending Today

October 21, 2014 2711

UPDATE: Pedestrian Struck by Vehicle on Shamrock…

in Local (Hopkins) Top News by Officer C.P. Haynie
October 20, 2014 1830

Hopkins County Board of Education Recognizes…

in Local (Hopkins) Top News by Tammy Holloway, SurfKY News
October 21, 2014 1741

Man Charged for Switching Plates on Vehicle;…

in Local (Hopkins) Top News by Madisonville Police Department
October 21, 2014 1669

Madisonville Police Arrest Reports - Oct. 21, 2014

in Hopkins News by Madisonville Police Department
October 20, 2014 1327

Providence Police Reports Released

in Local (Webster) Top News by Chief Brent McDowell
October 21, 2014 1318

Arrival of Overpass Beams for I-69/Pennyrile Pkwy…

in General News For All Sites Touching Hopkins by Keith Todd
October 21, 2014 1128

Alliance for a Drug-Free Owensboro-Daviess County…

in Owensboro News by Carla Shelton
October 21, 2014 1083

Meade County Set to Host Third Region Boys'…

in General Sports For All Sites by Steve LeMaster
October 21, 2014 940

Market Commentary - Oct. 21, 2014

in Top News For All Sites by Randall L. Franklin
October 21, 2014 906

RWRA Sewer Repairs Starting Tomorrow

in Owensboro News by Abby Shelton

SurfKY News Group, Inc.
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