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.

e-max.it: your social media marketing partner

LIKE SurfKY on Facebook - Click here to LIKE us now.

© Copyright 2015 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 on social media.

Posted on 2/2/14
3/13 - 16
3/13 - 16

Most Read This Week

July 27, 2015 5962

Death of Central City Man in Dawson Springs Under…

by SurfKY News
July 27, 2015 3797

School System Announces Free Lunch/Breakfast at…

by SurfKY News
July 30, 2015 3387

Webster Man Leads Police on Chase through Parts…

by SurfKY News
July 31, 2015 3331

Miss Hopkins County Fair 2015 Chosen

by Tammy Holloway, SurfKY News
July 28, 2015 2602

Hanson, Owensboro, Bowling Green Youths Win at…

by Tammy Holloway, SurfKY News

Most Read This Month

July 17, 2015 16344

Muhlenberg Most Wanted - Top 10

by SurfKY News
July 23, 2015 15319

UPDATE: Family Confirms Body of Missing Teen…

by Shawn Freels, SurfKY News

Stories Trending Now

July 31, 2015 3331

Miss Hopkins County Fair 2015 Chosen

by Tammy Holloway, SurfKY News
August 01, 2015 2200

24th Annual Miss Teen Hopkins County Fair Pageant…

by Tammy Holloway, SurfKY News
August 01, 2015 2058

Little Miss, Mister Hopkins County Fair Chosen

by Tammy Holloway, SurfKY News
August 01, 2015 1466

'Diggers' Return to Find More Hatfield-McCoy…

by SurfKY News
July 31, 2015 1280

State Fair President Commends Hopkins County Fair…

by Tammy Holloway, SurfKY News
July 31, 2015 1112

Hopkins District Court Fines Handed Down

by SurfKY News
August 01, 2015 1019

Knight Crowned 2015 Miss Pre-Teen Hopkins County…

by Tammy Holloway, SurfKY News
July 31, 2015 970

House of Onyx's Crystal Gallery Opens in…

by SurfKY News
July 31, 2015 858

Hopkins County Sheriff's Reports Released

by SurfKY News
August 01, 2015 848

One Injured in Vehicle Roll-Over Accident

by SurfKY News