A personal finance expert's blunt advice on paying down personal debt

With consumer debt hitting record levels, here's a simple method to shrink your credit card balances.

Transcript

00:00A lot of personal finance folks just say pay off your credit card every month and make

00:05sure you're not getting into debt.

00:07But I actually encourage all my clients to pay off their credit cards every week.

00:11And that's a big change for people, especially those who feel like, oh, they're not actually

00:16in a bad shape because they pay off their credit card every month.

00:18What I found is that a lot of folks, even though they're paying off every month, they're

00:21actually behind.

00:22If you think about it, all those expenses that are accruing for that balance that you

00:26pay at the end of the month was sometimes 30 days ago if it started in that cycle.

00:31And so what I found for folks to be able to really get ahead of that debt, especially

00:35with credit card interest rates being so high right now, is to pay it off every week.

00:40And so taking 15 minutes on a Friday afternoon to check in on it makes a big difference.