Morgan Norwood, Jim Chesko, Abc News discussed on Afternoon News with Tom Glasgow and Elisa Jaffe

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Be hard to manage that debt Experts say there are different strategies for paying down your credit card balances One is called the debt avalanche method The idea is that you attack the card that has the highest interest rate on it pay minimums on all of your cards but put more towards this card with the highest interest rate because again it is your most expensive debt Another way is to use the debt snowball method With Dex Nobel it's all about baby steps starting with the smallest balance first Why Because in theory this should be something relatively easy to overcome You can also lower your payments by transferring your balances to a card that charges no interest for period of time Typically 12 to 15 months Now the caveat to this is that if you exceed 15 months and you have still a balance on that balance transfer card the interest rate will increase in some cases very high and you'll be back to where you were a little bit over a year ago And you're going to have to pay interest again Another option is to consider a personal loan with an interest rate lower than your cards but no matter how you tackle your credit card debt experts say you should always have a spending plan You can't get out of debt if you don't have a budget These two things go hand in hand So while you're thinking about reducing your debt load you also want to be mindful of how you're spending and making sure that that is aligned with your debt payoff goals Morgan Norwood ABC News It's 6 20 and our propellant insurance money update now Here's Jim chesko on a very wild day on Wall Street Quite a turnaround on Wall Street the index has been sharply lower almost the entire day The Dow Jones Industrial Average down more than a thousand points at the worst but roared back over the final hour of the session to end slightly higher The Dow finished with a gain of 99 points the S&P 500 drills 12 and then as that composite up 86 for the day Last Friday shares of Netflix tumbled nearly 22% amid disappointing guidance related to subscriber growth Well the streaming giant stock fell on another 2.6% today Jeffries and other investment firms have downgraded Netflix stock That's your money now Money news here at 20 and 50 past every hour coming up the money business of Hollywood and how do you replace.

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