We Read Your Book Eliminate Your Debt Like a Pro But Have Questions. – Amber

“Dear Steve,

My husband and I sat down this weekend and figured up our debt vs income based on the guidelines outlined in your book Eliminate Debt Like A Pro. Our New Years resolution was to not spend on credit and we haven’t, but after reading your books

I know we need to spend on credit what we can afford to pay for not up to the limit. For now we have put our cards away in an effort to pay them down until we can use them for good. Our biggest concern is that we do not have a safety net if there is a crisis.

My friend recommended that we contact our bank for a debt consolidation loan so we would have one lower interest payment each month and all the credit cards paid off. This would allow us to immediately begin to use them for gas, groceries, etc and pay them off each month. Is this a good idea? What pitfalls could we encounter on this path?


Dear Amber,

eliminate-debt-coverI’m glad you had a chance to read my book, Eliminate Your Debt Like a Pro. It certainly is packed with advice to help you break free from debt.

A debt consolidation loan can be a smart way to pay off debt, if the math makes sense. I recommend Lending Club for unsecured debt consolidation loans. If you go that route, let me know your loan number and I’ll help fund it.

After paying off the cards you should not close them but you also do not have to use them either.

A credit card is a financial tool to allow you to buy things without cash on hand. A credit card is safer to use than a debit card.

The smartest way to use a credit card is when you can pay the balance off as you go or at the end of the month. It’s not the credit card that gets people in trouble it’s the carrying of the balance that hurts.

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If you just wanted to payoff your current debt in the shortest period of time and pay the least amount of interest then using a free service like ReadyForZero.com is a smart thing to do. They can help prioritize your debt and keep you on track as you pay it off.

I hope that answered your question.

Please post your responses and follow-up messages to me on this in the comments section below.


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
Damon Day - Pro Debt Coach

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