What happened next: Pay off the credit card or buy a house?
In this special ‘What happened next’ Money Clinic episode, Claer catches up with US financial services worker Josh. When they spoke last October, he was hiding thousands of dollars in credit card debt from his wife. Under lockdown, the couple had managed to save up enough money to pay them off - but she wanted to use this cash for a deposit on their first home. The podcast experts had plenty of advice about dealing with credit card debt, and what could happen if Josh took on even more debt with a mortgage. Six months later, has he paid off his debt and cut up his cards, did he buy a property, and are he and his wife still talking openly about money? The experts were Sara Williams aka The Debt Camel, and the FT’s US finance editor Robert Armstrong. The original podcast was released on October 20 2020.
If you would like to talk to Claer for a future podcast episode, email the Money Clinic team money@ft.com, with a brief description of your story. Follow Claer @Claerb and read her Serious Money column.
Further reading:
-Free UK sources of debt advice include StepChange and Citizens Advice
-In the US the government’s Dealing with Debt has plenty of pointers
-Read, for free, Claer’s article on the UK’s biggest debt helpline and advisers’ tips, and her column Six ways to manage money - and not fall out with your partner
-For a different take on debt, listen to this previous episode: Starting your debt free journey
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