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Editor’s Note: This episode initially aired on April 27, 2023. It may contain some details that are out of date.
In this episode of the Money Talks podcast, we’re talking about the dangers of debt in a rising rate environment, and how to deal with it.
The Federal Reserve has now raised its target federal funds rate nine times in the last year or so, which means rising interest rates for most types of debt.
The idea of higher rates is to put the brakes on the economy in order to slow inflation. All good, until someone gets hurt. And who gets hurt by higher rates? Consumers who need to borrow, that’s who.
Higher rates mean higher credit card interest, car loan interest, personal loan interest and mortgage interest. And for many folks, that’s a big deal. In fact, higher rates can price people out of a purchase entirely. It also means higher minimums and more difficulty paying down debt.
So let’s talk about what you can do to ease the pain.
Host Stacy Johnson is joined by financial journalist Miranda Marquit. Listening in and sometimes contributing is producer Aaron Freeman. Today’s special guest is Matt Schulz, an industry analyst for LendingTree and author of the forthcoming book Ask Questions, Save Money, Make More.
Remember this isn’t financial advice. So make sure to do your own research and consult your own experts before acting on anything you learn here.
You can listen to this episode wherever you get your podcasts:
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This podcast is sponsored by Tellus, the first savings app designed for homebuyers by real estate experts. With Tellus, your savings earn more in one day than up to three weeks in a traditional bank savings account. What’s more, there is no stock or crypto exposure, no fees and you can withdraw anytime. Click the link in the show notes and use the code MONEYTALK to get a 5.50% APY for seven days with a $125 minimum deposit.
Dealing with inflation
Inflation is impacting every aspect of our financial lives right now. If you’re trying to figure out how to get through it, we have resources on Money Talks News that can help.
- What’s Your Personal Inflation Rate?
- 4 Ways Americans Are Coping With Inflation
- 32 Inflation Hacks to Save You Money in an Economic Downturn
- Over Easy: 5 Ways to Deal With Egg Shortages and Inflation
- 7 Ways Inflation Can Cost You at Tax Time
- How Inflation Affects Your Credit Card Rewards
- Americans Are Losing $445 Monthly to Inflation: Here’s How to Protect Your Wallet
- 5 Ways Inflation Could Make You Richer in the Long Run
- 10 Sure-Fire Ways to Beat Inflation
- 7 Apps I Use to Beat Inflation at the Grocery Store
- When Inflation Meets Stagnation and What to Do About It
How to pay down debt
When dealing with debt, creating a plan to pay it down is one of the best things you can do. We have many resources to help you pay down debt, and make the most of your money, even in the midst of inflation.
- Debt Consolidation vs. Debt Settlement: 5 Things You Need to Know
- 5 Things You Need to Know About Paying Off Debt This Year
- How to Destroy Your Debt and 3 Things to Do Next
- 5 Ways to Eliminate Credit Card Debt
- How Making 1 Extra Mortgage Payment Could Shave Years Off Your Debt
- 3 Powerful Tools to Destroy Your Debts and Renew Your Credit
- 5 Ways to Deal With Debt Collectors if You’re Afraid to Pick Up the Phone
- How to Wipe Out Debt for Good
- How Debt Affects Survivors After a Loved One Dies
- 10 Ways to Lose Weight and Pay Down Debt — at the Same Time
Meet this week’s guest, Matt Schulz
Matt Schulz is a nationally recognized personal finance expert with 15-plus years of experience helping people make smart decisions with their money. He is currently Chief Credit Analyst at LendingTree. With LendingTree and in his previous role at Bankrate, he has appeared on “Good Morning America” and “NBC Nightly News” and been quoted many times in the Wall Street Journal, New York Times and beyond.
He is also a trained journalist who has led online news teams for TV stations, websites and newspapers. His first book — “Ask Questions, Save Money, Make More” — is scheduled to be published by Countryman Press, an imprint of WW Norton, in early 2024.
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About the hosts
Stacy Johnson founded Money Talks News in 1991. He’s a CPA, and he has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.
Miranda Marquit, MBA, is a financial expert, writer and speaker. She’s been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.
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