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096: Managing debt with Alpha Schulte

Season #10

In this episode Dinah and Mia interview Alpha Schulte and delve into the world of personal finances, focusing on debt management strategies, credit scores, and the impact of debt on personal identity. The topics covered include:

Understanding Debt Types

  • Alpha explains the different types of debt, including secured and unsecured debt, credit cards, personal loans, and interest-free loans.

  • Distinguishing between “good debt”, which can generate income, and “bad debt”, which leads to financial loss.

Credit Scores and Debt Management

  • The significance of credit scores as a reflection of one's ability to manage debt and make timely repayments.

  • Tips are shared on how to improve credit scores, including paying bills on time, maintaining a low credit utilisation ratio, and having a diverse credit mix.

Debt Repayment Strategies

  • Strategies for paying off debt are discussed, such as the snowball method and focusing on high-interest debts first.
  • The importance of negotiating with lenders, making extra repayments, and seeking financial counselling for debt management.

Overcoming Debt-Related Challenges

  • They discuss the emotional impact of debt on personal identity and self-worth, encouraging listeners to approach debt management with a positive mindset.
  • Practical advice is provided on how to navigate financial hardships, negotiate payment terms with banks, and seek assistance from financial counsellors.

Prioritising Debt Repayment

  • Guidance on prioritising debt repayment by considering factors such as interest rates, debt amounts, and individual financial goals.
  • Strategies for tackling different types of debt, including credit cards, loans, and mortgages and how to  create a structured repayment plan.

 

Resources