On the Money Clinic this week, presenter Claer Barrett chats to Josh, a high-earner living in New Jersey who has large credit card bills to match.
FT podcast: Should I pay off my credit cards?
Claer Barrett talks to listener Josh about whether he should pay off his high credit bills — or buy his first property. Listen here
The 30-something finance worker has spent $20,000 paying for holidays and unexpected bills on his interest-free cards, but his wife is unaware of how much he now owes. Under lockdown, the couple have managed to save an impressive $27,000.
His wife wants to use their savings towards a housing deposit — but should Josh come clean and pay off some of his card debt?
This week’s experts Robert Armstrong, the FT’s US finance editor, and Sara Williams, the UK debt adviser and author of the Debt Camel blog, both have strong opinions — but will Josh be prepared to listen?
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Each week, presenter Claer Barrett speaks to an FT reader about a financial issue that’s affecting them, seeking guidance from experts about the options available. If you would like to take part, please email a brief description of your problem to email@example.com and mark your message “New Podcast”.
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