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PFT #105 - Personal Finance Tip of the Week: Pillar #1 - No Credit Card Debt
Host [Host Name] explains why eliminating credit card debt is the crucial first step toward financial success and long-term wealth building.
20 Apr 2026
PFT #104 - Personal Finance Tip of the Week: Credit Card Convenience Checks
Do you recall a time where a credit card offer arrived in the mail and blank checks were attached? These are called convenience checks which can be attached with your current credit card or a new company.
These blank checks are linked directly to a current credit card's line of credit or when you are establishing an account with a new issuer. They function like a personal check but draw money from your available credit instead of your bank account.You can use them for various purposes, such as paying bills, transferring balances from other debts, or getting a cash advance by writing the check to yourself.However, convenience checks are generally an expensive way to borrow. They are typically treated as a cash advance by the issuer, which usually means two major drawbacks:
They can come with a higher interest rate: The interest rate (APR) applied is often significantly higher than your standard purchase rate.
They can have immediate interest accrual: Unlike standard credit card purchases, interest usually begins accruing immediately from the moment the check clears.
So the question is: should these cards be used? The only scenario that this is useful is if you will pay a lower interest than what you are in the debt that is being transferred. On top of that, a transaction fee usually 3% to 5% of the check amount) is typically charged.
For example, if you use a check for $1,000, you’d pay $1,030 to $1,050. The plan is to reduce the current interest you are paying with other cards so the goal is to find cards with promotions of 0% or a low introductory APR for a set period. In this case, they are functioning as a Balance Transfer Check. Lastly, be sure that the new inerest rate after the introductory period expires, is the same or lower than what you pay now.
The bottom line is that having credit cards that accumulate interest is not condoned; however, if you make use of these cards, create a plan to aggressively pay off your debt as this is toxic to your financial future. The silver lining is that these companies are throwing you a bone due to a low interest rate for a period of time so take advantage and stop kicking the can down the road.
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18 Mar 2026TRANSCRIPT
PFT#103 - Personal Finance Tip of the Week: Buy Now Pay Later BNPL Services
Buy Now Pay Later Services or BNPL have grown immensely in popularity over the recent years and the appeal is obvious with their convenient alternative to the traditional credit card. So let’s review the main pros and cons.BNPL services offer several benefits that make them appealing to many shoppers.
They provide easy approval, often requiring only soft credit checks—or none at all—so they’re accessible to people with limited or lower credit scores. Many BNPL plans commonly offer fixed payments over a short period, usually 4–6 weeks, without interest making it easier with scheduling.
So this sounds great, right? On the other hand, while BNPL services offer convenience, they also come with several drawbacks. The most glaring is that shoppers overspend and take on more debt than they realize which leads to missing payments that can lead to late fees or penalties. When this occurs some BNPL services may report late payments to credit bureaus or require hard credit checks for longer-term financing.
Another common trap is that users juggle multiple BNPL loans from different providers, making it harder to track overall debt. Additionally, BNPL services don’t always offer the same consumer protections as credit cards, especially when it comes to returns, disputes, or fraud.
Finally, longer-term B NPL loans can carry interest rates similar to or even higher than traditional credit cards. So the question becomes, should people utilize BNPL plans? The ultimate answer is “no.” If you are using these services, this means that you cannot manage your expenses effectively as they have similar behavior to credit cards.
The bottom line is that you need to review your budget and create a path where BNPL plans are removed from your vocabulary. Every dollar spent on borrowing, is less dollars that could be used to invest in yourself. This behavior needs to be considered as toxic.
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Inside a recent episode
PFT #105 - Personal Finance Tip of the Week: Pillar #1 - No Credit Card Debt
Published 15 Jul 2026 · Transcript excerpt
[…] What this means is that you can use credit cards. However, all of your statement balances must be paid off each month. First and foremost, when one carries credit card debt that is collecting interest, then it means that he or she cannot afford to pay other bills or items without borrowing. For example, according to NerdWallet, 75% of holiday shoppers in 2025 use credit cards for at least part of or all of their gift shopping that year. And that's okay if people are paying off their interest. However, many people are still struggling to pay off debt from the last holiday season. According to the survey of 2024 holiday shoppers who used credit cards, 31% still haven't paid off the balances. […]
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