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Jean Chatzky Quotes

Journalist

Jean Chatzky is a seasoned financial journalist, born on November 7, 1964. She is known for her in-depth research and insightful views on personal finance, having served as an editor and columnist for several prominent media outlets.

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All Debt Ifs Credit Cards Company Settlement Credit Card Creditors Debt Settlement Bankruptcy Pay Want Amount Lines Loan Needs Bills Ends Helping Home

Famous Jean Chatzky Quotes

“You settled a debt instead of paying in full will stay on your credit report for as long as the individual accounts are reported, which is typically seven years from the date that the account was settled. Unlike with bankruptcy, there isn't a separate line on your credit report dedicated to debt settlement, so each account settled will be listed as a charge-off.”

Years Long Individual Lines Accounts Seven Credit Debt Reports Dedicated Seven Years Settlement Bankruptcy Debt Settlement

Author:Jean Chatzky

“You fall a bit behind on a credit card bill, your interest rate soars, your minimum payment rises, and you start falling more and more behind every month. You don't see an end. But you don't want to file bankruptcy either. What you can do - and should do - is negotiate.”

Want Should Ends Fall Bits Interest Can Do Behinds Months Bills Rate Credit Cards Minimum Soar Files Payment Credit Card Bankruptcy Interest Rate

Author:Jean Chatzky

“Sometimes a creditor is willingto do this as a bargaining point - you give the creditor cash in hand, it gives you a positive listing on your credit report - even though you haven't paid the full amount. Get this agreement in writing.”

Giving Writing Sometimes Hands Havens Amount Paid Credit Reports Agreement Cash Bargaining Creditors

Author:Jean Chatzky

“Once the settlement is completed, the credit card company will report it to the credit bureaus, which will then make a notation on your credit report that that account was paid by settlement. That's going to signal to future lenders that you left the last guy hanging. That's why, as with bankruptcy, debt settlement is an extreme option, one you shouldn't take lightly. It's not just an easy, cheap way to eliminate debt.”

Way Lasts Guy Left Easy Company Accounts Paid Extremes Credit Debt Cards Reports Signals Credit Card Settlement Bankruptcy Lenders Debt Settlement

Author:Jean Chatzky

“A consolidation makes sense only if you can lower your overall interest rate. Many people consolidate by taking out a home equity line loan or home equity line of credit (HELOC), refinancing a mortgage, or taking out a personal loan. They then use this cheaper debt to pay off more expensive debt, most frequently credit card loans, but also auto loans, private student loans, or other debt.”

People Ifs Use Home Interest Lines Pay Students Rate Credit Debt Cards Make Sense Expensive Equity Loan Mortgage Cheaper Credit Card Interest Rate Student Loan Consolidation Home Equity

Author:Jean Chatzky

“You also need to understand that when you consolidate credit card debt into mortgage debt - like a home equity loan or a HELOC [ home equity line of credit ] - you're taking an unsecured debt and turning it into a secured debt.”

Needs Home Lines Credit Debt Cards Equity Loan Mortgage Credit Card Secured Credit Card Debt Home Equity

Author:Jean Chatzky

“If you default on an unsecured debt, you won't lose anything (except points on your credit score).”

Ifs Loses Credit Debt Score Default Credit Scores

Author:Jean Chatzky

“When you default on a secured debt, the creditor takes the asset that backs up that debt. When you convert credit card debt to mortgage debt, you are securing that credit card debt with your home. That's a risky proposition.”

Home Credit Debt Cards Assets Propositions Mortgage Credit Card Default Secured Creditors Credit Card Debt

Author:Jean Chatzky

“In about one-third of credit card consolidations, within a short period of time, the cards come back out of the wallet, and in no time at all, they're charged back up. Then you're in an even worse position, because you have the credit card debt and the consolidation loan to worry about. You're in a hole that's twice as deep - and twice as steep.”

Worry Position Periods Thirds Credit Debt Holes Cards Loan Credit Card Wallets Steep Consolidation Credit Card Debt

Author:Jean Chatzky

“You must be sure - and I mean absolutely positive - that you have the willpower to pay off those credit cards and not use them again.”

Mean Use Pay Credit Cards Willpower Credit Card

Author:Jean Chatzky

“Even in the days of the tightest credit in 2008, HELOCs [ home equity line of credit ] and home equity loans were being made.”

Made Home Lines Credit Equity Loan Home Equity

Author:Jean Chatzky

“The interest rate you receive, however, is contingent on your credit score.”

Interest Rate Credit Score Interest Rate Credit Scores

Author:Jean Chatzky

“Turn down offers for new cards or credit line increases on your current cards. Credit's tight, and chances are, you're not getting many offers anyway. But if you do, remember that the less credit you have available, the less trouble you can get into.”

Ifs Remember Turns Lines Chance Trouble Offers Increase Currents Available Credit Cards Chances Are New Car

Author:Jean Chatzky

“Take the cards out of your wallet. A debit card is accepted just about everywhere that credit cards are, and you'll be spending money you have - always a good thing.”

Good Things Credit Spending Accepted Cards Credit Card Wallets Spending Money Debit Debit Cards

Author:Jean Chatzky

“Don't let the fact that you're spending time getting organized result in late fees on your credit card bills.”

Facts Results Late Bills Credit Spending Cards Organized Credit Card Fees Spending Time

Book:Make Money, Not Excuses: Wake Up, Take Charge, and Overcome Your Financial Fears Forever

Source: Make Money, Not Excuses: Wake Up, Take Charge, and Overcome Your Financial Fears Forever

About the Author

Born: November 7, 1964
Known for: Journalist
Quotes: 43

Books & Sources

Make Money, Not Excuses: Wake Up, Take Charge, and Overcome Your Financial Fears ForeverRelated source material

Money Rules: The Simple Path to Lifelong SecurityRelated source material

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