Dealing With Debt | Your Money

Everyone wants to talk about equity and investments, but sometimes you need to talk about the other side of the balance sheet.

“What’s the smartest way to handle your debt, should you have debt, and if you have debt what kind of debt should you have?” asks Leo Daprile, President of Gem-Young Insurance & Wealth Advisors.

“From a national perspective I’m thrilled to see that $82 billion in credit card debt contracted in 2020. That’s great news for everybody except the credit card companies.”

Daprile says that if you’re someone who had to live on credit cards, and you’ve done a good job over the last year making your payments, one option might be to transfer that debt to a zero-balance credit card.

“If you’ve got your feet back under you and your credit has improved, I would strongly recommend that you employ this technique so that you can reduce your interest costs.

Original Air Date: June 21, 2021. Every Tuesday during the Dan Rivers show on News Radio 570 WKBN, Gem Young President Leo Daprile hosts a radio show called Your Money. Daprile brings his vast knowledge of all things “money” to discuss the topics in language everyone can understand.

About Gem-Young
We’re a family business that does business with individuals and families who require comprehensive risk management for their wealth and their assets. We believe clients want professional advice at a fair value and we deliver that by leveraging our reputation of professionalism, integrity, teamwork, and a get-it-done-right-the-first-time attitude. We believe in making a difference in our clients’ lives.

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