Radio Worcester · Lauren Piehl Bay State Bank on Preparing for the Holidays

Baystate Bank’s Lauren Piehl: Tackle High-Interest Debt Before the Holidays

By-Hank Stolz

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WORCESTER, MA– Lauren Piehl from Baystate Bank joins the Talk of the Commonwealth every month to talk about financial empowerment. This month she focuses on managing high interest debt ahead of the holidays. Lauren tells us now is an opportune time for consumers to address high-interest debt accumulated over the summer or from the previous year before the next holiday season begins. Lauren explains what the “debt snowball” strategy is. The paying off of debts with the highest interest rates first to save a significant amount of money on interest payments over time. “But if we pay off that higher interest debt, we’re going to be saving money in the long run over interest and time. And that’s the snowball effect.”

She also suggests creating and adhering to a detailed budget to free up money that can be applied to debt. Using a 0% interest balance transfer was another effective strategy mentioned, with Piehl telling us that Baystate Bank offers a 21-month interest-free period for such transfers. Only paying the minimum on credit cards could result in paying thousands more in interest and extend the repayment period by many years. As Lauren says “At the end of the day when you know you’re doing the right thing and you’re making moves and you’re trying to financially help yourself the best you can, your stress levels deplete so much.”

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