It’s that time for your weekly dose of ‘Money Mondays‘ on the Get Up! Mornings with Erica Campbell and this week we have a special guest, financial expert Anthony O’Neal.
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He joins the show to offer up advice for those borrowers who will receive debt relief from Biden’s Student Loan Relief Program, as well as some information for those millions of people who may have already paid their loans off, or never had student loans, to begin with, and what he can advise them to do as well.
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Erica Campbell: So listen, many student loan borrowers are excited to have a portion of their student loans paid off. But what financial advice would you give to them right now?
Anthony O’Neal: Here’s the number one thing, I want everyone to be debt free. So if you’re receiving a 10,000, or $20,000, and forgiveness, for your student loans, I really want you to be responsible with it. Because here’s the thing, it’s not a pay raise. It’s an advancement tool that I call it. So use this advancement to make progress on eliminating all of your debt, not just a student loan. So if you have any debt left, I’m going to attack it using a debt snowball method so you could change your future.
EC: Lets switch gears and talk about the millions of Americans are not having a portion of their student loans forgiven. What advice would you give them?
O’Neal: Hey, I totally understand that. I mean, when I woke up that day, and I paid off my student loans years ago, I was frustrated. So I think a lot of people were also frustrated. At the same time, I was happy for those who are getting the help, right. But don’t sit around and wait and hope that the government would take care of your debt. You know, just take control of your own responsibilities, whether you have some debt forgiveness or not. My advice is the same pay off all your debt from smallest to largest, throw it all at the smallest debt first using the Debt Snowball Method. And then from there, you’ll see the momentum rising and you’ll have some quick wins. So I get the frustration but let’s celebrate those who got it and let’s use this opportunity to still progress forward.
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Money Mondays: Anthony O’Neal’s Advice For Those Receiving Biden’s Student Loan Relief was originally published on getuperica.com