In a world where nearly half of all Americans grapple with credit card debt, the potential for AI to assist in financial management is intriguing. This article explores an experiment where ChatGPT was tasked with creating a debt repayment plan using the avalanche method, which prioritizes paying off high-interest credit cards first. While ChatGPT provided a solid framework and basic strategies, it struggled with specific calculations and nuances of individual financial situations. Expert credit counselor Lisa Robertson evaluated the AI's suggestions, confirming that while the avalanche method can be effective, it requires extra funds that many debt holders may not have. The article also discusses alternative strategies, such as balance transfer cards and debt consolidation loans, emphasizing the importance of personalized advice from financial professionals. Ultimately, while AI can assist with calculations, the complexities of personal finance necessitate human expertise for effective debt management.
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