I paid off my $12,000 in 2 months because the interest were too high and then I use the snowball method for my remaining 15 cards . I only have one card left which is going to be paid of by the end of this month . I will be debt free . Thank you Lord 😊
I was with you until you said you closed your credit card accounts. Closing accounts HURTS your credit and takes even longer to build it back up than just leaving the accounts open and cutting the cards up. Credit is about understanding how to manage it. You can get debt free using credit if you do it right. It's about discipline. Instead of telling folks close their accounts, say "I chose to close my accounts because I'm not disciplined enough to manage it." Folks go into credit card debt because they don't truly understand credit and that is unfortunate because credit can definitely help you more than hurt you when you use it correctly.
I am not understanding how these content creators who promote financial tips are suggesting to live in a home that cost 25-33% percentage of their monthly income. Has anyone looked at the true cost of rent these days. Without living in a war zone hood and especially since Covid, the cost of renting as become extremely expensive. My landlord just hit me with another yearly increase putting emphasis on maintenance costs, property taxes, and overall market trends. I have just started my budget and my goal is to get out of debt and own my own home.
this is why owning makes such a huge difference in financial freedom. I highly suggest connecting with a Realtor in your area and asking them about down payment assistance. Here in Charlotte, NC, I've been able to get a client in a home with 100% assistance and they are living in a home that is right at 30% of their income
I had 60k in debt and had to move to the hood but i was fine. No kids and single. Roach spray extra lock on door and grind it out. It was bad but everytime i think about using a credit card i think about that apt lol. I will never go back to that hood shit. Im a home owner now.
Totally agree, the snowball method feels like youre getting somewhere, which to me is more important. Eventually I just switched out to putting everything on one LOC. I can see it all in one place. I drew a "thermometer" with the original debt at the bottom and zero at the top...so when my thermometer is fully red I have hit my debt reduction goal. Half way up the thermometer! The videos are great. Most people have heard a message like yours at least once. I believe its the repetition that helps people to stay consistent. Thank you for the continuous uploads👍🏽
I hve a plan by the end of the year to be half way out of debt going to hve to get my partner on board to make it into our goal bc I can see he hates the payments but he’s always lived on the mindset that you need debt to live a successful life. I miss when we weren’t stressed and had our little 1999 cars cash and actually had extra money to leave in our bank accounts 😢
I forgot about the snowball method. I used it before to pay down my debit. This time i owe$4,000. But only have about $400-$500 free a month after tightening up on the budget. Thank you for the refresher
I owe a decent amount , too embarrassed to say, but I'm going to sell my stuff. I love selling things! Going to use the snowball method. I will need about 2 years. Thank you for sharing, so doable!
Me too. I have alot of clothing that is beautiful but doesn't fit and I'd rather be debt free. I have 11k in credit card debt plus about 16k in student loans.
This is one of my favorite channel Thank you for breaking it down!! Am glad I can still ☺️ smile at my crypto portfolio of $70, 000 made from my weekly trade.
After watching so many videos on RUclips about trading I was still making losses until Mrs Susan Marie Alessio, started managing my investments and from then I have been making good profit
Wow I thought people don't know her. I have been trading with her for 4 months now, I don't have much to say about her but I'll advice newbies to place their trades under her services
Mrs SUSAN MARIE ALESSIO, is the best expert trader I have seen her technical analysis skills are topnotch, she has an uncanny ability to read market trends and make accurate predictions for maximum profits.
I owe a bit over 30k in credit card debt. I plan on using snowball method. I estimate it will take me about 2 years or so to pay it all off. I have a car loan of 13k left but the APR is low at 4.5%. I almost have enough to pay off my smallest credit card of 4.5k. The highest is 17.5 k. I have 3 credit cards. I'm also trying to save for a wedding in a few years so I'm dividing my money between making a 1k emergency fund( almost fully funded), pay down debt and saving for wedding. We don't want to take out a loan for wedding so we're willing to wait and save more. If anyone can send me some motivation I'd really appreciate that right now. Cheers to anyone pay down debt! We can do this 💪 🙌 🤗
Man I don’t know how people have 10k+ debt ….. mine totals around 3500 and feel like I’m drowning …. Constantly trying to survive to get to the next bill
I use the snowball method. I’m currently in a debt management plan that will have the majority of my debt paid off in 48 months. I do have 23k in current debt that I plan to have paid off in 18months or sooner.
I owe about $3300 at the moment my job pays 17 and is letting me work overtime. I want to take advantage of this and hopefully pay it off by the end of the year or beginning of new year
Ive been doing this since october '23, i was able to get OT at work that is more than a side hussle. So far ive paid 20k in debt in 5 months. I didnt think about the selling stuff i dont use much. Now its all got to go.
Ha ha, looked into that once. Hot trend is all it is. A new way to get somewhere inefficiently. Using debt to pay down debt may work for some, but aint for me either😏
9:45 That sounds like a bad idea. Closing out a single credit card let alone multiple is going to cause your credit score to tank… I would just say to cut the cards and remove them from your Apple Pay/Google pay and just don’t use the cards (and keep maybe 1 for benefit and to still build your credit).
just stared my snowball last month been sick so got Dr. bills and such about 26k in the hole and about 23 k on a car, but it's going to be alright I feel because I could have been in my grave!! I was debt free besides the car, so I can't wait to be there (debt free) again ! In a good spot, my house is paid for already1 God is good 💞
How about not getting into consumer debt in the first place? People need to address the source of the issue: why are they willing to spend money they don't have to purchase things they don't need and has no value. There is a psychological issue that needs to be addressed.
I currently owe 20k in credit cards. But I really want to pay it off before this year ends. I’m actually looking for a second job to pay this off and once I’m free I’ll go back to one job and never make the same mistake of spending like madman on stupid shit.
Save at least $1000-2000 for an emergency. $1000 should be your minimum no matter what. Depending where you live (like say NY or CA), having $2000 saved is a better bet.
You can do both if it won’t overwhelm you. Focus on one card to put any extra in addition to the minimum that you can to pay it off and roll that down to the next. If you can start with setting aside $25-50 a month at minimum for your emergency fund. If you can do more, great.
I have 6k in saving and I’m 14k in the hole in debt I’m thinking about bitting the bullet and just putting that whole 6k and pay my debt…..any other suggestions
See if you can get a lower interest rate and save your rent, and utilities for three months from the 6k then send in some to pay it down and if you can pay over your minimum payment by 100 each month until you pay it off. And if you get extra money send it there too.
If it’s at collection, I would try to negotiate and pay 25-50cents on the dollar; if the bank still has it, create a payment plan. It’s the right thing to do.
You are right. It is the right thing to do. Holy Spirit is working crazy through you. I didn’t even get the notification. I randomly wanted to check right now to see if you responded to me. And you just did. ✝️🙏🏾 I will try to negotiate with them. I was afraid of the consequences of bankruptcy , especially bc I would like to own a home. But I had a rough year and want to fix everything now that I have some $ . God bless you brother
These are good tips but it’s really all dependent upon someone’s actual life. To just continuously spew out the same old advice instead of teaching someone how to tailor financial to their actual life and responsibilities is not helpful.
@josezepeda-op7sc absolutely not. Already did it and had it deleted from my credit report. My credit score jumped 80 pts and still climbing and I'm debt free. They can get away with all that high interest, I turned the tables on em.
@josezepeda-op7sc not sure what happened to my comment but absolutely not. I already did it and had my bankruptcy removed from my report. Score jumped 80 pts and still climbing.
I only have $1860 left coming from 16,000
Good job!
How long it take
I paid off my $12,000 in 2 months because the interest were too high and then I use the snowball method for my remaining 15 cards . I only have one card left which is going to be paid of by the end of this month . I will be debt free . Thank you Lord 😊
Is there an example video you can share?
@traybern I use the Dave Ramsey snowball method and now I am debt free in 2 years .I was $52,000 in debt .It really works .
"What was your income at the time that enabled you to pay it off in just 2 months?"
Can you explain it?
15…? That’s crazy lol. Good for you though
Coming in from a 150k, finally eliminated it down to just credit cards and loans. Here we go!
I was with you until you said you closed your credit card accounts. Closing accounts HURTS your credit and takes even longer to build it back up than just leaving the accounts open and cutting the cards up. Credit is about understanding how to manage it. You can get debt free using credit if you do it right. It's about discipline. Instead of telling folks close their accounts, say "I chose to close my accounts because I'm not disciplined enough to manage it." Folks go into credit card debt because they don't truly understand credit and that is unfortunate because credit can definitely help you more than hurt you when you use it correctly.
Hurts your credit after 10 years. Closing a card in good standings doesn't hurt much at all.
@@dmeyer1227 Closing a card in good standing DOES hurt your credit. I totally agree with @realestateplugtv.
You are absolutely correct!
@@dmeyer1227Closing a card in general is bad…
I am not understanding how these content creators who promote financial tips are suggesting to live in a home that cost 25-33% percentage of their monthly income. Has anyone looked at the true cost of rent these days. Without living in a war zone hood and especially since Covid, the cost of renting as become extremely expensive. My landlord just hit me with another yearly increase putting emphasis on maintenance costs, property taxes, and overall market trends. I have just started my budget and my goal is to get out of debt and own my own home.
this is why owning makes such a huge difference in financial freedom. I highly suggest connecting with a Realtor in your area and asking them about down payment assistance. Here in Charlotte, NC, I've been able to get a client in a home with 100% assistance and they are living in a home that is right at 30% of their income
I moved out of NY and love it. Average rent her is 700-850. Not in a bad area. I am in a town in Ohio.
Get a higher paying job if not you can not afford it comfortably
I had 60k in debt and had to move to the hood but i was fine. No kids and single. Roach spray extra lock on door and grind it out. It was bad but everytime i think about using a credit card i think about that apt lol. I will never go back to that hood shit. Im a home owner now.
@@smartfinds2020700-850 in NY or in Ohio? I presume in Ohio, cause that’s a lie of its in NY lol
Totally agree, the snowball method feels like youre getting somewhere, which to me is more important.
Eventually I just switched out to putting everything on one LOC. I can see it all in one place. I drew a "thermometer" with the original debt at the bottom and zero at the top...so when my thermometer is fully red I have hit my debt reduction goal.
Half way up the thermometer!
The videos are great. Most people have heard a message like yours at least once.
I believe its the repetition that helps people to stay consistent.
Thank you for the continuous uploads👍🏽
I hve a plan by the end of the year to be half way out of debt going to hve to get my partner on board to make it into our goal bc I can see he hates the payments but he’s always lived on the mindset that you need debt to live a successful life. I miss when we weren’t stressed and had our little 1999 cars cash and actually had extra money to leave in our bank accounts 😢
Your consistency in here is inspiring. You deserve more views my guy
I’m doing the avalanche method, and it helped that I did a balance transfer for some of my debt.
I forgot about the snowball method. I used it before to pay down my debit. This time i owe$4,000. But only have about $400-$500 free a month after tightening up on the budget. Thank you for the refresher
I owe a decent amount , too embarrassed to say, but I'm going to sell my stuff. I love selling things! Going to use the snowball method. I will need about 2 years. Thank you for sharing, so doable!
Me too. I have alot of clothing that is beautiful but doesn't fit and I'd rather be debt free. I have 11k in credit card debt plus about 16k in student loans.
This is one of my favorite channel Thank you for breaking it down!! Am glad I can still ☺️ smile at my crypto portfolio of $70, 000 made from my weekly trade.
After watching so many videos on RUclips about trading I was still making losses until Mrs Susan Marie Alessio, started managing my investments and from then I have been making good profit
Wow I thought people don't know her. I have been trading with her for 4 months now, I don't have much to say about her but I'll advice newbies to place their trades under her services
Mrs SUSAN MARIE ALESSIO, is the best expert trader I have seen her technical analysis skills are topnotch, she has an uncanny ability to read market trends and make accurate predictions for maximum profits.
I thought I’m the only one that knows her well I guess her good heart and strategy speaks for her now
This sounds so good and I'd like to be making weekly profits too, is there any way I can speak with her?
I owe a bit over 30k in credit card debt. I plan on using snowball method. I estimate it will take me about 2 years or so to pay it all off. I have a car loan of 13k left but the APR is low at 4.5%. I almost have enough to pay off my smallest credit card of 4.5k. The highest is 17.5 k. I have 3 credit cards. I'm also trying to save for a wedding in a few years so I'm dividing my money between making a 1k emergency fund( almost fully funded), pay down debt and saving for wedding. We don't want to take out a loan for wedding so we're willing to wait and save more. If anyone can send me some motivation I'd really appreciate that right now. Cheers to anyone pay down debt! We can do this 💪 🙌 🤗
To Kendra…Bless your heart! You’re halfway there by having a plan! Best of luck to you. I know you’re going to “get it done!”🙏😁❤️
Man I don’t know how people have 10k+ debt ….. mine totals around 3500 and feel like I’m drowning …. Constantly trying to survive to get to the next bill
This is why I subscribed you. Credit Card is evil once you understand it.
No it’s not. The evil is bad money habits.
@@cheriebenjamin0315you’re 100% correct
No it's not at all!! You just have to pay the entire balance off.
Paid off 19,825 since January 19th sold 2 cars and worked 80+ hour weeks for the past two years
Snowball method seems like the best method.
def the snowball method, it's most realistic for me.
I will use the snow ball method
I use the snowball method. I’m currently in a debt management plan that will have the majority of my debt paid off in 48 months. I do have 23k in current debt that I plan to have paid off in 18months or sooner.
I use the snowball method and it really helps. I was able to pay off 2 cards this month. I have one more with 0% interest until 2/2025.
Close them out would be my recommendation once you’re done
The Ramsey snowball method has been proven to work. It's not easy, but it works
I love it - it works for me .I paid off over $50,000 in less than 2 years .I did a lot of overtime and sacrifice a few things .
Snowball effect 😊
A year into my payoff journey I began with 41k no I’m at 13k 4 more months and I’m done. Salary began at 45k now 100k.
That’s awesome !!!
Damn that’s what’s up
Snow Ball Method for me!
What jobs can you do from home to earn extra income? New to your channel. Thank you!
I owe about $3300 at the moment my job pays 17 and is letting me work overtime. I want to take advantage of this and hopefully pay it off by the end of the year or beginning of new year
Very doable you got this!
Ive been doing this since october '23, i was able to get OT at work that is more than a side hussle. So far ive paid 20k in debt in 5 months. I didnt think about the selling stuff i dont use much. Now its all got to go.
I will try the snowball method next month. This month I did avalanche.
Snow ball for me, this is so rough😫
Great video!! This got me thinking about my own finances. Thank you😊
I thought you were going to talk about the hot trend called "velocity banking" 🤭
Ha ha, looked into that once. Hot trend is all it is. A new way to get somewhere inefficiently. Using debt to pay down debt may work for some, but aint for me either😏
9:45 That sounds like a bad idea. Closing out a single credit card let alone multiple is going to cause your credit score to tank… I would just say to cut the cards and remove them from your Apple Pay/Google pay and just don’t use the cards (and keep maybe 1 for benefit and to still build your credit).
This guy said call them to check how much is your interest rate knowing you can just login to the mobile app these days 😂😂😂
just stared my snowball last month been sick so got Dr. bills and such about 26k in the hole and about 23 k on a car, but it's going to be alright I feel because I could have been in my grave!! I was debt free besides the car, so I can't wait to be there (debt free) again ! In a good spot, my house is paid for already1 God is good 💞
Probably going to use the avalanche method.
You can also combine the two methods for your convenience. Luckily I'm debt free!!!!
How about not getting into consumer debt in the first place? People need to address the source of the issue: why are they willing to spend money they don't have to purchase things they don't need and has no value. There is a psychological issue that needs to be addressed.
Snowball! 6 months remaining.
Let’s goooooo
Team Snowball
I currently owe 20k in credit cards. But I really want to pay it off before this year ends. I’m actually looking for a second job to pay this off and once I’m free I’ll go back to one job and never make the same mistake of spending like madman on stupid shit.
Hi! I paid off a loan and that money I will pay more money to my AE card.I owe $14,000.
The avalanche method
Im not there yet on closing the account completly cuz im worried my 13years of credit would mean no history
Tommy, are you back in puerto rico?
Most people work more than 8 hours in one job
Snowball for sure
Going to try snowball
I'm currently in the process of trying to get rid of my credit card debt and build up my savings. Which one should I give more attention to?
throw some cash to the side for emergencies, then have at that debt
Save at least $1000-2000 for an emergency. $1000 should be your minimum no matter what. Depending where you live (like say NY or CA), having $2000 saved is a better bet.
You can do both if it won’t overwhelm you. Focus on one card to put any extra in addition to the minimum that you can to pay it off and roll that down to the next. If you can start with setting aside $25-50 a month at minimum for your emergency fund. If you can do more, great.
Velocity Banking, keep the cards open.
Snowballing… about 40,000
What’s your timeline for payoff ?
Snowball 10k
Where are you living to pay the low rent.. 😮
I live in Dominican Republic now
How much of that 5 hours can I hustle while having 3 kids under 8 years old?
Sounds sarcastic, but serious question.
Try doing a yard sale and look into remote jobs on indeed that you can do on the weekends or a few nights a week. Hope this helps.
I have 6k in saving and I’m 14k in the hole in debt I’m thinking about bitting the bullet and just putting that whole 6k and pay my debt…..any other suggestions
See if you can get a lower interest rate and save your rent, and utilities for three months from the 6k then send in some to pay it down and if you can pay over your minimum payment by 100 each month until you pay it off. And if you get extra money send it there too.
Should just used credit card as checking account. You wouldn't have done all other crazy stuff
Snowball!
If you got all this CC debt, you probably weren't to responsible with your money.
lol paid off all in full and never paid interest. Not a good game to play. Not the amount, it’s the practice
Tommy, should I file bankruptcy if I stopped paying my credit cards , and the amount is around 10k?? Or should I try to pay that off
If it’s at collection, I would try to negotiate and pay 25-50cents on the dollar; if the bank still has it, create a payment plan. It’s the right thing to do.
You are right. It is the right thing to do. Holy Spirit is working crazy through you. I didn’t even get the notification. I randomly wanted to check right now to see if you responded to me. And you just did. ✝️🙏🏾 I will try to negotiate with them. I was afraid of the consequences of bankruptcy , especially bc I would like to own a home. But I had a rough year and want to fix everything now that I have some $ . God bless you brother
@@fuzzyslippers4349did you manage to pay them $1 a month? Or any negotiation bro?
wow msm is strong on this media, you will never be able to pay off your stuff with this suggestion
🔥🔥
Guess he doesn't have kids
These are good tips but it’s really all dependent upon someone’s actual life. To just continuously spew out the same old advice instead of teaching someone how to tailor financial to their actual life and responsibilities is not helpful.
I'm just going to file chapter 7 bankruptcy and then have my bankruptcy deleted from my credit file. Boom no more debt 🎉
Your joking right lol
@josezepeda-op7sc absolutely not. Already did it and had it deleted from my credit report. My credit score jumped 80 pts and still climbing and I'm debt free. They can get away with all that high interest, I turned the tables on em.
@josezepeda-op7sc not sure what happened to my comment but absolutely not. I already did it and had my bankruptcy removed from my report. Score jumped 80 pts and still climbing.
How did you remove bankruptcy from your report?@@Shabaee2626
Avalanche I owe $8k
Sounds cool if ur single with no kids.
Smash