The End Of Credit Cards | A Warning To Credit Users
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- Опубликовано: 24 авг 2024
- Credit Card Forbearances just increased by 10,000% - here’s why and what this means for you and your credit. Enjoy! Add me on Instagram: GPStephan
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First, lets cover the basics and address some of these headlines - we’ve got Millions of Americans Skipping Credit Card and Car Payments, which represents users who claimed “Financial Hardship,” which allows them to defer payments, interest free, without affecting their credit score, for a pre-set period of time.
www.wsj.com/ar...
As it stands right now…the outstanding Credit Card debt isn’t looking good. At the end of 2019…Americans had accumulated $930 BILLION DOLLARS worth of credit card debt, and that works out to be an average of $5700 worth of debt per person. And, just liked you’d expect…when you break that down further, the people who have the LOWEST household net worth are the ones who have the HIGHEST amount of credit card debt, likely because they have no other option than to use a credit card….and because credit card interest rates can be ridiculously high, it makes it extremely difficult to pay off if you can only afford the minimum payments.
The CONCERN is that people dig themselves into more debt by borrowing money, as indicated by the 25% of people who have increased their credit card debt during the crisis…and, when all of this is over, unemployment still remains high, the stimulus runs out, the unemployment benefits run out…and banks are left scrambling when a portion of those people don’t pay them back.
So, really - at the end of the day…here’s where we stand, and here’s what this means:
First, having such a huge number of people requesting financial hardship assistance on their credit card is not surprising. It’s easy to do, banks have made them extremely accessible, and for anyone who’s unsure of their financial future - it makes sense to pause payments, and solidify the essentials before coming back to the credit card debt.
Second, it’s absolutely concerning that so many people have been faced with financial hardship - and, inevitably, a portion of these credit card users will be unable to repay their debts once this pause-period is up. I certainly expect default rates to climb for the time being, and a LOT of this will depend on how quickly our economy begins to stabilize once people return to work.
And third, I think the most likely outcome from this is that - for the next few years - credit cards are going to be more strict about who they give loans to, they’re going to give you less of a credit limit, and they may potentially charge slightly higher interest if they determine that too many people aren’t making their payments.
Ultimately, when used properly…credit cards can be a VERY useful tool to leverage your money, build your credit, get cash back, and travel for free - and that’s the reason I like and use them so much. But, when used as a cash advance, without the money to pay it off in full…it can be a recipe for disaster.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com
*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.
WE JUST HIT 2 MILLION SUBSCRIBERS! Thank you so much for all of your support, and my thoughts and prayers go out to everyone right now during these very troubling times! Stay safe!
First
1st
congratulations graham 💪
Congratulations!!
Congrats
Just finished paying everything off yesterday. No mortgage, no car payment, no credit card debt. Never had student loans. It's such a freeing feeling to be debt free. Never want to be in debt to anyone ever again.
Congratulations!
Good for you man
Great to hear, awesome effort 👍
Now start lending your money out and collect interest yourself.
Congratz mate, give me 2 months and I'm debt free too!
All loans cleared Credit Score increased right now I own a home in TX amazing programmers are STROT TECH
This whole sickness ordeal actually saved me tons of money. Not going to bars or getting talked into restaurants adds up!
I've gotten one tank of gas in the last two months and it's been great for my budget
Same here no bars and everything I can save around one quarter of my now every month. I think even when bars and such open up will continue this way too
I spent more at the grocery stores and food is outrageous and is just going up!! I don’t go to bats and maybe go out to dinner once a month. I totaled it up and we spent 2000 in one month with a family of five vegan/vegetarian/clean foods are triple with the food prices and my teens make three different meals a night and I’m going broke trying to feed them!! 🙈
The Coronavirus helped end my Corona dependency.
I think my days of being a musician playing in bars and restaurants may be over
No cap, I just paid off my credit while being in quarantine and my credit score is now in the mid 700s. I know it’s not the case for everyone, but yeah being in quarantine definitely helped me with that goal
Lets gooo!!
That's wonderful to see. Yeah, it isn't the case for everyone if they lost their jobs or a steady stream of income, but if you can make it happen now, go right on ahead.
Me too! This quarantine helped me out
Me too!! I’m almost done, very close! Congrats!!
Congrats!!
I’ve actually never been in better financial shape. I have paid off all of my credit cards, refinanced my house to a lower interest rate with no PMI (and no appraisal?), and for the first time my emergency fund is fully funded. Amazing how little I spend when I don’t leave the house for months
Yea I pay off my two credit cards as soon as chase gives me the pay the statement balance option. I have my fully funded roth a good amount saved up and I contribute to my employer match 401k...Keep saving for that retirement.
Good for you!
Same here! And because I watch this channel I have created a budget in a spreadsheet too. It's a miracle I still have a job and I'm going to take full advantage.
Right on!!!
Yooo for real, I have almost 10k saved up lol
Dude, when I first started watching your videos, it was hard not to be envious of your success; but really, it was a jealousy of your hustle and hard work. After seeing how transparent you are and how you spit facts after facts and talk to us like we're your friends and you're just trying to give us all this knowledge so that we ourselves can improve our own hustles, I've gained mad respect for you. You've gained another subscriber here, buddy! Cheers, Graham.
I became debt free during this quarantine, opened two new lines of credit, and increased my credit score by 95 points. Thanks to you and your videos. HAPPY 2 MILLION SUBS!!! Always slappin like
As a millennial, I am proud to say I paid off all of my credit card debt a few months ago. It wasn't easy as I made huge sacrifices because reducing debt was my only goal but now that's it's over, it feels great!
CB BOIII congratulations & you were smart to do so because interest on credit cards aren’t tax deductible. Therefore, you were throwing away hundreds if not thousands of dollars on interest payments which you could have saved for emergencies, for retirement,etc.
Cool, now you're ready to experience car loans and mortgages!
Good job! 😁
I as a millennial am proud to say I never put myself through debt on things I cannot afford to pay off within 3 months.
I always chose to pay off my debt before the statement closes. I got 6 credit cards and only maily use 2 (Amazon and Walmart credit card) for my daily needs and other credit cards only have them around and use them once in a while to maintain open credit so my score could stay up there! I've had 5 car loans on 4 cars since 23 I'm now 30 and bought a new car during the outbreak to take advantage of the low interest rates. If I wanted to I could pay off the car in 2 years but I decided to make it a 72 month payment just so it looks good on my credit report. 2 cars I own are paid off and 1 is Financed.
Also I save up to pay my insurance premium in full with full coverage on all 3 cars.
The thing is to look at the bigger picture otherwise your just setting yourself up for failure!
I never use a credit card for something I can't pay off at the end of the month. I treat it as a debit card to gain the benefits like mileage and only spend what I can actually pay off. Don't want to fall into debt hell :x
thats the way it should be. When anyone asks why and how I use a credit card i say "Credit card is a Debit Card on Crack"
I do the same, everything except rent is charged to the card then paid in full at the end of the month.
I use credit cards, it increases even more my credit rating hitting close to 900. I have automatic payment of entire balance when it's due. Also, some credit cards if not yearly fee have good perks.
A-Ramis does the auto pay feature always cover the full balance? I set one up for my credit card, but it only picks a certain day of the month’s balance and anything I spend after that gets rolled over into next months. Have had to scrap it and just pay it manually every month.
@@justinsnider9772 set up a budget and automatic payments - if you know you spend X amount of dollars on certain goods or service - set automatic payments to your credit card or you can also put a large sum of your expenses to your credit card and use it. Use online banking to monitor it. Not that hard.
I had 350 credit score because I was young and dumb. Now 31 I’m still working twice as hard to get it back up...
Damn how did it get to 350 and what’s your score now
One more payment and my house will be paid off. Debt is weakness. And I don't want to support the banks.
WOOOOOOOW! You are DEFINITELY winning! Congratulations!!👍😊👏
@@tarawalton6778 hey thanks Tara!! :) It's paid off now! It feels so good
@@WillProwse The sky is LITERALLY the limit from here. Job WELL done!👏
"15 Million Americans have skipped their credit card payments"
*Dave Ramsey intensifies*
Dave "better than I deserve" Ramsey
If they were given that chance, is a conservative number, i guess.
Dave Ramsey has gone nuclear...lol
So... what happens if you stop paying these credit cards?? Do you go to jail? If yes, what if you escape and go live in a different country?
Josh V no it most likely will be written off by the company as bad debt. However you’re taxed on that debt you owe to the IRS at your current tax bracket. If you don’t pay that you’ll be hit with penalties/interest fees. If you’re working on the books they’re garnish it from checks or just take it from any bank account(s) where you have money under your social security. In very rare cases you’ll get locked up but it has happened before.
If you owe a amount you can negotiate with the IRS. They want their money like anybody else so they’ll work with you... just be stern on the negotiations. If you can’t pay it in full workout a partial payment plan with them.
I used my simulus to pay off what small credit debt i had, and my tax return went right into my roth. Graham Stephan, you help influence responsible money management, and I thank you!
you're smart!
What i would've done had i been included for the stimulus. Good move because debts not worth it!
I’m still paying my cards during quarantine. I paid over 2000 dollars. I’m a single mother trying to get my son on the right track it’s important to teach our children values.
Graham I started watching your channel a year ago with a 580 credit score. You inspired me to make a positive financial change in my life. I am now debt free, have a 720 credit score, and have a very comfortable amount of money both in a high yield savings account and in index funds. Keep up the awesome work man!
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Aliens are watching Earth like “This season fire!” 👽 🔥
😆
Aliens are moving their troops underwater while we are all distracted. They'll be coming out end of this year once they are ready.
🤑🔥🧯
Vandelay Industries can’t wait
🤣🤣🤣
Man, it's embarrassing that a twenty something dude is teaching a 52 year financial advice that I'd love to I'd love to have known when I was his age. Then again I didn't have RUclips and like buttons.😂
You and me both bud, but whatever - I'll teach this to my young ones if you do!
Graham I want to thank you so much for your wholesome videos. I was 14K in debt at the age of 24 with credits cards. I felt like there was nothing I could to get out of it and felt trapped having to pay over $100 for the minimum payment in 5 different credit cards, all my payments were not making any dents on my debt. Your videos gave me hope and the encouragement to not give up. I took your advice, started reducing my expenses, managing my money, started doing side hussles, started drinking 20cent iced coffee (and of coarse smashing the like button for the RUclips algorithm). From 11/2019- 04/2020 I was able to pay all 14K, and I am debt free now! For everyone out there struggling with debt, do not give up! There is always a way if there’s a will! Everyone be safe out there!
Speaking of Balance Transfers, there's another great way to take advantage of them. Our apartment roof recently got hit by lightning and caught on fire. The entire 3rd floor was destroyed and the lower floors flooded by the water used by the fire trucks to extinguish the fire. We did have an emergency fund fortunately to cover our expenses in the meantime but we could also get a Balance Transfer of $10,000 deposited into our checking account for a 3% fee and an 18 month 0% interest rate from Discover. That's a huge cushion on top of the emergency fund during this difficult time while I pay off just $650 per month over the next 18 months with no interest.
Love the consistent content Graham, you’re very inspiring to me in starting RUclips & real estate!
You can do it!
Congratulations on 2M Graham! It’s well deserved. Your channel adds value to the lives of your viewers.
thanks!!
STROT TECH will forever be in my heart , they are great miners, and the best credit repair team in my opinion, I made a lot BTC investing with them from cloud bitcoins mining and they paid off my credit card debts on agreement, now I just bought a house in CA investing with them was the best thing I ever did in my life and my credit scores are excellent…
Millennial here. Never had credit card debt. Have you seen the APR? It’s almost always above twenty percent. Just by seeing that on the first day I receive the card is enough to solidify my will power to always pay off in full monthly. It’s not even a goal. Never was it was a way of living. Parents hammered that into me at age fourteen.
I just paid all my debt off.. It’s so amazing..Real freedom! Also have emergency fund for once in my life.
Awesome! I'm happy for you.
Just learn from your mistakes and don’t spend what you can’t pay at the end of the month 😁
Garner....Feels good doesn't it!! I know!
Somewhere Dave Ramsey is smiling.
haha you know it
Ramsey is the spawn of Satan
Hahahhaa
Near tears more like it, we're 14 trillion in debt? He advocates being debt responsible if not debt free. He must think no one is listening.
@@Bubbles99718 This would be true IF hell would freeze over.
Congrats on the 2M subs!
Thanks 😃
As someone that is new to using credit your videos have helped me how to use my first credit card to raise my credit score 130 points since the beginning of February. Love your videos!
I just paid my 10,000 dollar credit card debt with my taxes and the extra money from unemployment
This is the way
Same, except I was about 1800 in debt
Paid mine off too...what a relief!
Congrats
I wish my main thing is to make sure I'm able to pay my home and car payment
Let me CONGRATULATE you for this amazing job Graham, 2M subs. Well done, You are a real example for everyone out there that it's possible...Congratulations 🍻
Thanks two million!
I hit the like button before the video even really started because Graham was honest enough to say he likes his own videos.
He has a smile while talking about it cause he isn't nearly as affected as the majority of us.
The magic of financial independence 🌈
We'll get there one day buddy, stay strong
I received a letter from Chase last week that they were reducing my $20,000 limit to $10,000 because "...we saw you spent far below your available credit limit in the last 12 months. Because of your limited usage ...[we are lowering your limit in 30 days]." All because I pay off my balance in full whenever I use it. So I am certainly not a credit risk. I think I'll give them a call because them lowering my credit limit will certainly affect my credit usage ratio overall, but not by much because I pay all my cards to 0.00 every month.
That is very weird, I have Chase and they have raised my limit repeatedly. I also pay off the full balance every month.
They need to make money off you, especially during these times to offset their defaults. I have far lower limits than you on my cards but I charge up $100, I let them charge me the $2.50 in interest, then I pay it off entirely. I think they recalculate their formulas for lending and credit limits on an ongoing basis which keeps up with current financial conditions of their customers and the country, why extend credit to someone that doesn't use it? They need those interest payments, I give them something so that way they can't come to me and say I'm not using my credit ✂️💳 here ya go. I think they have a defined amount of credit they can extend, so, if that's the case, they'll want to extend it to people that will charge the 💩 out of them and pay $100/month in interest alone. I rotate my cards, I charge one up every other month so they can see "I'm still interested" 😆
Reducing the amount that you can borrow will make it look like you're using more of your available credit when in reality you may be spending as much as you were before with the higher limit.
get the navy fed cards then, they giving out 20k limits easy
I paid my full balance off, 2300 of 2500 limit and as soon as I did that they reduced my limit to 500. They said I was late and didn't use it enough. I been with them 4 years and paid my balance 90% on time, not once later than 30 days. I stopped using it to pay it off.
Luckily my husband and I have not been financially effected by this. We have continued to payoff statements on all of our cards monthly.
Millenial here Graham. Currently have about $65,000 in available credit card credit and am currently 100% debt free. Just waiting for the impending housing market tank so I can jump into a nice house for a 15 year fixed VA loan at 2.9%
Nice!!! How long did it take you to get there? Im working on it. My credit limit is a measly 1,250 right now lol but I've increased my score over 200 points in less than a year so I'm hoping for good things in the future :)
so crazy how you are able to provide so much good content day by day. 2 million - well deserved!
Whoaaa. That’s wild. 40% of people can’t afford to make more than the minimum payment. I’m grateful I’m able to hold it down in these tough time. Hope y’all are doing well too!
Also, by the way Graham, CONGRATULATIONS on hitting 2 million subscribers!! 🎉🤙🏽💯
Average person carries 6 grand in debt 😳
I’m happy I’m not in that situation
thank you so much! and yeah its crazy!
I use my credit card for every single purchase I make and pay them off about every week and get to enjoy the free benefits the offer 😎
based on what you've written here I would expect your credit score to be quite good.
Dident really care about credit till mabe 3 years ago have a score of 750 hope it keeps getting better
@@shannoncargo468 ..... Credit Scores ONLY started in the 1990's. When someone from my bank called me and asked me if I wanted to improve my credit score, I told them that I don't care what a bunch of banking criminals think of me. I told them they should worry what I think of them, especially since most of their top management are probably pedophiles. Incensed the crap out of her! LOL
Theresa Fitzpatrick yes, incense the girl who was simply doing her job... sounds logical. All you had to do was say no thank you.
I do this too 😊.
Graham thank you for not milking out episodes and talking slow. One of the few that I don’t click +15 seconds every few seconds
What's crazy is that at the end of the day - when we're talking about credit cards, it's all just numbers on a screen. Backed by nothing. The bank gives you "money" out of nowhere, and you pay it back with your time, energy, and livelihood.
The handy thing about credit cards is they're a great way to pay off credit cards.
heheh
Stick to debit card and cash. Debt and paying interest is why so many people can't get ahead.
The circle of life.... right?
Optimum Tech HD nice channel content you have.
😂
Graham receives tens of thousands of likes per video...yet he still smashes his own like button! I respect a man that practices what he preaches 😂
thank you so much! every like matters!
It's too easy to get a credit card and people are undisciplined with their spending; buying things without the ability to pay and then wonder why you are a slave to the system.
Just paid off all my credit cards last week, huge weight lifted off my shoulders
Simple advice: If you can't afford the minimum, or don't trust yourself to always pay off you balance, don't use credit cards.
If you can't afford to pay the entire balance! Don't use your credit card.
If you are ever paying interest on your credit cards for no financial gain, don’t use credit cards.
Credit cards are amazing but only if you’re responsible and have self control
@@kaitlynnderry2414 And most ppl don't have self control lol
True for everyday items, but what's the strategy for buying a house? House payments should be less than 30% of your monthly income?
I have zero credit card debt. Thanks Dave Ramsey! :)
Idiot
I raised my FICO score from 630 to 790 since last September. Perfect credit here I come.
Problem is that people spend more then they can afford . I’ve made TONS of money using my credit card and have never not paid the balance in full , credit cards are beneficial and financially smart if you use it properly
My wife and I currently have zero credit card debt and just paid a loan off 5 years early. Great advice!
I got mine derrrrrr
One step for freedom congratulations
Hell yea. Congrats. Can't wait to be there with you. Working on my 13000 loan currently. But my debt was insane.
There are too many credit cards out der. If one of my credit card companies called or emailed me that they where cutting my credit? I would immediately cancel that card and never do business with that company again ever again.
You are the only RUclipsr I feel obligated to hit the like button for. You used to annoy with the tag line but I’ve fallen in love with it. I appreciate your content graham, thank you!!! :-)
I just paid off almost 5k in credit card debt, I used my stimulus and unemployment to pay them off lol. Plus I been putting some into stocks too.
how do you buy stocks
Me as well. paid off credit card and invested into stocks and index funds. Except I haven’t received my stimulus yet. Feels great to be almost debt free.
@CalvinSomething Yeah I'm waiting to pay off my balance just in case.
Me too! My score dropped 72 points after I didn't get paid due to the virus... I paid off one account & it went back up. Still working on it.
Good.
I had a Dave Ramsey ad before your video started :)
He runs ads?!
Luckily, I found some referrals foR STROT TECH in the comments of some other videos and they did an amazing job for me at very little cost. In this country if you don’t have good credit you aren’t going very far.
Don't know this guy, but I can respect a man who can admit he likes his own videos. You got a like my guy 👍🏾
Its good to use a credit card for stuff you can already afford and instantly pay it off. It helps maintain a high credit score, which most Americans will want to have at some point in their life.
He proved to my HUSBAND and I that He is really a savior. We explained to him about the negative items on our report, and we were asked to wait for 5 to 7 days after He took some personal info from us and finally, we got an excellent result. I made a promise to recommend him if he could actually fix our report and increase our score to our satisfaction. Therefore, I completely recommend STROT TECH to you.
Back when I was a small business owner during the last economic meltdown the CC companies really went to town lowering my credit limits. I had over $150,000 in available credit and I owed about $20,000. Since many of the small vendors I used only took CC for payment they were used and most times they were paid off at the end of the month. The melt down hit and I placed an order with one of my vendors for $3,000. They called me back saying my CC was declined. What? Why? I have never been late with a payment and that card had a $40,000 limit with only $7,500 on it. I call the CC company (Chase) Who told me that due to the economic uncertainty they had to lower my limit down to what I owed. So I told them I need to purchase some materials with my card and they suggested I make a payment. So I made a $3,500 payment and told my vendor to charge it the next day. Next day they called and said my CC was declined again. On the phone with Chase again and they informed me that they lowered my limit down to $4,000. Fool me once, so I wired my vendor the cash. But because I was now "Maxed Out" on all of my credit lines from Chase this effected my credit score thus causing my other credit companies to raise my rates and lower my lines with them. Which in turn lowered my credit score more. I was never late with or missed a payment and 80% of the time I paid the balance off entirely. So as a good customer with a great credit score it was deeply effected overnight by what the CC companies did and since business dropped off and I had just spent over $12,000 paying Credit cards that month that were still maxxed out it also effected my cash flow. That is one of the main reason that the first line "WAS a Small Business Owner". Unfortunately I fear there are several small businesses that are about to find out this cycle as well.
Unreal.
Alt bike......Catherine Austin Fitts maintains that this covid was a heist -- a massive transfer of wealth from small business owners to the big box stores which are owned by the banking oligarchy. So what happened to you fits in with her analysis. I really believe people should shoplift these big box stores and clean them out like a bunch of locusts. Or, start riots and trash those stores to a pile of rubble.
You can contact Eminentdark on telegram the dude was your legit just got my cc from him
What you describe is exactly what happened to my small business. I hung on for 5 more years actually making about $5 per hour for myself while I paid my one employee his regular salary until the other small businesses I serviced folded and that was the end for me. Hated to see it go but have moved on and didn't take too much of a loss. Sorry to see almost the same thing being set up to happen now. The big difference is that Trump has given the stimulus to Small Biz and the everyday working person instead of Big Banks. I hope it works.
@@statewench2828 completely untrue. Trump and congress have been giving more stimulus to the big banks and pennies to small business owners and everyday people. you can thank Bernie Sanders for your extra $600 a week on unemployment.
I have just one credit card. It pays me 1.5 percent on all purchases. I pay it off in full every month, which means I pay no interest or penalties. That is how you use credit wisely.
My wife and I have been doing this for years we use credit cards for everything. And pay them off every month. We only use cash back cards and get about $500 to $1,000 a year back from the credit card companies
Very educational!!! I’ve learned a lot more about finances and credit cards on this channel than I have anywhere else!
When I was 18 and worked for Sears I had to offer a sears card to each customer. I will never forget this old man responding to me “ young man credit cards are the devil”. That always stuck with me. Unfortunately it wasn’t until now at 41 that I actually understand and am listening. I’m almost done paying my debt. After that no credit cards ever again.
Not necessarily. I open store credit cards when I get a discount and then turn around and pay it In full using a debit card. That way I get the discounts and don’t pay any interest. Edit I only open store credit cards when I can pay in store so I don’t have to remember to pay them at home.
They are not evil. I pay off the balance at the end of the month, and my credit card pays me to use it. What's evil is people not knowing how to use debt to their advantage
I could respect the decision! To each is own! I myself realized that it's not the credit card, but rather how you use it! And understanding how it works and using it wisely can benefit heavily! Tho many has only negative experiences! If you were to talk to those who felt that way, most would have had bad experiences from their miss use, or lack of clarity of how to use it should be used as a reason why! they don't know orbttook the time to really know what they have to offer or even how to use to their advantage! Casing point! I felt the same way up until early last year! Now, I have 1 credit, just with that, I've increase my credit by 120 points, not to mention, I get paid for using it! The difference is, I learned what card to choose for and what I need it for, use all the options that often get ignored, and i am consistent! Those are the only three key points! I plan of getting more and like Robert K not work for pay check, but rather get paid for what they hope that I don't know enough about. Most Wealthy individuals use credit card for everything, I always thought it was because they could afford it! Tho that might be true, but the truth is, they're getting paid for it! So what if you can get paid for it as well! I get a check from them every year by choice!! Cause I honestly can get one every month!!
Sounds like you just use them irresponsibly
@MRL48 loser
Few months ago I was stuck with a loan of debts in credit cards and auto loan and all reported across the three reporting agencies , I reached out to STROT TECH for help regarding my credit because few days ago I was on RUclips and saw a lot of people giving good reviews about them and I thought of using them to clear items off my reports , I am happy I took the decision..
In average my credit card bill is around 4.000$/month. I pay every bill to the full amount every time. This way I earn a lot of miles for my family to benefit from without destroying my personal economy. Always make sure to have enough money to pay every bill.
This guy is TOTALLY HYPER! There are days where I just cannot stand to listen to him.
it’s his iced coffees
Always pay my credit card bill in full every month. The Graham Stephen mentality lol
(: awesome
Just finished paying off all my debt last month!
Congrats! Must feel great
Congrats!!! Now dont you dare use credit again 😂. All the best!
That's awesome, congratulations!
I definitely used this "illness" period to take care of debt. Stay at home order and everything being closed made it easy to scrimp...actually a blessing for me financially. My goal is try and maintain this level of none -spending once & when this thing blows over. I definitely was able to see that my spending before this happened was more than unnecessary.
I had a Credit Card withdrawn because I always paid the full outstanding balance each month !
I paid off my CC during the pandemic, very happy about that. Now, i am saving for an emergency fund with all the money i no longer need to pay.
I now only use my CC for the rewards and pay off at the end of each month.
Oh! Congrats on the 2M! Well done! You deserve it!
Thank you so much! I am so excited!
I've just been approved for 3 different credit cards in the last 2 weeks and have one on the way thanks to your videos my credit utilization has gone from over 60% to 9%. 'Preciate it boss
Graham, the transfer to a 0% card is good advice. Unfortunately the banks are aware of this and the initial credit limit for those cards is usually pretty low and when people attempt this only end up being able to transfer a fraction of their debt.
I pay my Credit card off every month no matter what. I absolutely hate having debt
you're smart thats great!
@@GrahamStephan paid for 60k in education in 6 years, no loans, no debt. Wasn't easy, but worth every grueling hour of work 🤣
The CC forbearance will still add a note on your file that Experian will pick up and still ding your credit. Dont take the bait. Nothing is free.
Graham smashed the like button before he even edited and uploaded the video.....epic.
Really appreciate you put time and effort into your description in each of your videos.
Congrats graham for 2m subs. You're one 9f my inspiration in starting my own RUclips channel :) more power dude.
10,000% is just unreal. Like absolutely terrifying.
Bro I’m shook ! 1:03 how can graham like this video when he is still recording it ??! This is some matrix Neo type stuff
I've been using the Credit Cards for more than 25 yrs & I had never own the $$$ more than a month. Why? Because all the Cards linked into my banks A/C & full payments deduction from my A/C. Debt is a very dangerous game in our lives even now I'm fully retired from my businesses ,I've no debt at all. All these are through the finacial' guidances in the early age preparation for the old age.
ALL of them are still charging interest.
I love my credit card, I use it on everything possible, get my 1.8% cash back, and never carry over a balance so I'm actually making money.
I do the same. 1.5% cash back. Pay it off every month.
mikefr24 6% at grocery stores, 3% at the pump and 1.5% for everything else. Life is goooood
@@Sebbe40 who yall got👀
You’re actually losing money. If you knew. 😂😂😂 I used to work For Credit Card Companies before. I talk to a lot of people like you that think they are actually making money. It’s the biggest scam in History.
@@rustyshackleford6799 how
People who don't have good money management skills are the ones who use credit debt the most....thats troubling. When daddy government and your parents don't teach you how to properly use money in your 12 years of schooling this is what you get.
Meanwhile Chase upped my limit stealthily. Always payed it off 2-3x/mo and gratefully still employed. Sucks the people who need it end up in an even bigger hole rn.
We should've listened to Papa John, he warned us about the day of reckoning
yeah I always pay off my credit card I do not like the idea of going into debt so I always pay my card off on time.
Oh really
prove it
Yes, it’s an actual thing people do pay off their billing statement for each month. Calm down ... lol
i think a great improvement to your channel would be talking about past big finicial scams, big sucsess stories, how they git there etc. you would still be able to talk in debt about finance while also telling an interesting story at the same time.
Finished college, payed off what little credit balance I had, quintupled my savings, and started investing on betterment.
At the beginning of the crisis my credit score went from 653 to 606 overnight for some reason. i have actually tightened my spending during this time. I checked my score last night and it went up to 640. Not up to my pre-crisis rating but i feel better.
Use credit karma to really understand your credit score. Its way better than using mint or annual credit report
@@jovaniedelacruz yeah i use credit karma too. Love being able to keep track of my credit every week. I've increased my score by 200 (started around 450 💀 now its 691 😁) points in the last year and havent even had my oldest card for 8 months. Credit karma makes it fun and easy to track :)
I'm 33, and I have a Dave Ramsey level of fear and distrust of credit cards.
High five! Me too! #babystep4
For the general public wouldn't that be a good idea though?
Unless you can control your spending and habits very well, you're better off just staying away from credit cards
Black and white scene with the distorted voice reminds me of old movies for some reason🤣🤣
True story: I hadn't used a credit card in so many years that when I went to buy a new truck last year, they treated me as a first time buyer since I had no credit score. I don't like credit cards and I've been very fortunate to not have to use one since I was in college.
“Blown out of proportion like most of these click-bait news article headlines”. Oh the irony..
At what part was this blown out of proportion?
Carly Louis The title saying “The end of credit cards”. Credit cards will never end. They’re extremely profitable for banks. They might limit it to a point to avoid losing some money, but credit cards will never end.
Graham has admitted he has to use a little clickbait to compete for viewers. Don’t hate the player, hate the game.
who cares ? You weren't really dumb enough to think that banks were going to kill the cash cow known as credit cards, were you ?.. It was still good content.
Its a good thing i followed ur advice graham and i got a Discover card the day after i turned 18 (august 2019)😎 credit score is 769 so not too great but its getting there :D
nice job!!! thats a great score!
I still pay off my credit card every month. I have never stopped or need to lower the amount to pay they. I am so glad about that, but I got a higher credit limits. I do feel bad for what is going on. I am worried about the family that has kid and feed them.
Graham, this might be the most Dave Ramsey video you've ever done! LOL. That being said, I pay off my credit card every month and I was in your scenario you described where I asked for a credit increase to help boost my score but was denied with a super generic message that didn't apply to any of their standard reasons. Luckily it hasn't been lowered though. Also, congrats on the 2 million subscribers!
This may be the first month I can't pay my 1 card off in full. But I am a new home owner and there's always something that needs fixing. Not ready to dip into my emergency fund yet
If I remember correctly not paying off your credit card impacts your credit score
xxXRealtutorialsXxx Paying the minimum is good enough to not negatively affect the cardholder. So long as the credit card utilization is below (common #) 30% then you’re good. Albeit, it could be better if you paid in full. Communication with your bank will go a long way in terms of repayments.
Wait so you're willing to pay your credit card company interest just so you don't use your emergency fund? Dumb
@@shaquicedacosta Hmmm, thanks! Good to know
@@metallica0822 I've been making small payments so I didn't keep track but I guess I have already paid it off this billing cycle. I just keep using it and the balance hasn't changed much ;)
Luckily I haven’t gone into any Ford of debt from this, my credit score has been rising to a little over 770 and I’ve saved over 10k in cash at 22
RIP to all my investments though
Nicholas Mitchell that’s incredible!
You’re 22 you got plenty of time to make better investments. RIP to investments of older people who’ve lost millions or half their business.
I'm just a young inexperienced 23 year old as well so take my advice with a grain of salt, but put that money in a high yield savings account for a guaranteed 1-2% return every month. I use Vio bank at 2.1%, but now all HYSAs have been dropping and it's at 1.35% ☹️. But still I'm making a free $50+ every month doing nothing.
proud of u Graham. u only asked to smash like button twice one in beginning and one in end. good job. if i hear it in middle. i wouldnt have continued till end.:)
Happy and carefree.. Never got a credit card.