I really loved this video and appreciate how you are taking charge of your finances. I am in my fifties, at one time I was young and indebted as well but got through it and it is well worth knocking that debt down early. Look into the financial order of operations, and in a short time you will be on the other side, and once you are you won’t be going back. As one poster said, knocking down the small debts first - debt snowball they call it - is great for morale and frees money to direct and the bigger ones. Good luck!
Thank you for watching Ron! I appreciate your kind words. It's definitely more motivating hearing it from someone who has been in my situation and now on the other side. I will take charge of my finances to prepare for a better future for myself.
Amy it’s definitely hard to see the full total and the debt. It makes me frustrated when I see mine. The first step is making a plan and you’ve done that. I have no doubt you’re going to be debt free! 😊💚
Your top 4 listed, minimum payments are only covering your interest at those interest rates so unless you pay extra on them the balance will never go down which totally sucks how that works. So definitely want to be putting more on them for sure or they will hang around forever.
Thanks for sharing. If you have it in your budget to continue to pay the minimum payment on your loan, car payment and your two CapOne Cards, I would try to pay off the store cards with balances under $300 in full or pay more to try to get rid of those. Side gigs like door dash and Uber is fast money, but for me I found myself paying for a lot of wear and tear on my vehicle, which defeats the purpose. If possible side gigs that doesn’t involve mileage on your vehicle is best. Don’t be embarrassed by your debt believe me majority of Americans are far more in debt right now.
Thank you for watching! I'm sure between my 2 paychecks I can throw some kind of extra at these smaller cards. I will definitely knock those out first. Door dash has been hit or miss with me so I've been a little more particular about when and where I do, otherwise it seems to be a waste, with yes too much wear and tear and my car. I'm definitely looking into different side hustles
The problem with feeling "proud it had a decent credit limit", is those cards are the ones that get you in the biggest trouble. Good luck on your journey.
I like the snowball method to see the quickest actions in reducing debt. Fir the Vicky secret, split the balance owed in half and pay that immediately. Get rid of all the low balances then focus on Discover. Fir the Discover card with no interest until Sept, that needs to get a ton of money paid to it since it has 0%interest all the money you pay to ot goes directly to the balance.
You have several debts due around the the same time 19th, 21st and 29th. See if you can change one of the dates to earlier in the month to kinda balance out the month
I'm definitely going to tackle the VS card first and I didn't even think about changing the due dates for a few of them. I need to try and do that because it does make one paycheck a little harder to budget with all the cc payments due
Is there a way that you could get rid of the Audi? that would cut off your debt in half. if your upside down on the loan and its worth less than its better to borrow a personal loan to pay the difference. It can really speed your debt journey as its easier to pay off a the difference than the total $21,000. Goodluck!
I am upside down on my loan. I've talked to a credit union about loaning me the difference but then I would be without a car. And they said they probably couldn't loan me as much as I would need to even pay off the loan for the car.
You’ve got this! Scrape up $1800 and put it towards those top debts on your paper and put $238 a month back in your pocket to roll to last few. That would be my focus….$1800…then keep rolling the $$ to 3 biggest ones.
If you have money left on that discover card transfer 1 or 2 of those high balance card amount on to it because making minimum payment does nothing to it the interest on those are about $13- $19 a month
Try to throw more money at those cards with the insane interest rates. Paying the minimum will barely cover the interest and you will have to deal with them longer. Even it is is only $10 or $20 extra. I get wanting a bit of a savings, but with interest rates that high, you are tossing money away.
Can you use your door dash cash to knock out those smaller credit cards? Your interest rates are the worst I’ve ever seen for a credit card. I recommend cancelling those at 30% wow
Cut up all your credit cards and never use them until you learn how to use them. You don’t know how to use credit cards appropriately. I hope you are doing 2nd and 3rd hustles. You need to be paying more than the minimum payment to pay off your debts. You’re paying mostly interest baby girl.
I love seeing that Caleb’s videos are inspiring people to take their finances into their own hands! Good luck you’ve got this!
Thank you! And yes I hope his videos motivate others
You got this 😊 yesss I recently found Caleb’s channel and it made me wanna throw everything I have at my debt.
Thanks!! And yessss I've been watching a bunch of his videos and definitely feel the same!
I really loved this video and appreciate how you are taking charge of your finances. I am in my fifties, at one time I was young and indebted as well but got through it and it is well worth knocking that debt down early. Look into the financial order of operations, and in a short time you will be on the other side, and once you are you won’t be going back. As one poster said, knocking down the small debts first - debt snowball they call it - is great for morale and frees money to direct and the bigger ones. Good luck!
Thank you for watching Ron! I appreciate your kind words. It's definitely more motivating hearing it from someone who has been in my situation and now on the other side. I will take charge of my finances to prepare for a better future for myself.
Financing an Audi while you can’t afford a 100$ purchase is crazy
I know right!! Lesson learned.
Amy it’s definitely hard to see the full total and the debt. It makes me frustrated when I see mine. The first step is making a plan and you’ve done that. I have no doubt you’re going to be debt free! 😊💚
Hi Cathy! Thanks for watching! We can do this!! ❤❤
Your top 4 listed, minimum payments are only covering your interest at those interest rates so unless you pay extra on them the balance will never go down which totally sucks how that works. So definitely want to be putting more on them for sure or they will hang around forever.
Yes, they definitely keep those payments low to get all the interest from you.
Thanks for sharing. If you have it in your budget to continue to pay the minimum payment on your loan, car payment and your two CapOne Cards, I would try to pay off the store cards with balances under $300 in full or pay more to try to get rid of those. Side gigs like door dash and Uber is fast money, but for me I found myself paying for a lot of wear and tear on my vehicle, which defeats the purpose. If possible side gigs that doesn’t involve mileage on your vehicle is best. Don’t be embarrassed by your debt believe me majority of Americans are far more in debt right now.
Thank you for watching! I'm sure between my 2 paychecks I can throw some kind of extra at these smaller cards. I will definitely knock those out first. Door dash has been hit or miss with me so I've been a little more particular about when and where I do, otherwise it seems to be a waste, with yes too much wear and tear and my car. I'm definitely looking into different side hustles
Watch the Budget Mom. You got this. Pay off the smallest debt and do the snowball method. The first step is you taking action. Way to go!!
I love her! And yes going to snowball these payments!
The problem with feeling "proud it had a decent credit limit", is those cards are the ones that get you in the biggest trouble. Good luck on your journey.
Yes!! 😭 Forreal, but I'm going to buckle down on these. Thanks for the kids words
Happy Thursday Amy 😊 I know it is not easy to share our debt but it's the beginning of everything to tackle it, great debt confession video 👍
Hi! I highly suggest you pay off those high APR first like if you can do one time payment, then focus next on the lesser to 0% APR. YOU GOT THIS!❤
Be strong don’t charge!!!
I like the snowball method to see the quickest actions in reducing debt. Fir the Vicky secret, split the balance owed in half and pay that immediately. Get rid of all the low balances then focus on Discover.
Fir the Discover card with no interest until Sept, that needs to get a ton of money paid to it since it has 0%interest all the money you pay to ot goes directly to the balance.
You have several debts due around the the same time 19th, 21st and 29th. See if you can change one of the dates to earlier in the month to kinda balance out the month
I'm definitely going to tackle the VS card first and I didn't even think about changing the due dates for a few of them. I need to try and do that because it does make one paycheck a little harder to budget with all the cc payments due
I'm no financial expert but I think you should sell the Audi and pay cash for a less expensive car - that would cut your debt in half.
That's a great idea! I'm really upside down in this car though. I would need funds to pay off the Audi and still buy a cheaper cash cash.
you can do it Girl!! don't be disheartened because of your debt situation, you CAN get through this!!!
Thank you for your kind words! I'm definitely going to work on knocking this debt out! 🩷
Is there a way that you could get rid of the Audi? that would cut off your debt in half. if your upside down on the loan and its worth less than its better to borrow a personal loan to pay the difference. It can really speed your debt journey as its easier to pay off a the difference than the total $21,000. Goodluck!
I am upside down on my loan. I've talked to a credit union about loaning me the difference but then I would be without a car. And they said they probably couldn't loan me as much as I would need to even pay off the loan for the car.
At the rates right now, the auto loan rate is good. In better times, a better rate is around 4%.
Yes, I've heard they've gone up. Even trying to refinance over a year ago the rate would be more than the 5.75% I'm at now. So it's not terrible.
Thanks for sharing! Can't wait to see you knock this out!
Thanks for watching!! I will definitely do an update
You’ve got this! Scrape up $1800 and put it towards those top debts on your paper and put $238 a month back in your pocket to roll to last few. That would be my focus….$1800…then keep rolling the $$ to 3 biggest ones.
Thanks! And that's a great idea!! I'll definitely see how I can pull those funds together.
Older video recommended to me but subscribing so I can watch your back log and see your journey from here!
Hi! Thank you for watching! I've honestly slowed down on hitting this fast but I will have an update soon. Thanks for being here! ❤
“I work with an MLM company”
Girl. RUN! You won’t gain more money than you spend
I wish you all the best on your journey ❤
If you have money left on that discover card transfer 1 or 2 of those high balance card amount on to it because making minimum payment does nothing to it the interest on those are about $13- $19 a month
There isn't much left on the Discover, but im knocking those smaller ones out first. The interest is terrible and I see what you mean.
I just cancelled my Victoria’s Secret card. I don’t want any cards anymore! Lol
You can do it 🎉 Maybe you can start getting rid of the smaller ones first. Just take your time ❤ Great video 😊
Thank you and im going to work on it🙂
Don’t close your accounts. Cut up the cards and don’t use them. This will not have a negative effect on your credit rating.
I hope people see this comment:
DONT BORROW MORE THAN YOU CAN PAY BACK ON TIME
Agreed!! Luckily everything has been on time for me.
Try to throw more money at those cards with the insane interest rates. Paying the minimum will barely cover the interest and you will have to deal with them longer. Even it is is only $10 or $20 extra. I get wanting a bit of a savings, but with interest rates that high, you are tossing money away.
Yes thats the plan 😊
Can you use your door dash cash to knock out those smaller credit cards? Your interest rates are the worst I’ve ever seen for a credit card. I recommend cancelling those at 30% wow
I honestly haven't door dashed too much these last couple weeks but yes the little bit of extra income does help.
Do the debt snow ball. Start with the smallest then to the largest. Cut up each credit card as you pay it off completely.
Yes im going to snowball these payments
Good luck ❤. You got this!!
Thank you!!🩷
Does the 0% discover have delayed interest after the promotional period? Better check the fine print.
Hi, I don't believe it has delayed interest but I will definitely be checking it out again ☺️
New Sub here. Tackling those small balances would be the best route to go!
Thanks for subscribing! I'll be working the snowball
How does everyone have 20-30% apr? My first card that I got with no credit history was 7.9%
Wow thats great! Idk why the interest rates are so high. My first store charge card was definitely more than 7%
Store cards are the worse.From experience.
You have really nice penmanship. I wish I had really neat penmanship.
Thank you!
New subbie here stopping by to show love and support! 😊
Thank you!!
Hi! I think you should add your age to the title. I kept watching bc we are about the same age. I am 27 years old :)
Cut up all your credit cards and never use them until you learn how to use them. You don’t know how to use credit cards appropriately. I hope you are doing 2nd and 3rd hustles. You need to be paying more than the minimum payment to pay off your debts. You’re paying mostly interest baby girl.
I'm closing them once I pay them off. I am not a credit card person, definitely don't use them responsibly
Hi good morning
That’s why you need an emergency fund.
Emergency funds are important
Sell the car and pay all your debt off.
I'm upside down on the car, so that wouldn't do me much good at this point
Hi Amy if you havent yet google Dave Ramsey Debt Snowball that Snowball system will help you chop away that debt fast.
Hi Ronda! I'm very familiar with the snowball method. I think that's how I'm going to tackle this!