Top 5 Ways To Pay Off Credit Card Debt...FASTER!

In this video I cover the top 5 strategies to pay off your credit card debt fast! Reducing debt, especially high interest credit card debt, is critical for your financial freedom and debt reduction. Credit cards are handy, but only when they're used responsibly for cash flow and security. This is useful if you have stubborn debts such as personal loans and credit cards, that are difficult to get on top of. Among the strategies covered are the debt snowball method, the debt avalanche method, debt consolidation, prioritising debt repayments, and chunking down large debt into manageable chunks.
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► 0:00 Intro
► 0:41 Tip 1
► 1:40 Tip 2
► 2:21 Tip 3
► 4:03 Tip 4
► 4:49 Tip 5
► 5:18 Bonus Tip
► 5:51 Outro
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I am not a financial adviser. This video is for education and entertainment purposes only. Seek professional help before making any investment decision.
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[@chrismitchell6478]

Debt consolidation comes with a nasty trap that most people fall into. They consolidate all their loans into one loan payment and than immediately start building up the debt even higher. So they'll move say 10,000 onto a low interest loan and then go out and celebrate their ""accomplishment"" and start building up their debt even higher.
Also if it's a fixed term loan, even though the interest may be lower it's possible to pay more in interest overall if all you end up paying is the required monthly payment.
Also Brent did allude to it but I'm gonna say it here too. If you don't pay off your 0% transfer before the promotional period ends you get hit will all the interest you would have along the way (it's still being calculated every day, it's just not being applied if you pay it off. So if you transfer 10,000 and manage to pay off 9999 before the promotion ends and you owe just $1 you will now owe hundreds (or maybe even a couple thousand) of dollars in back interest.)

[@BrentColeman]

Absolutely, key to this entirely is keeping the card locked away and simply knocking off the debt. Many banks won't charge a lump of interest if you don't pay the debt off by the end of the promotional period - you simply roll over onto the standard interest rates and get charged from that point onwards. (ASB Website, Visa Light Card: "When the fixed 0% p.a. special offer ends after 6 months, any remaining balance transferred will attract the standard purchase interest rate for your card type."). They actually hope this happens, but anyone watching this video should aim to avoid that completely. Thanks for watching!

[@Satrazzi]

Are there any apps for new zealand that focus on credit card payments / spending tracking that you know of?

[@BrentColeman]

Pocketsmith is a popular budgeting and spending tracker, and it was founded in NZ. You can connect them directly to your bank and cards, allowing the transactions to be brought onto the app automatically! frstre.com/go/?a=24420-64006c&s=3654116-23ca77&p_program.id=pocketsmith