Updated video:

DISCLAIMER:
I am NOT a financial expert, accountant, or anything of the sort. I am in no way qualified or certified to give financial advice. However, I am here to share my love of planning and also share what my family is doing to get out of debt and be better with money. If you are looking for financial advice, I would recommend seeking advice from an expert.

#SnowballMethod #DaveRamsey #PayingOffDebt

Kristin Malia explains the difference between Credit Card Debt Settlement Versus Consolidation and what the differences between the two.

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Transcript:

Should I Move Credit Card Debt To A Personal Loan?
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I’m $137,000 In Credit Card Debt!
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Welcome to The Dave Ramsey Show like you’ve never seen it before. On this channel, you will find all of the greatest highlights from The Dave Ramsey Show! The show also live streams on YouTube M-F 2-5pm ET! Watch Dave live in studio every day and see behind-the-scenes action from Dave’s producers. Watch video profiles of debt-free callers and see them call in live from Ramsey Solutions. During breaks, you’ll see exclusive content from our Ramsey Personalities —as well as all kinds of other video pieces that we’ll unveil every day.

The Dave Ramsey Show channel will change the way you experience one of the most popular radio shows in the country!

As the coronavirus pandemic deepens, millions of Americans are skipping their credit card payments. In response, banks and other lenders are preparing for further economic fallout. CBS News business analyst Jill Schlesinger joined CBSN with more.

According to my Credit Score, I owe around $12,723, and I plan on paying off in less than 6 months, although I could pay it off in one payment.

And that’s why in this video im going to give you guys my plan to how I owe 12,723, and I pay 0 interest and the different ways to get rid of this debt without paying interest.

Im going to answer these questions.
The fastest way to pay it off?
How to pay no interest?
And if you should just default?

How to pay off credit card debt fast | Less than 6 Months

One Rule: Once you’re done, stay out of credit card debt. Use the card with rewards and points and pay them off in full, and that way, you win, and the credit card company doesn’t make 30% by charging you interest.

1. Audit: this how we know how much we owe and to who and at what price.
– List Credit Cards, Interest rate and amount
– ( call in your credit if you don’t know the APR or go to the App)
Example:
Apple rewards Card: 27.49% and I owe $5,014.53 (it’s 0% because of promo)
Discover it Card: 16% and I owe $310 (it’s 0% because of promo also)
Chase Unlimited Card: 26.49% and I owe $1999.62 ( 0% because of promo)

What to Do and which one to pay Off and How? Avalanche Method saves us Money
Step 1: Organize the Card in order of high APR
Step 2: Pay More money towards that card and the minimum on the others
Step 3: repeat

Tip: I pay 560 on average a week towards my cards; you can start 100 bucks or an extra 60; the key is to step by step lower the balance.

2. How to Avoid Paying Interest
Tip: transfer the balance to another card with a promotional Period
How: its Call a balance transfer
Story:
– I needed cash, so I would take cash advances and do deals with them
– Now once I had to pay interest, I would transfer the balance to a card that gave me 12-21 months to pay it off interest-free
– Why? You have to pay 3% to transfer the balance, but that’s a lot better than 27%
Instructions:
– Get a balance transfer card
– Transfer the balance
– Pay your cards in full before the time runs out
Video on the best Cards: https://www.youtube.com/watch?v=X3kNqHWezKU

3. Should you Default ( I’ll make an entire video on this later on)
Story: I remember I got my first credit card, and I spent 3k and maxed it out, and then 1-2 months later, I lost my job.
– I thought about, and some people recommended I stop paying but just like you I came to videos and books to find solutions
– In the end, if I would have stopped paying I would have been financially screwed over
– Plus theirs a lot more benefits to solving problems you get yourself into, than defaulting and banks know that and respect that.

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I PAID OFF $10,000 IN CREDIT CARD DEBT IN SIX MONTHS GJFREKJGHRJFEGK I’m too excited WOW. Here’s a very detailed video of my debt payoff process!! #personalfinance #debtpayoff #creditcarddebt

TIME STAMPS:
0:00 – intro
2:01 – how I got into 10k of credit card debt
5:30 – get serious and commit to a debt payoff plan
6:30 – balance transfers
7:23 – track your income and expenses & create a budget
7:59 – pay more than minimum payments (debt snowball vs debt avalanche)
9:04 – find extra money to use toward debt (cut your spending and/or make more money!)
11:18 – I have definitely increased my income (+ my estimated total income for 2019)
12:50 – what percentage of my income goes toward debt?
14:35 – how much did I pay each month?
16:40 – my debt payoff hype song lmfao
17:36 – how do you resist lifestyle inflation / spending more as you earn more?
18:43 – how do you stay motivated during debt payoff?
19:57 – what was the most helpful way to think about the process of paying off debt?
20:33 – are you saving while paying off debt?
21:13 – what’s next? Pay off my student loans! + my current total loan balance
22:49 – how has your credit score changed?
23:24 – did you still use credit cards while paying them down?
24:46 – what do you recommend for young people regarding credit cards and student loans?

SOURCES & REFERENCES:
Opening Up About My Student Loans and Credit Card Debt – https://youtu.be/tku2C-DgA6s
Finances of a Full-Time YouTuber (taxes, budgeting, etc) – https://youtu.be/3NMQyrvp7o8
Debt Snowball Vs Debt Avalanche | Which is the Best Debt Payoff Strategy? – https://youtu.be/jtgnRJKSJlw
What is a balance transfer? – https://www.creditkarma.com/credit-cards/i/what-is-balance-transfer/
The Financial Diet – https://www.youtube.com/channel/UCSPYNpQ2fHv9HJ-q6MIMaPw
Aja Dang – https://www.youtube.com/user/ajabdang
Sarah Nourse – https://www.youtube.com/channel/UCDbGw5fdxTLjRsNnD7_Jwvw

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This is the first video in a series of videos about my experience with credit card debt.

For this video I wanted to just keep it real, a little real talk.

I hope the format worked for you, I know it doesn’t for everyone.

Subscribe for more, we are going to discuss:
– getting out of credit card debt
– settling credit card debt
– mindset for money
– moving forward

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Facts about debt settlements, debt settlement companies and credit counselling that you need to know. Your future depends on making an informed decision on how you pay off your debt. Debt settlements aren’t for everyone. Find out why and don’t be sucked into a program that won’t work for you – and could create even more debt. You have other options, like a debt management program that may suit your situation better. Contact the Credit Counselling Society today at 1-888-527-8999 or visit us at www.nomoredebts.org and become debt free.