Understand how credit counseling works. How credit counseling can make paying off credit card debt easy, affordable and stress free.

Who needs credit counseling? We suggest anyone with over $10,000 of credit card debt, current with their payments but struggling to pay more than the minimums is a good candidate for counseling.

The credit counseling process. A credit counselor begins the process with some simple intake questions such as marital status, number of people in household and what the client’s goals are. Next, we pull their credit report. This is a soft pull; therefore, it will not affect their credit. Now, the counselor will review liabilities. This includes any mortgages, car loans, credit cards, student loans, personal loans or any other accounts showing a balance. Next, the counselor will confirm the balances and the monthly payment amounts with the client. In some cases, we may need to obtain the interest rates on accounts from the client over the phone.

Recommendations
One of the recommendations might be enrolling into a debt management plan. On this plan, the client usually receives lower interest rates and lower payments. As a matter of fact, last year, the average client had their total payment decrease from $915 to $694 on our program. That’s a 24% decrease payment for our average customer. They also saw their average interest rate fall from 23% down below 7%.

Credit Effect
A Debt Management Plan typically has a neutral effect on your credit. You might see your score initially go down because your accounts get closed. For people that are already maxed out on their cards, they probably don’t see much change in their score at the beginning since their score is already on the lower end. But over time, as long as payments are being made on time to all accounts and new accounts are not getting opened outside the program, you should see your score gradually increase. A recent study at DebtWave showed the average client’s scores increasing about 15 points per year.
But we don’t recommend focusing so much on your credit score as a good credit score will ultimately lead you to acquiring more debt. If you have a large amount of credit card debt, focus on paying it off and nothing else. Learn to live within your means! Spend less than you make. Become Debt Free and stay that way!

Debt Management vs. Debt Settlement
A Debt Management Plan often gets confused with Debt Settlement. These plans are very different so it’s important to know how they work. A Debt Settlement Plan requires you to starve your creditors of payments for months and months and sometimes years. This of course can ruin your credit. Once the accounts are severely delinquent, the creditors will settle for about 50% of what you owe. The debt settlement company will collect monthly payment from you but won’t disburse payments until you’ve saved about 50% of one of your debts. Not only do you need to be cautious of the credit effect, but you need to understand the tax implications as well. Whatever amount of debt is forgiven will be considered taxable income. So let’s say you have $10,000 of debt and you successfully reach a settlement for only $4,500. The $5,500 debt that was forgiven becomes taxable income. Expect to pay 20-25% to Uncle Sam, so around $1,200 will be due to the IRS. And you may get sued by creditors along the way. When you fall that far delinquent, some creditors may take action to try to garnish your wages. We would avoid this debt settlement program unless you absolutely cannot afford payments on your own or the payments on a debt management program.

What to expect after enrolling?
The enrollment process consists of you paying a start-up fee which is usually around $50-$99. That amount varies depending on the state you live in. Once the fee is paid, the credit counseling agency will then contact all your creditors by sending them what are called “proposals”. Most of these proposals are sent electronically but some creditors still live in the ice age and require these to be sent by mail or fax. Although, each creditor varies, most of them reply within a week with an “Accepted” or “Declined”. DebtWave usually has an 85-90% acceptance rate with the creditors. Now, when a creditor declines the initial proposal, most times it can be fixed. Some of the more common reasons for decline include the balance was incorrect and they want a slightly higher payment, the account number was incorrect, the name on the account doesn’t match or the account is already under a hardship plan. Regardless if the proposal has been accepted by your creditors, DebtWave will debit your payment and disburse the payment to your creditors. You have the option to make ACH payments weekly, bi-weekly, semi-monthly or monthly with DebtWave.

Other TTT videos related to debt:
https://youtu.be/oQjD9u0IXb8
https://youtu.be/vwNOFeI6sXA
https://youtu.be/HEJ2z04mqUU

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DISCLAIMER: I am not an expert or a financial advisor. I simply love talking about finances and want to share my journey to financial freedom and help others along the way!

Stop paying unfair medical bills now! The updated 2025 laws are here to protect seniors like you from wrongful charges, outdated debts, and financial exploitation. In this video, you’ll discover how new regulations empower you to challenge denied medical claims, avoid illegal debt collection tactics, and take advantage of expanded financial protections.

Learn step-by-step strategies to fight insurance denials, stop paying expired debts, and access utility assistance programs that cut costs dramatically. We’ll also reveal how to qualify for property tax relief, cancel unwanted subscriptions without penalties, and avoid hidden bank fees—all while boosting your confidence and financial independence.

These changes are designed to protect your health, wallet, and peace of mind. Don’t let outdated practices hold you back. Watch now, stay informed, and start taking control of your finances today! Together, we’ll navigate these protections and ensure you get the benefits you deserve.

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CHAPTERS:
00:00 – Senior Protections Overview
00:49 – Denied Medical Bills and Insurance Issues
07:59 – Debt and Statute of Limitations Explained
13:43 – New Illegal Collection Agency Tactics
19:39 – Utility Bill Assistance Programs
27:21 – Credit Card Debt Relief Options
33:53 – Property Tax Exemptions for Seniors
41:50 – Identifying Unused Subscriptions
49:21 – Strategies for Reducing Monthly Expenses
49:35 – Prohibited Bank Fees for Seniors
55:50 – Challenging HOA Fees and Assessments
1:03:20 – Shocking Medical Bill Loophole
1:09:10 – Medicare Prescription Payment Plans
1:11:07 – Accessing Financial Protections for Seniors

Today I’m going through my student loan debt pay off strategy and kicking off my debt free journey. I’ll be looking at the exact amounts I owe in student loans, why I want to pay them off now, and how I am using my annual budget to determine how much I can realistically pay each month while still saving for my financial goals and unexpected expenses. Finally, we end with making my first payment.

Thank you for watching. If you enjoyed this video and would like to see more content like this, consider liking the video and subscribing to follow my financial freedom journey.

Resources / Links Mentioned
Try YNAB 34 Days Free! https://ynab.com/referral/?ref=NGjR9aw384rLUfFn
If you would like, you can support my channel by buying me a Coffee. Any support will go towards paying off my student loans buymeacoffee.com/averysmoneymoves
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Videos / Channels Mentioned:
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https://www.youtube.com/@laurensmoneymindset Budget Spreadsheet: https://www.etsy.com/listing/1031721868/budget-spreadsheet?click_key=c2c52960388acf4c0598098de1c63e60adbda5f2%3A1031721868&click_sum=140bfb16&ref=shop_home_active_7

Chapters:
Intro: 0:00
How much I owe + Why pay off my loans now?: 1:04
Using my annual budget to determine the amount I can pay each month: 8:11
Making a payment!!: 23:11

A little about me:
My name is Avery, I’m 26 years old and I live in Ohio. I make a gross salary of $60k a year and have $18.5k in student loan debt. My channel is all about my financial freedom journey, going from a low income childhood to a (hopefully) financially prosperous adulthood.

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SA government is still paying for international debt from YEARS ago!

Our government steals from us while we spend our lifetimes paying taxes to pay off their DEBT!

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? About Mpho Dagada.

Mpho Dagada, who is a bestselling author, entrepreneur, and speaker, draws on personal life successes and passions to inspire and rally global agents of change to build a more profitable future for all to ensure that each individual becomes an asset in their organizations, advocates of change in their society and leaders in their world.

Mpho uses this Channel to inspire, educate, and encourage everyone to aspire to achieve their dreams, discover their purpose, and press toward realizing it.

Stay tuned for mindset-altering insights, perception-shifting conversations, laughs, and more “aha” moments than you’ve experienced elsewhere.

For Collaboration and Business inquiries, please use the contact information below:

???? Email: md@mphod.com

???? Transform your thinking and lead the change in your world. Subscribe to Mpho Dagada’s channel for inspiration and actionable insights: https://bit.ly/49RiBpB

=================================

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Disclaimer: I do not accept any liability for any loss or damage incurred from you acting or not acting as a result of watching any of my publications. You acknowledge that you use the information I provide at your own risk. Do your research.

Copyright Notice: This video and my YouTube channel contain dialogue, music, and images that are the property of Mpho Dagada. You are authorized to share the video link and channel and embed this video in your website or others as long as a link back to my YouTube channel is provided.

© Mpho Dagada

In this video I’m taking you through the process of how a debt gets to be a prescribed debt, the Pros and Cons.

To book your credit repair program go to my website

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In this video, Keith Wright breaks down some tips to help you pay off credit card debt while saving time and money on interest.

SHADED MONEY | IMPROVING YOUR FINANCIAL HEALTH

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Chapters
0:00 – Intro
0:32 – What is debt consolidation/Credit card interest rates
1:22 – #5 Payday Loan
1:57 – #4 Personal Loan
2:34 – #3 Personal Line of Credit
3:09 – #2 Balance Transfer
3:48 – #1 Employer Sponsored Retirement Plan Loan
4:34 – Outro

Intro Music: KY
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In Loving Memory of Maurice Dwayne McIntosh II
All Rights Reserved. K. Wright Holdings, LLC. 2022

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You’re Wrong… Paying Debt Off Early Works (4 Reasons):
Conventional wisdom suggests that paying off debt early at the expense of some of your investment money in the short term is a bad trade unless the debt you’re carrying is high interest debt like credit cards. The thinking is why would anyone want to pay off debts with 5% or 6% interest rates when they could instead invest that extra payment money into the markets and earn 7%-10%. And, to be fair, there are certainly instances where that logic makes a lot of sense. I know the title of the video is pretty black and white, but that’s mainly because in my experience the discussion surrounding this topic presents it as a very clear cut decision and I feel that there’s a bit more nuance to it that often gets lost in translation. Today I’m going to be going over 4 reasons why I feel that, in certain situations, paying off even lower interest debts can be the better approach, even if it means giving up some investment returns in the short-term.

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How Do I Change Jobs While Paying Off Debt?
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