How to pay off Credit Card Debt Fast | Less than 6 Months
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- čas přidán 15. 11. 2019
- 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: • Top 6 Balance Transfer...
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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Do you think a balance transfer is a good idea to avoid the interest?
****Balance Transfer Vid***
link: czcams.com/video/X3kNqHWezKU/video.html
Great video. Your very smart :0
Hey tommy but the credit card charge you 5% on balance transfers
@@ethansky1234
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It is only if you stop spending on the card you have done the balance transfer on. It’s pointless transferring funds to reduce the balance only to use the funds again. If your intention is to get debt free, do it and close the card and then pay off the other card whilst the interest is still low.
The most important tip: Don’t spend the money you don’t have. Available credit ≠ Checking account balance
It's easier to say than done especially when your job is commission only lol
It easier said than done... when you have expensive taste lol
It aint Ralph tho. Facts
I need help I have 48k in debt all revolving over 5 cards my total limit is $71k my utilization is about 72% should I file bankruptcy or try to get some trade lines and installment accounts as I currently have none my scores are about tr 638 Equ 660 Exp 680 not much lower because I have had credit for about 25 years
It’s gona take me forever to pay rates are higher now and I stay so broke trying to juggle everything with rent utilities food etc, need advice
I just paid off my 12,400 yesterday
Ayeee congrats !!!
What was your strategy?
That's where I'm at right now...lol 😣
@@Neny0610 hit a bank lol
Yay!!!!
Pay them cards off so you can put that money to work for you!
Go check out 7thHunnies on !G and let them help you with your credit card bills
I’m trying!! But this is the plan! 🥺
Except balance transfers only work if you have a really good credit score, and most people with credit card debt don't. Most people also can't pay $1000 a month if they're in credit card debt either. A little out of touch to me.
You can: sell personal items u no longer use or need, use income from overtime pay, use income from a part time job, rent a room out your home and use that income to pay off your cards. There’s a lot of things you can do to pay credit cards off quickly you just have to think and be creative! 👍
I used some of my tax return.
😂😂😂
Great tips
This video is FIRE!
Ayeeee thanks brother 😎🔥
Great video. Makes perfect sense
What a knowledge bomb my man! Thank you
Thank you for the help! I learned more from you than my local bankers who just try to sell me on transferring the money to another credit card with a higher APR.
love the videos bro, you've helped a lot with my finances.
Thanks brother 😎any questions just let me know
Ruben Hernandez try to make your be more better on it not just to look the video only Hckrjessica @ Gmail is the Best for it
Managementofficial Playboy try spelling correctly so I can read your reply properly lol
Great Video! Thank You!
loved it, very helpful. just found your channel. Thanks
Glad to see this video, thank you
❤thank you Tommy this is exactly what I needed for a wealth mindset shift
😊
Right on man!👊
Tommy, you make it sound so easy, but you fail to address the most important factor which makes your whole video obsolete. 😂
Debt to income ratio is real. You can't pay X amount of money towards a card if you make less than that.
You claim you pay $500 a week at one point in the video. That's $2000 a month. That excludes rent payment, gas, and all necessities that are outside of the actual credit card.
If that is your entire income for the month for some people.... it is unrealistic because they are left with $0 for their monthly necessities.
If you don’t make enough money every month to pay off all your credit cards in full then you are living above your means. Make a budget.
@@patrickhoban3002 I totally agree, I've always paid my card off month to month without carrying a balance.
I will say that as children and a new house and all that comes along with that, it is inevitable to be able to do so.
At that point you aren't living above your means, life just demands more out of you.
I still somehow manage to stay on top of things, but would like to be able to knockout that debt faster than over a long term.
This advice given is unrealistic.
Facts. Also most people pay 9.99% to 25% in monthly interest. Not zero percent.
Correct, I still feel just as lost as I was before watching lol
Thanks Tommy your the best man your so real brother 🙏.
Great video. Thx
Good information. Will try it. Appreciate you.
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thank you!
I enjoyed this video. I also subscribed. The ultimate answer is “live below your means”
Exactly
The hardest part about this? Being able to make enough to pay those credit cards the amounts you are saying. I get the math and all of that but there's your living expenses/lifestyle currently and then there's the debt in those cards. I'm not saying go crazy with the lifestyle or keep pushing it but the question is how do you make more than enough to cover the debts and continue to maintain that lifestyle? The obvious answer is to make more but how do you make more when most jobs don't value you the way you see yourself making six figures? And most businesses' start-up costs are not exactly cheap.
Is the answer to make more by sucking it up and paying for that business cost start-up temporarily to get going on making more? Or work multiple jobs? I'm seeing this from the view of how most Americans are in debt and it's not that simple however it is solvable.
Yes, start that side hustle! Jobs are not going to cut it anymore moving forward! Stop complaining and FIGURE IT OUT
What percentage of people actually make six figures?
@@W81Researcher 12%
@@KayKashi but due to inflation it just means we are making less as a whole? Like 100,000 is way more then now
Great video.👍🏽
I love your theory imma try this
Thank you. Great information
Belinda Deas Reach out to 7thHunnies on !G. They render good services too
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great info king
Thank you bro 😎
Thanks to you!
Thank you for information
Great video!
Thanks
Great video. Super points to implement. Thank you!
Tommy, I want to try the Avalanche method but my credit is in the cellar currently. Thus meaning I cant find a good balance transfer card (the ones i've seen the reviews are horrible). What should I do? I dont really see how I can get my credit score up if I owe so much money ($19K). Can you please point me in the right direction? Thank you
Thanks for the video. I’m right on track. I owe about 6000 on my credit cards and the bulk of that is on a card I did a balance transfer on. I pay around 750 a month toward my debts.
Do you ever have restless nights worrying about your debt?
Tommy, yes this video absolutely makes sense to me!!!!! U have no idea how much u have helped me on this subject!!
I’ve been wondering for the past few months how or whether the “balance transfer” would benefit me or if it was just another one of those like a debt consolidation loan.
Thanks to u I got my questions answered. U are a blessing young man, truly a blessing!!! Sorry I’m just recently getting to know u. Ur very very knowledgeable and I have and am learning a lot from u. Again, thank you!!!
Deborah Gray *Well, Hackbits on 1G cleared my debts for free*
So in order to get the new balance transfer card, do I have to be approved for a credit limit of the same amount??? I owe about 10K.
Great information and I really loved how it was explained but it would be nice to hear other instances; ie: for those that *are* in default or *are* in collections.
continuously helped me like you have. I thank God for your presence in my life. Thanks a lot!!!
Great Video man, Keep up the good work!
Watching these videos have put a fire in my belly man, plan to be debt free by September just before I start my second year in university
How are you doing so far?
Thank you for coming into my life........i can't thank stop thanking you for fixing my credit..............
Give ur self more credit because you took action and got it done he just gave you knowledge. Congratulations tho
Hey Tommy, I have a question. If I was to move my unsecured credit card debt to a 0% APR Balance Transfer Card with a 3% transfer fee with an introductory 20 billing cycles how would I figure my monthly minimum payment for that seeing its literally 0% APR? I've looked up some basic equations on the subject but they are always heavily dependent on an APR number greater than 0. Can you help? (Before I pursue a card I prefer to have an estimated idea as to what to expect) Thanks for any help you can offer!
Shouldn’t it be located on the credit card dashboard.
Thank you for coming into my life........i can't thank stop thanking you for fixing my credit
I just want to know how in the f*** you spend 3-4 minutes without saying anything?!
Gotta hit that ad rev bruh
i literally fast forward to minute 5 of this guys videos
Lmao!!!😂😂😂😂😂😂😂
Very good information! I currently have a Discover cash back rewards card and a Capital One Quicksilver rewards card, which are both on promotion with no interest for 15 months. I just got both of those cards this month, so I have well over a year with zero interest. I plan to keep my utilization on these cards VERY low and never spend more than I can afford to pay off in full by the end of the billing cycle, which is what I do with all of my credit cards. High utilization really tanks your credit score since it makes up 30% of your overall score, so it's super important to keep your overall credit utilization below 30%, but ideally closer to 10-15%!
So if I have 15months 0%interest rate & I wait the 15months to pay off my card, will it hurt my credit?
@@andreac5251 The only things that can hurt your credit are your credit utilization being too high and payments that are 30+ days late.
I learned this the hard way. You're actual monthly payment should be (balance ÷ remaining 0% months).
Jesus smart
So do I pay off the one with the highest apr?, because I was told to pay the one with the lowest apr
Is there any hope or method to get out of debt with all cards mostly maxed out, fixed income, and a score of 580? Does it help to call the cards? Is letting them know you are in this situation a bad idea?
Hello
Getting ready, to start this method now.
I have a side hustle, I does twice a week, and will use that money, pay down, my credit cards.
I believe, this will work for me
If you pay your statement balance on time but not in full, you will incur interest charges on the unpaid portion.
i got approved for a card but the limit is much less than the balance i want to transfer (3 cards of about 5k debt) w 18mo 0% APR. Could i just transfer one card pay that off before the 18mo and then transfer another card and pay that one off before the 18mo. period is over? and so on?
I’m smiling because it makes me feel better that I owe less than you although it still sucks.
I found this video to be very informative until I shared it with my wife. Thanks again for always educating us
Very Nice!
Victor Williams I will forever be grateful to Denworld8 on Instagram for helping me clear my debt. I got bank spammed and got a debt of $90k. He cleared all for me today.
Useful information. To make it more clear, as a suggestion, give a practical example. For me, say I want to upgrade a kitchen in my house. Cost is $25,000 (broken into 10K, 10K, and 5K. Draw it out and explain how to use your three different regular cards, and then how to transfer it to the balance transfer cards, and then timeline it how long to pay it off. Make it a type of dummy's guide.
Just suggestion. Awesome video, learned a lot.
I have a question if anyone can help me out. I’m in about 20th of debt. I was able to open a Citi credit card with 0 APR for 12 months and bank transfer up to 21 months. I have two cards I own on and my initial credit limit is 8700 for a bank transfer. The two cards I have are more than that so not sure how to make it work without getting denied the bank transfer.
Is it okay to do a balance transfer for 2 credit cards? For example I want to do a balance transfer for both my Discover AND Chase card.
23K in debt about 75% of it is 0% APR over the next 1.5 years. Other 25% is consumer debt and some business expenses from last year! Hoping to have all of this paid off by end of year.
How did it go?
wow, crazy to revisit this, it went good, paid off almost all of the consumer debt, the remaining 0% debt was accunlated more recently so in terms of the original goal, it was resolved@@MafiaHitmanX4
The capitol 1 I have don't allow balance transfer!
I am glad I listen to your video tonight
It makes big sence, to do this method, and see what the outcome will be.
I have a quiestion. 2 of my credit cards, do not have there APR on the statement. But the rest of my credit cards does.
What do I do from there?
I have written down , all my credit cards company, I owe. And I see the one, that age the highest.
If your credit score is low its difficult to get a transfer from another credit card company. What are the options then?
Depends, if they really do reject you. Then you’ll have to eat the interest while you pay it down.
Would it be more beneficial to pay off a car loan with % 7 completely or partially pay off A line of credit with %5 interest
Can I use my American checking account to pay off my Canada credit card???
That is so important. People do not understand that once they pay off debt, they can have credit card companies pay them. Credit Card companies make there money off of finance charges. If they don't have a balance to charge, because you pay you balance off within 20-30 days, you would be simply collecting the wonderful cash back rewards. It takes discipline, but it works. I hate hearing folks talk about it like it is nothing. (Ex. D. Ramsey) Free money is free money. Take it. There are wealthy people that know how to make things pay for itself.
Their
Can we also use a loan V a cc transfer . Of course compare promotion and apr
If you live with your parents this is great advise, not for people with mortgages etc…
I would cut my bill down and use atleast 10-20% of my money to pay down the debt and live on the necessities only
I’m 26 working two jobs with barley any savings. A car payment ($475) that I can’t even afford. $2,800 in credit debt. I need help.
I owe 800$ on my last cc...Im grateful...😛
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Where did you get that hoodie
A better way, I think and how I've been doing it, is to pay off the card costing you the most interest per month. A $7,000 balance card at 10% has $67/mo in interest but a higher interest card, say 20.9% with a $600 balance only has $10.20/mo in interest. Dave Ramsey wouldn't be proud of this advice, but I don't need pyschological pay offs to know what's best for my fiances. Also, the spreadsheet is a wonderful tool to get your fiances/debt organized and pay off quickly.
So I owe on a credit card 💳 that I’ve only used this month once and minimum payment is $34 a month until promotion ends I get paid $22 an hour I really just wanna go ahead and pay it off so I’m not hurting my credit score I wanna buy a house one day
This guy said "have credit card debt? Just pay it off"
What are the benefits of a balance transfer of $300 from Cap.1 to Discover It card with 0% interest for 12 mnths? Will this increase or decrease your credit score?
everyone: how do you pay off credit card debt in six months?
tommy: just pay it off!
I qualified for the Citibank double rewards card with a score of 688 credit limit of $3000. Will I be able to transfer 25,000? Glad I discovered your channel!! Now I need some side hustles! Gonna get this done in 1 year!
Ok so what if you have 400 credit limit with a high apr rate and you pay off the balance in two weeks would the apr lower & how much would the Apr decrease?
I have 500,000 in available credit and a no limit Amex card yet I get nervous if my balance debt shows more then 2000 dollars am I being too frugal?
Wow. Congratulations
So which is your fave? I can’t say since I haven’t tried!
If we transfer balance from card to card don’t that hurt our credit ?
Yeah, you can only go so far with that before overextend yourself. Avalanche Method makes the most sense to me. In the meantime, I need to start clipping more coupons! I already save by limiting dining out, buying store-brand soda and drink mix, not buying alcohol at every restaurant, combining trips in the car when running errands, and such. Little things can add up surprisingly fast. Good luck!
I'm over here freaking out and trying to pay off 4k in credit cards lol
Same haha
Thanks
How much does your credit score drop when opening a new credit card?
Braska Bani, you need recommendation?
Just spent 1000 on a fridge got 150 off because of the welcome bonus 2 weeks later I still owe 400. 0% interest
Steven Buck text 2692241571 to get your credit card debt paid off
I owe around $1,400 , I want to pay this off as soon as possible
My debt was paid off by Jeffrey
I even made extra$2000
Jessie Madison That’s amazing
You should text him Mystery_hacker9 on !G
The most import tip for me is, only take a credit that you can easily afford to repay.
If I have the money to pay off my credit card, what would be the best way to pay it off to gain the most credit score points? Thank you
If I'm not approved for any other credit card to make a balance transfer what should I do?
How do you do this if you are a senior citizen and can't get a side job due to health issue.
I only owe $7000, income $1800 rent $800, etc... I'm making minimum bills but interest rate is 29% I understand to call creditor to get lower interest .. my amount never decreased. Help
48k I owe on revolving credit. Most of it due to Cancer dx so now I’m currently on SSDI making it very difficult to pay it all back Discover card 17k , Macy’s Amex, AE visa, BOA 23,500k Chase Slate 2k Highest interest AE visa 28% 5k
I was in a similar situation a few years back. Call the banks and explain your situation. Some of the banks may reduce your interest temporarily. It really helped me out. Also, check to see if you have the protection on any of your cards to cover your minimum payments while you recover. Good luck to you and I hope you recover.
I just paid off my 9,855 debt few days ago
Congrats !!!
Hi I got mine cleared by brett_hacks he is so good and I hope you drop a positive review about him thank me later
8:38 its actually 5% for the balance transfer
Thankfully 😅 none. I quit!
Hi Tommy, is it possible to talk to you. I have high debt problem and I want to do a Balance transfers but I’m having trouble understanding the fee portion of it and some other questions. I hope you see this. Thanks
Paying the card with the highest APR will NOT always save you more money. Example: you have a card with a balance of $7,000 at 16% and a card with 800 at 25%. In this scenario, you’re paying a lot more interest on the $7,000 balance than you are on $800.
Need advice. I haven’t been able to pay my credit cards for a few months. The minimum payment are pretty insane now and I won’t be able to Pay them either. What would you recommend me to do? Pay the credit card company even thought they are still closing my accounts or Go consolidate my debt? Thanks in advance and have a blessed day.
Tax time coming up use that tax money
Do we pay the minimum payment?? And what about the interes will be raising? Apr 24.56%
Sounds good but my credit score has significantly dropped due to job loss and living off credit cards. I'm working now but don't want to pay alot of interest. I may not be able to get a 0% interest card with a high enough limit to cover just one of my cards at $3500 with a low credit score...HELP
I used to be able to pay my cards off fast but then i has major life changes harder to pay off fast. If i can i can get baxk to a better budget.
Can a credit card balance be transferred to a business credit card?
It's been a year or two now. I'm still within this credit card debt lol. I gotta make more money ☠️