How To Lower Credit Card Debt
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- čas přidán 27. 08. 2024
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On a debt free journey since February 2024. I owe $1,000 in credit card debt, $1,000 left on my car loan and $36,000 in student loans. I'll be done with the credit cards and car payments soon! I'm so happy!
Heck ya, you’re almost there!
Keep up the great job!
You're on your way, don't stop
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Last year my husband and I maxed out our only credit card. I stay home with 4 kids. So to pay it off faster, I worked at Target 4 nights a week, from 5-10 pm. It took us 10 months to pay it off!! Never again!! Lesson Learned!
Rockstar!
@@SidraAdele Thank You! ❤
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@@SherrieB-rc4szYW. 😊
Respect!
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Select “Make A Payment” and then select “Pay Full Statement Balance” 👍🏽
The problem is that most people don't do that.
@@jimroscoviusI'm broke to pay in full😂😂
Yup recoup as much of those transaction fees that are baked in to every purchase.
Window pops up, "NOT ENOUGH FUNDS"
Word!
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I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you *Dale Valskov*
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Paid 7500.00 in the month of may towards credit card debt, June I paid 4500.00 , just another 11k to go. Should have it paid off by September. Debt is so easy to accumulate, but always feels difficult to pay off.
If you have that kind of money to pay on credit cards. Then why have them in the first place?
This is a great video I really appreciate the dedication in each video you post, I learn a lot watching your videos and it has always been helpful to me. Building a steady income is quite difficult for newbies.. Thanks to *Dale Valskov* for improving my portfolio. keep up with the good videos.
Been working to be debt free in the next 12 months. One card is about one month away from being paid off using my current pay three times more than the payment plan plus moving some money from savings. That will free up $300 per month to DOUBLE the payoff rate of the last card. Can't wait.
Keep going. You got this! From someone just a step or two ahead, it's so worth it.
Good job.....feels great not carrying credit card debt!
I can still remember the conversation my parents had with me about credit card interest charges. They exaggerated for effect but it scared me so much that I never got in over my head in my 20s when I was making very little. Saved me so much money.
Not an exaggeration. It’s just the truth. Credit cards aren’t worth it at all.
@@terrencejenkins7995yes exaggeration
Best way to not have credit card debt is to not have a credit card.
But you need the points
A credit card is like a gun- "Better to have one and not need it than to need one and not have it".
I've had a credit card for over 20 years. It means I'm insured if any purchases over 100 go wrong, plus I get up to 56 days interest free credit. I ALWAYS pay it off on time and have no debt on it. It's not the card that's the problem, it's the fact that most who use them are financially illiterate and thus get into trouble with them.
@@jasonrodgers9063CC isn't going to save your life ridiculous analogy
Or to have discipline
Got myself into a bit of credit card debt in the 70's
Lesson learned and haven't paid a penny in interest since
No problem, taxes make up for it
GOD BLESS YOU MR RAMSEY 🙏 Thank you for changing my life and my families and for teaching us about financial education as a person from low income. im not ashamed to say I've never had financial education or in school
Had a cc for years no issues and winning with personal finance. Gotta be disciplined which most lack.
0DEBT Tennessee license plate pulls up a 2018 Aston Martin DB11 for those curious
I’m starting to think Dave always brings up his hand gun carry permit to let anyone thinking about robbing him know that he stays strapped 😂😂
Hahahahahaha I think you're absolutely right Don't mess with a hillbilly 😆
hes pretty much said so from time 2 time [!]
I can build wealth without borrowing someone else money!
How? Doesn't make sense at all. Where do you get your capital if someone else isn't leveraging debt😂😂😂😂
So you paid for your house in cash?
@@jonrecker3513or just squatted 😂
That part of how they get people is by giving them a sense of superiority over the “poor” people. You get “secret” access to overcrowded lounges or points, you get a fancy looking card, and told that you’re special and not like the others for being approved for their credit card. You have people on American Express forums arguing about too many people having the card and the bank accepting too many people which is causing all those perks to be watered down. When in actuality, all these banks see them as suckers to be licked 😅
American Express goes a step farther, they get you to PAY THEM to have that special card.
@USMC6976 as long as you cancel it within 4-7 years (depending on the promotion) you'll break even. If they're giving me 70k miles for $100, I'm gonna take it.
Good. Stay out of my lounges then 👍
That's the sales pitch the Fyre Fest guy made for his metal credit card he invented called Magnesium or something
Yeah I feel like people fall into two categories that these banks target: financially disciplined people and suckers. 🤣😂🤣
I always knew they would water down the perks if more people paid their bills on time, I'd rather grow my own money in my HYS account. Get more money back than rewards points on credit cards, nice security layer by separating checking from savings, and reserves are always there to fall back on if needed without the psychological games.
"Don't do it!" I am not doing it anymore for real
Close the accounts first, so the “credit line” has 0% of being further used.
From $37K to $45K that's the minimum range of profit return every week I thinks it's not a bad one for me, now I have enough to pay bills and take care of my family.
Some times last week I tried trading all alone but ended up loosing $3K 😢
Please how do I go about it
I'm still a newbie on investment trading and how can I make profits.
All thanks to Alex Robert
He is a licensed broker and a FINRA AGENT here in the States.
Yes!!! That's exactly his name (Alex Robert) so many people have recommended highly about him and am I just starting with him from Brisbane Australia 🇦🇺
John is the kind of guy to call a credit card company and thank them 😬
And immediately after ask if they're safe.
@@TMPS93weird how that's such a trigger for you people. Are you an abuser type?
@@kbanghartDid you reply to the wrong guy? Seems like a huge jump in logic.
@@ShittyGamePrototypes I'm good, thanks.
When you stop using credit cards the CC companies stop sending you CC offers. No cards here.
That’s actually not why Wells Fargo is losing money on that card. People are using it to pay rent and then immediately paying off the balance. This means Wells Fargo isn’t making money from late payments and interest.
Thank you for the truth.
What landlord takes rent payment by credit card? I accept cash only.
@@laurahano2587 Why would you care? Money is money. Just jack up the rent by the transaction fee. Easy peasy.
@@laurahano2587there is a feature on the card to send a check to the landlord. I believe there is also a feature to accommodate Venmo payments too
@@laurahano2587 First time I've heard of that as well. It must be an American thing, because that won't fly in Europe.
Me with no debt watching this: 🤔
Ramsey & Co, can you do something about the Dale Vaskov bots? They're plaguing your comments section
Also, fun fact...my wallet was stolen. Credit card gave me fraudulent charges back right away. Bank did an "investigation" and stated charges weren't fraud. Made me pay it so it absolutely is NOT the same. I now bank art a credit union but still leery of using debit.
I had a debit card stolen and they gave me the money back immediately.
Fun fact: I had the same experience with my debit card, and after the bank investigation, they replaced every single dollar that was taken.
Your experience exposes a crappy bank, not a debit card issue!
Exactly. Each bank's investigation into fraudulent charges is slightly different, especially once you consider the thousands of local banks and credit unions across the country. Also, even if a bank does return the funds, nothing says it will be prompt, which can easily cause disruptions with other auto-payments that may be scheduled.
Damn that sucks
@garyzimmerman6316 it was really an issue with both. Glad the replaced the money but clearly it doesn't always work the way ...
"everyone is collecting airline miles" I'm collecting cash-back from every purchase I have to make anyway.
And all the ones you wouldn't have made if you were just using your own money.
And they're tracking every purchase you make and you pay them every time you swipe that puppy. They have you and you don't even know it.
Got into a pickle the last several years and have 2 cc’s in debt but as of now at least one only has about $300 to go and I can get to work on the second soon ! Hopefully I can check in within 6 months - a year and be in a much better place 🙏🏻
Dave is 100% right but I can’t get rid of my CC, not with travel abroad. You get money back quicker with CC than most banks. I use debit 90% of the time though and know CCs are dangerous.
Same. I’m a world traveler and need a credit card with no foreign transaction fees. Also in the unlikely event I get robbed, I don’t carry my bank card on me.
You can use a credit card responsibly and make the most of what it offers. Needs discipline and financial literacy.
Dave didn’t read the fine print on why Wells Fargo is losing money…
Never carry a balance on my cc and my wife and I are heading to Italy on points. 😅😅😅😅
Great for you. I am genuinely and sincerely happy for you. And if all people were you, then Americans would not be drowning in consumer debt. But they are not you, hence, why Dave's program is so important and why credit cards should be rejected.
But again you are the Golden Boy and I am sincerely happy for you and your wife.
My Chase debit card doesn't come with exchange fees. So, I use it when I travel to other countries.
My credit card is used for Netflix, HBO Max, Spotify, and OCASIONALLY a fast food purchase and OCCASIONALLY as fast station stop. Doesn’t get used for anything else
Use it for everything and pay the balance in full. Spend responsibly and have discipline.
I am reading a book set in the 1920s (radium girls) in which a women in America gets radium poisoning. She subsequently has to go into medical debt which she had to put her furniture up as collateral. Could you imagine doing that today!! Debt is being sold so often now they had to come up with a fancy little score!
I'm favoured, $27K every week! I can now give back to the locals in my community and also support God's work and the church. God bless America.
As a beginner what do I need to do? How can I invest, on which platform? If you know any please share.
It's Mrs Sonia Duke of course
She is really a good investment advisor.
I was privileged to attend some of her seminars, that's how I started my crypto investment
Started with 5,000$ and Withdrew profits
89,000$
I'm glad to write her tay I do hope she will help handle my paycheck properly☺️☺️☺️
No real shortcuts, it’s tough but worth it !
Dave Ramsey wants to trash on the BILT card but the reason Wells Fargo is loosing money is because people are using it responsibly and not running a balance on it. Dave doesn’t want you to know that.
Dave is purposely keeping people poor. How do you build wealth working a 9-5? He says your income is the biggest tool. It's a joke. You make millions because you risk millions. No wealthy person did it by being debt free.
@@JK20239Here we go again. Everything you say is bunk. Americans are drowning in debt because of bad spending habits, irresponsibility, lack of discipline, etc.
But you are one of the Golden boys.
I see people for who they are and I don't give a dangerous instrument to someone who isn't capable of handling it.
Like it or not, you're wrong and I'm right because Americans are drowning in consumer debt and it's not simply due to a tough economy. It's because they are incapable of handling debt!
He uses fear to control his followers.
@@JK20239 Only an idiot would actually want to be "wealthy".
Seriously, you would think he would be happy that people are being responsible with paying their cards on time but that goes against his whole agenda, also the BILT card is amazing
I cannot believe that debit cards offer the same level of security on purchases as credit cards if something goes wrong. I've never heard anyone say that before! Great to know.
The two primary federal laws covering procedures after card theft or loss are the Fair Credit Billing Act and the Electronic Fund Transfer Act.
Under the Fair Credit Billing Act, your liability for unauthorized charges depends on whether the thief personally presented your card to make the purchase or just stole the number.
If the thief personally presents your card to make the purchase, the card issuer can't hold you liable for more than $50 in fraudulent charges. (12 C.F.R. § 1026.12). Many card issuers waive this $50.
You have no liability if the thief stole the number but not the card.
With ATM or debit cards, you must act quickly to avoid full liability for unauthorized charges when your card is lost or stolen. Under the federal Electronic Fund Transfer Act, your liability is:
$0 if you report the loss or theft of the card immediately and before any unauthorized charges are made.
up to $50 if you notify the bank within two business days after you realize the card is missing
up to $500 if you fail to notify the bank within two business days after you realize the card is missing, but do notify the bank within 60 days after your bank statement is mailed to you listing the unauthorized withdrawals, or
unlimited if you fail to notify the bank within 60 days after your bank statement is mailed to you listing the unauthorized withdrawals. (15 U.S. Code § 1693g).
Those are nice pair of scissors
Like the Ramsey said work 2 jobs to get out debt . Theirs no secret besides work , live under your mean .
I’d rather use my credit card because if someone does steal money, it’s stealing the credit card companies money & not mine out of my bank.
Note, I always pay off my credit card in full as I cannot bare to pay any interest 😂
Where does Dave get all of those credit cards to chop up all the time? Do people donate them or something? lol
I was just wondering that too
I shouldn’t be laughing this hard at Dave’s comment about your dead pets receiving credit cards..😂😭😭
Actually Wells Fargo is losing that amount bc ppl ARE paying back their balances and that equates to what they have to pay out in points and other “perks”. I agree with 95% of what Dave says EXCEPT for the lack of CC use. There are a lot of responsible ppl who will buy and pay off every month and yes I know its a mental thing but I rather get a tiny perk out of my purchase rather than nothing. Self control is strong!
Dave please don’t try to make everyone accept US dollars when you’re abroad; that’s in poor taste. They appreciate receiving their own currency more than your currency which they will have to pay to have exchanged.
Credit and debit may have the same protection features but the bank will not go to bat for you over dubious charges like the credit card company will. Hard facts, speaking from experience. Be disciplined. Use your credit card, pay balance in full.
The credit card companies just laugh and hang up. No different to the bank's response.
@@amireallythatgrumpy6508 Funny because Ive had to deal with two dubious charges on my Mastercard over the years, called the company, they automatically reversed the charges and told me it was now a legal process between them and the merchant and the merchant had one month to prove they sent me merchandise and I received it. My bank will not do the same, has horrible customer service and will nickle and dime me any opportunity they get. Hard facts. And I would never travel using my debit card. Thats advice a very wealthy person who can afford to loose some money gives.
@@amireallythatgrumpy6508 Funny because Ive had to deal with two dubious charges on my Mastercard over the years, called the company, they automatically reversed the charges and told me it was now a legal process between them and the merchant and the merchant had one month to prove they sent me merchandise and I received it. My bank will not do the same, has horrible customer service and will nickle and dime me any opportunity they get. Hard facts. And I would never travel using my debit card. Thats advice a very wealthy person who can afford to loose some money gives.
@@amireallythatgrumpy6508 Funny because Ive had to deal with two dubious charges on my Mastercard over the years, called the company, they automatically reversed the charges and told me it was now a legal process between them and the merchant and the merchant had one month to prove they sent me merchandise and I received it. My bank will not do the same, has horrible customer service and will nickle and dime me any opportunity they get. Hard facts. And I would never travel using my debit card. Thats advice a very wealthy person who can afford to loose some money gives.
Funny because Ive had to deal with two dubious charges on my Mastercard over the years, called the company, they automatically reversed the charges and told me it was now a legal process between them and the merchant and the merchant had one month to prove they sent me merchandise and I received it. My bank will not do the same, has horrible customer service and will nickle and dime me any opportunity they get. Hard facts. And I would never travel using my debit card. Thats advice a very wealthy person who can afford to loose some money gives.
Hey Dave, don't tell people to get plastic surgery, they're overdoing it already! 😂😂😂
I use a credit card... But only to have a credit score... Its easier to get a home loan... I waited 6 months for underwriting to say we need 1yr with your job to continue... Am a truck driver so leaving a job is a must sometimes
I will never get a debit card- my sister spent weeks arguing with her bank over charges she didn't make. Credit cards- 1 call & they take care of it.
I use credit cards but I budget. No difference. I earn rewards for spending what I was already planning.
LMAO!!
@@freedomring3022 i do the same.
dave tends to confuse method of payment with financial discipline. If you have the latter, how you pay is irrelevant.
Exactly. Not rocket science.
Dave is against you getting points.
He just had a severely bad experience using credit cards foolishly decades ago.
Also thinks people use credit cards to get rich off points for some strange reason.
@@blackworldtraveler3711it was personal, credit card company rep was asking his wife why she was with him and he got mad at all credit cards.
@@blackworldtraveler3711He’s the guy who hurt himself with a chainsaw yelling at everyone not to use one.
He's also against tits on a bull and other useless things.
As much as Dave says the credit card companies are handing out credit. I still haven’t gotten the raise because I already suck at dealing with money and they sure don’t want me anymore.
As a person and professional you couldn't get any better than *Dale Valskov* he is a very reliable person and an excellent professional in the IT field. He is the type of person you want to work that's passionate, hardworking and knowledgeable. You’re The Best 100%
Great video. I only have one credit card and I use it once every three months and I pay it right back in full the next day
What's the point of that?
Got rid of all the debt two years ago. Have zero debt. I now also no longer have a credit score. Fought tooth and nail, but managed to buy the last car cash. Can't get them to take card folks, so be ready to wire it, cashier's check it, or walk on the wild side and have the hundreds in your pocket. Land is paid for. We're cash-flowing the house build and doing it ourselves, but got it done enough to comfortably live in xD. No debt. Can I tell you how well I sleep at night? The only thing that keeps me up is the coyotes! Lady at the store the other day asked if I wanted to save 15% on my purchase by applying for a store card. "Nope! I'm debt free, honey! I don't *have* a credit score anymore and I ain't going back!"
@@JK20239 that’s a bill honey. Debt may go away, but bills don’t.
@@JK20239odd, looks like my reply disappeared. Anyway, property tax is a bill, just like your phone bill or insurance, not a debt. Debt is owing money on a loan of some variety. The government didn’t loan me money to buy my property, but they do tax me for it every year. Not much thankfully.
Dave should have a license plate that says, It’s Paid For! 😁👍🏽
Dave is right but he doesn’t address why there is a misconception about debit cards. If the transaction is not processed on the Visa or MasterCard network (i.e. it’s a direct debit transaction), it doesn’t have the credit card protections. If asked “Debit or credit?” with your debit card, always say “Credit.” Not everyone knows.
John mustve been down baaad😭
I’m sorry. The question was “how to lower credit card debt?”
I have a co worker who pays her mortgage with her credit card because of airlines miles. I did not know you can pay do this.
I paid off and canceled my cards a few years ago.
Hey Dave: Thanks for the tip on marketing here in America. Ever visit Japan?
Having a proper emergency fund is the only way I can live without eventually using credit cards.
Yes Canada- that’s not so much of a thing.
4:58 This part legit cracked me up
lol those are some big ass scissors
Who is Dale Valskov ?
Some scammer.
Dave makes stuff up
those are sharp scissors.
Where does Dave get all those cards he's cutting in half?
Offers in the mail? When I went through FPU, they asked us to count how many offers we got while we were taking the course. I don’t remember the number, but it was really high. Like at least one offer a week.
People that have paid them off and closed the accounts.
I like to imagine Dave carries the scissors and empty credit cards with him at all times
5:44 that story is funny😂
Only use debit cards when possible.
Just to be clear i London we do not take dollars......love you tho Dave 😘
1:54 ...including the Every Dollar App
When I have healthy financial conversations with people and I tell them that I cut up my credit card, they look at me like ive been teaching the Pythagorean theorem.
That's because Americans have been conditioned to believe in credit cards.
My take is that if credit cards were so great and tens of millions have them, then Americans would be thriving. But they are not. In fact, Americans are failing and drowning in consumer debt!
@@GAFB1122 exactly, a lot of rewiring has to happy in the minds of America and only then will we understand collectively that debt is bad. Also we need to stop acting like toddlers, “I want it now” aka credit cards are destroying our pockets.
Like clockwork, a thousand people will show up here chirping about how they pay their cards off every month and how Dave is anti-credit card points and free airline miles.
@@Lugnut64052 Totally true, there are actually millions of people who use credit cards without ever paying a dime in interest, and Dave is anti-credit card points and free airline miles. Both are true. I make no judgement whether someone uses credit cards or doesn’t.
@Paxevo I wonder, when you encounter an irresponsible person in general, do you support and encourage them to use credit cards. Hmmm
Do millions use credit cards responsibly, sure. But many, many, many millions more do not. Credit cards should be rejected for most people. They are NOT responsible and disciplined enough to handle such an instrument!! And that is the advice I give to most!
@@GAFB1122 To answer your question (that doesn’t have proper punctuation , a “?”), When I encounter a person, as you described above, I mind my own business. It makes getting along with others so much easier.
@Paxevo And if they ask you for advice, what say you?
Oh, and thanks for the correction on my punctuation mistake.
@Paxevo You know what I'm getting at, but you are similar to others who don't want to say it. Irresponsible and undisciplined people should reject credit cards and based on the state of this country, most people are irresponsible and undisciplined.
If they weren't, then so many people wouldn't be drowning in consumer debt.
Uncle Dave is my next favorite person next to snoop dogg
Best way: "Don't buy stuff that you cant afford."
What's in your wallet? Debts!
Lol!
That's not what Wells Fargo product is.
And we’re back for another installment of is credit card good or bad.
Dave: Use a card that gives you 0% cash back (A debit card) rather than a 2% cash back card and then don't pay the highest interest debt and don't invest and instead pay off a low interest home loan. Then, only invest 15%. LOL As hats
What cards does Dave keep chopping if no one at Ramsey has any credit cards?
Wells Fargo is losing money on the Bilt card because people are savvy and using the Bilt card responsibly. Wells Fargo isn't 'bitching because broke people don't pay it.' Ramsey, as usual, has no idea what he is talking about.
Yes, he is out of touch! People use Bilt to pay their exorbitant rent costs, then pay the card back and get travel rewards, etc.
“Fru fruuu” 😆
Dave how do you feel about credit cards?
If credit cards make you wealth, he's all for it.
Your debt to income ratio of 0.25 to 1. If it takes 25k a year of debt to make 200k a year profit, then you have a 175k a year net revenue because 25k made you 175k. It's all relative. Dave uses debt to make his millions.
What if you consolidate?