@@noneya154they just told you to reduce the interest. Interest is compounded daily. So, no one pays daily but if you pay weekly it decreases the amount going towards interest.
@@noneya154not every card cycles on the first. It goes by when you opened it. Paying it early can decrease your interest. Look at your cycle and determine when paying "early" is for you. I realized that one of my credit cards reports my balance 2 weeks before I get my bill... so if I pay it off before that happens my credit will not go down... even though I'm striving to be credit free.
Wahoo!!!! You are CRUSHING it!!! 🎉👏🏾 Almost done!!! The finish line is just around the corner. I’m excited for you. I can’t wait until I knock out this last $6400. We can do it!!! 🙌🏾
Hi Kim. You are the most realistic UA-camr We did a pay off of 50,000. And went right back in .. We don't learn because we want what we think we should have at this age...(by we I mean my husband and I)
I get that. It’s easy to fall into that grind of buying things with money we don’t have to keep up with others our age. I’ve done it too. It’s never too late to learn a better way of doing things. 😘
I totally understand what you mean. Idk where exactly it stems from but there is just an overwhelming feeling of "i should here, i should this, i should achieved that, at this point in my life"
I'm currently in the pay off debt phase. 2 cards down last month and now I'm onto my debt consolidation. I hope to be debt free by this time next year, Lord willing 😊❤ Congratulations on your progress!!
I moved money but it was not just juggling debt.. I had the sick and tired of being sick and tired broke mentality.. I was ready to change.. I did a debt loan through my credit union. They would not negotiate with my balance was above $10k because it was unsecured debt. I got it below per required. My interest went from 15%to 10% with my better FICO score. It made a difference because I broke away from the bank/revolving debt. I was able to change my thinking and a fresh start. I am down to the last $3k from almost $25k total. I want to pay it off before the incoming fiscal year.
Yea, juggling debt is never a good move. You've done well. Good job! I had the same mind set, move it to save on interest and then knock it out. I'm sure you'll get it all paid off in no time.🙌🏾
Nice tips, Kim! I’ve definitely moved debt around with balance transfer credit cards. It didn’t help when I would keep using the old cards. However, once I made the commitment to stop using those old cards or debt, the low interest definitely did help me. Interest can kill you for sure!! 0% interest can be a powerful tool in my opinion 🙌🏼
Hi Katie💝 I couldn’t agree more!! I’d still be paying on that maxed out balance with Citibank today if I had not done the 0% APY balance transfer. I’m grateful for those options
I used 0% apy credit cards to transfer higher interest debt also. It worked very well for me. I also continued to use that credit card for other purchases, but I didn't carry that balance over. I paid it off every month. That means that I didn't buy more than I could pay off (plus the monthly payment for the transffered debt) and only used it for the points that I used towards Amazon purchases. 😂 I've also done the snow ball or avalanche method as well, and it worked very well. But now I consciously make an effort not to buy more than I can afford to pay off every month. I don't have any more credit card debt. But I do use them for the points because its just like cash. Thank you, Kim.
@tonyarmoore894 Hey Tonya, well done!!! Congrats on paying off your debt!! 🙌🏾🎉 You and I have a similar mindset. I make use of those credit card points too and pay off the balance monthly. There’s definitely a smart way to use credit cards. Thank you so much for popping in here and sharing a little bit of your journey with me. I love to hear about it. 😘
@debt2none yeah that's good too, using the points/cash to pay down the balance. It always shows up on my amazon account, so it's easy to get something using it there. Lol
Kim when I tell you this video is PERFECT TIMING! It hit me the other day that even once I’m debt free I would still need to put a plan in place to ensure I’m building wealth. I have decided to pause on my aggressive debt pay off and will be focused on saving. I have a saving’s goals to invest in my Real Estate project. This will be my focus for the remainder of 2023 😊
Wow!! I’m so happy to hear that! 🤗 I’m excited to hear about your real estate project. 🙌🏾 I just consolidated my credit card balances so I can really concentrate on earning interest on my funds rather than putting it all towards debt. I’ve decided to delay my debt free date as well. It’s time for me to focus on building up my accounts. I want to strike while the iron’s hot 🔥😆
It really helps to see you smile and even laugh at your past mistakes and debts. It gives me hope that I can think back to where I am in my journey right now and feel the same as you do!
Girll, watching your video inspired me to pay off my credit card debt, car loan , and school . I just paid off one of my credit cards after finding out how much interest was accumulating. Thank you 🙏
Yaaay!!! That is the best news!!! ❤️👏🏾 Congratulations on knocking out one of your credit cards! 🎉🙌🏾 I wish you all the success on your debt free journey. It will be exciting, not without challenges I’m sure but it’s worth all the effort! You got this!!!
I'm in a semi-similar situation. I moved a lot of debt around multiple times & it FELT good, but I still owed all the money. The issue was seeing those cards clear up so I started using them again as if I paid it off even though I really didn't. I'm working on two consolidation loans, two 0% APR cards, and one other card. The 0% cards are honestly saving me. I spend NOTHING on them and only make the payments big enough to have them paid off before the promo period ends (total balance divided by the months of no interest) while working on the high-interest card and loans. Hoping to have everything gone by the end of next year but it's definitely going to take some discipline. Congrats on getting so far in your journey!
Oh wow, it sounds like you and I have similar thinking. Everything you’re doing makes sense to me. Like you, I’m grateful to have the 0% interest card right now…otherwise I’d be ruined. I wish you all the best in your debt payoff journey Emma ❤️ If possible, I’d love it if you’d keep me posted on your progress. Unfortunately due to horrible life events, I’m currently at a stand still in my debt payoff.
@@debt2none I’m in the middle of watching your journey update as I’m seeing your comment & my deepest condolences. I hope you & your husband are able to stay strong through this massive event. You’ll get back on your journey though in time once you’re ready. 💕
Once the 2 - 0% apr cards are paid off are you switching the regular card balance to a 0% apr card? Will you do the same for your debt consolidation loans after paying off the regular card balance?
@@kenyonbissett3512 to be honest, probably not because I have this bad habit of just moving debt around & it feels like I’ve done something about it but I haven’t. I’m trying to just get this gone with where it is. Definitely have learned my lesson though to never do this BS ever again 😑
@@SakinaGamble oh I got an ctra job and worked it one year and paid rent to my parents. When I moved out my mother kept every rent check of $600 per month for the year and 5 months. When I moved she gave me a check for $10200. I paid off 36,000 in that time periodcand then paid the last $4100 as a lump sum. I wascable to move in my apartment. With no debtand my credit score shot up. Because I was paying with cash. I used the snowball method.
I followed the debt snowball account. I took out a loan paid off $15,000 worth of debt so now I have four credit cards to go. I’m just doubling up every two weeks on top of my regular payment date. Thank you. Be blessed.
Congratulations on paying off $15k so far! 🎉👏🏾 That’s fantastic! I like the snowball method too. I technically used both methods to pay off my debt-avalanche & snowball. Good job doubling up your payments. Way to go!!
Very informative video. One thing I noticed that you got wrong. Credit card interest on an outstanding balance is accrued daily. The way to figure that is your balance times APR divided by 365. That’s why I pay my payments the day after the closing date instead of the due date. That’s more days with a lower balance for the next month’s interest charges. I hope this helps!
Oh okay. I’m never exact with the interest calculations, but always pretty close. That’s good to know about dividing it by 365. Thank you! I’ll try that way if I ever get into interest accruing debt again.
Thank for this. I’m trying. I was doing ok but racked up a card with vet bills and ultimately putting down to cats and paying for that. THEN a dental loan of $10,000 😫😭 I need the dental care but it’s painful . I paid off my car and now I’m right back with a “car payment” again. Have about $22,000 total. I am just dealing with it until I’m debt free again. Trying to increase my income too. I’m tired of debt!
Wow! You have been working through a lot!! I feel your pain 😢 It can be so overwhelming looking at everything all together. Try to set small goals for yourself to keep you motivated 😘
Hi Kim! Yes to normalizing adjusting your budget and financial plans periodically based on your situation. What I didn't understand a long time ago about my budget is that it's a "living document". I love how you demonstrated this.
Im on this path now, building up my 1k emergency fund should be done with that by beginning of October. Then attacking my debt, i got like 7k debt total, i know i can do it, i just need to stay disciplined, stick to the budget
That’s fantastic! Keep that focus. I know you can do it too, for sure. 💯🙌🏾 I have around the same amount of debt as you. Right now I need to focus on saving as much as possible due to some unexpected life events.
Love the way you broke everything down about the interest usually people overlook it and I never really heard anyone. Explain it the way you did perfect.
This was helpful and motivating. I very stupidly signed up for a $2000 pa program to get out of debt! I put a pause on it but I'm realizing that UA-cam has a wealth of free and much more valuable information like this video than any program I could do.
Hi there. Aww…well I have made plenty of decisions that I regret while digging myself out of debt. We live and we learn, right? And we’re here to support one another, at no charge. 😆😘
Right now I'm doing smallest balance to largest whichever one that is. I just finished one this month I have 6 more to go. I will get there eventually ☺️ I chose this method to keep me motivated and feel good about knocking👊 this debt out😅
Absolutely!! The snowball method is a great way to pay off debt. I alternated between 2 methods while knocking my debt out. Sometimes I felt more aggressive than at other times. Congrats on your momentum!! 🎉 You got this!!! 🙌🏾
Thank you so much for this informational video. i received so much knowledge and insight from your wisdom. I am at the beginning of my financial journey of repaying off debt and I am a recent college graduate so its imperative that I am consistent to see progress.
Aw! I really appreciate you saying that. Thank you! And congratulations on everything so far- graduating from college & starting your debt free journey!! 👏🏾🙌🏾 Stick with it and you’ll definitely see progress. Consistency is key. You got this!!! 🤗
Good points to think about. I am paying my credit cards daily and monthly. I am also saving money and drawing the interest and then paying my bills from my interest bearing account.
I'll be finished with one debt at the end of this month. I normally pay $95.90, but there is only $138 left to pay, so I'm finishing it on my next payday, so that's $3,000 done. I still have $11k of cc debt, but I also have a house, so it's a lot of debt in general, but right now I'm focused on the cc cards which I have 3.
Yay!!! Keep up the good work! That’s fantastic!! Congratulations on getting that $3k debt paid off this month!!! 🎉🙌🏾 One by one and that $11k will be zero 👏🏾
That’s an excellent goal! I hear you about the interest rate. It’s absurd how much these cards charge. I wish you all the best and much success with paying off that card and never maxing it out again. You can do it! 🙌🏾
I did the debt consolidation method and just like any other method, it depends if its convenient or not. I had a great credit score and I managed to put a substantial amount of debt into one payment for 40 months, that payment alone is way cheaper and I know it’ll be over after those 40 months. Actually I go the extra mile and pay it biweekly because it accrues less interest and I pay more on top. Hopefully when I start my new job I’ll be able to pay it weekly with that cherry on top! I pray every single one of you finds a solution for yourselves as well🙏🏽
This has been incredibly inspirational. Im tackling my lowest credit card debt of 5k. I using money from my second job and dumping it onto the card every week. My gaol is to attack it aggressively and possibly have it paid off by July 🤞🏽😊
Great information. I'M trying to pay my house off ($18, 999) and one other loan that is $15,000. I'm on the bi-weekly plan with mortgage, pay extra whenever possible . I use savings apps then transfer a lump sum to debt.
Oh wow!! It sounds like you’re really doing well with your debt payoff. That’s amazing to only have that amount left on your house. I would love to be where you’re at. Congrats!! 🙌🏾 You’re almost there
The calcualtions for intrest are the balance÷ 100xthe inters rate ÷ 365= then you would get the daily interest then you multiple it by 30 so 16000÷100×26.99÷356=4318.4 divided by 365 which equals 11.83 which is your daily interest so times 30 is 354.94. Hope that helped!!!
Love the tips Kim! I am guilty of the balance transfer offers and not keeping the other acct paid off 😅🤦🏼♀️ but that’s why we are on these adventures to pay down debt. Ours isn’t going exactly how I want right now but we really aren’t that far into things and we’ll get there 🎉
Oh yea, I completely understand. It took me some time to get into a good groove with the debt payoff. You will definitely get there because y’all are on the right track. 🙌🏾
🎊 🎉😅 Yay!!! 😁 You’re almost debt free! So proud of you sis. Thanks for sharing your ideas. I completely agree with another commenter about how to leverage 0% offers to assist with debt 💸 pay off. It’s like a little incentive to get it paid off before the intro rate is over. I think 🤔 it’s interesting that you are pivoting to invest. Make sure the interest rate on the investments out paces your remaining debt interest rate. I think you said the debt was at 0% through the end of the year so that is cleaver. You’ve come so far! 😅
Hi Kim, I know with myself I have a hard time being patient. I always feel I am behind and I compare my journey to others. So I understand. Great video.
Thank you for the tips and giving realistic examples, especially for number one. I just found your account today and I will be seeking through your videos and see if any new tips are great additions to my already ones I have. This will be helpful for my goals in the next year and few months left of 2023. Thank you!
With my debt, I learned a lesson. It opened my eyes that I put so much money to pay credit cards and instead, I could put extra money on my house mortgage. I remember when years ago I took a brand new Toyota and my first payment was after 90 days and I waited 3 months to pay this first payment and I was happy that I don't have to pay immediately- I was so stupid! ... Same with the house- for the few first years we didn't put any extra money toward the mortgage! Maybe if not my cc I would still live my life paying just minimum payments to my house and wouldn't think that we could pay this faster! I told to my friends who took car payments that they can pay this faster and not wait 5 years!
I completely agree. We really don’t have to wait out the length of any loan. I am all for paying them off early. I’m planning to pay my mortgage off 32 years earlier than expected
Motivation to keep on track and to help stay focused. People just have to keep the end goal in mind and try to find those small wins as often as possible
You are absolutely right! I’m finally making some progress, and plan to get my own place in a few months. I’m hoping that I can get into a good enough place with my money and credit that I can look into buying a house. Everything is slowly coming together.
Thanks for sharing. I think that taking advantage of the Balance Transfers is a great one. And I agree, do not use the card otherwise. That’s how they do it for the payments. Pay the purchases first and apply the rest to the the transfers.
Thank you so much for watching. Yea, the balance transfers were a big help for me to get my head above water so to speak. I’ve definitely made a few mistakes with the card but I’ve learned. 😆
Great video and awesome tips. I’m currently working on my debt and hope to be debt free by June 2024❤ I agree that what works for one doesn’t work for the other so we just have to do what works for us.
@@parvanirose Thanks for the encouragement. I’m actually so much closer to being completely debt free. I’m praying that I’m done with my debt by 4/2024🙏🏼
Thank you for sharing your journey with us. Your humility and commitment to discipline is inspiring and helps me to understand that this can be done. Thank you for your vulnerability.
I agree with highest interest 1st. A few extra $$ each month pays off in the long run. Same with house, car, work gas (necessities to have a job), utilities then food (literally eat beans n rice if necessary).😊
Oh yea, nothing wrong with beans and rice. I think when we’re willing to make those sacrifices in the short term everything pays off in the long run. It’s worth it. I’ve noticed many people aren’t willing to and that’s a bummer for them.
I finally have a job where I make enough to pay my bills/debt and then have a good amount of money left over. My issue is not spending the extra money on nonsense and then having to use the credit cards im trying to pay off. This is a test of discipline for me 😭
Ohhhhh yeah! I know how that is. For years, I would do the same with my extra money. Self discipline isn’t easy, but you’ve got everything you need to zero out the credit cards and build a nice savings. 🙌🏾 That’s a blessing to be making enough. Use it to your advantage. You got this!!! Make your money work for you. You’re the Boss.😘
That consolidation loan is never a good idea if you haven’t curbed your spending habit. You will have the loan and new debt on the cards. Been there, done that, and paid for the fancy T-shirt on a credit card. 😬 I’ve paid off 38,750.77 (principle) so far. I still have 29,130.09 remaining (I added 10K for a new A/C system this year). 😮💨 I lifted my foot off the gas to get a full budget month ahead and build up some sinking funds. I also have vacations scheduled over the next 4 years (3 trips). I just don’t think I can be pedal to the metal putting my life on hold until it’s all paid off. Looking at YNAB, I could practically sweep all my categories and pay off most of my debt right now. I wouldn’t have a nickel to my name though and it took over a year creating and building this budget and giving myself money confidence. Who knows? Maybe when I get to an amount that my month ahead fund covers, I’ll sweep that and pay the remainder off. That won’t be until late next year though.
You’ve done a lot! I understand easing off the pedal for a bit too. Yea, using debt to pay debt can lead to big trouble. I have seen that before. I just consolidated mine. Moving debt around is my specialty 🤦🏾♀️😅
Kim I deeply appreciate this video you have created. I am about $9.5k in debt and over my card limit. I was feeling very depressed and powerless but I just now calculated my monthly interest rate and realised I can definitely do this. Are balance transfer credit cards likely to get for people with bad credit? It's gonna be some salad days ahead of me but I feel like I can actually achieve this.
Oh dear friend, I totally understand the depression over debt issues. I believe you can do this too 🙌🏾 To do balance transfers, I did have to rely on my credit worthiness with either my current creditor or when applying for a new card. There are credit cards that offer promotional balance transfers to people with not so great credit, however after the promotional period is up, the interest rates are sky high. 😬 It’s a very dangerous game to play & I don’t advise it for anyone who might fall back on relying on credit cards.
Thanks for your vid I paid 6 cards off and have one more and a loan to go- first quarter of 2024 and i will be credit card debt free- only living expenses🎉🎉 it’s been a long time coming yall😢 If i can do it, anyone can do it 🤞🏾
Whoahhhh!!! Look at you!!!! Congratulations my friend! 🙌🏾🎉 All the hard work is paying off. That is definitely a job well done. You’re doing fantastic👏🏾
You’re so welcome!! Thank YOU!!! It’s okay, mistakes will happen. I made a number of mistakes throughout my journey. Let’s just use all of them as teaching points. We will get it together 😘🙌🏾
I did a debt consolidation, then when I gave them 3000, I decided to cancel and give those 3000 to the creditor myself. They told me there was going to be a cancelation fee, I agreed to pay it thinking it would be at most 200, my mistake was not asking how much the fee would be. Turns out they charged me the 3000 as the fee. I ended up losing 3000, nothing was paid. I was so upset. I felt robbed. DO NOT DO CONSOLIDATION LOANS. The company that did this is freedom debt relief 😢 so I'm starting for 0 again. I bet they charge the amount you paid, if I had 4000 they would have charged that
Whoa!!! That is absolutely disgusting!!! 😤 I’m so sorry that happened to you. I’ve always had little trust for the idea of hiring debt consolidation companies for those reasons. Thank you for sharing your experience so others can be warned as well.
@@PoeticCommentsthanks because I was trying to sign up for debt management plan through a debt relief program company but the cons out way the pros for me so I’m not sure what to do at this point.
@sharishines99 Try to do settlements, offer a less amount. All my debts were in collection, but you can do it before it gets to that point. And the reason you can say financial hardship. I owed discover 9000 and settled for 6500, I owed apple credit card 1800 and settled for 800, I owed an apartment complex 960 and settled for 650. If your not in collections yet than maybe they can lower interest for you, discover offered me 0 interest to help me pay down a credit card one time. I suggest you can the company and see what they say. When I settled I paid in one payment, but some offer payment plan with a settlement amount. Praying it all works out for you!
We all need to understand just because we want it doesn’t mean we should get it. Love below our means. Pay off debt as fast as you can. Try to not use a credit card, and if you do keep it under 1K. I do not pay internet. I refuse to pay internet to anyone. Other than my mortgage or car loan. But even that it’s best to try and give a second payment. If for any reason you have to use a credit card. Don’t keep using it, just use the minimal. Living below your means helps so much., pack a sandwich for lunch.
Hey Kim...BTW, the way you determine how the minimum payment is calculated, locate your credit card's terms and conditions statement. it's spelled out there.
Really good advice! Luckily I didn't know about balance transfer until after I got into debt lol and then by that time, I wasn't interested because I was in debt lol. I'm glad you were able to pay off that much, congrats on that! 😊
Oh yea. For myself, being in debt was what drew my attention to balance transfers. I desperately needed to get that huge balance away from Citibank with that high interest rate😅
Yes, you should be stressing!!!that’s where I began in my early 20’s. My credit union kept raising my limit and now I’m 40 with the same credit card and it’s $20,500 🫣…and I was drunk most that time! Now I’m sober and seeing all the money spent not on just alcohol but “stuff”, bills, paid bills for friends here and there (while drunk) most paid it back. I didn’t put that towards the credit card. Yes stress about it NOW. Make a plan to pay it off. Trust me!
new subscriber here. I’m subscribed to a lot of finance and budget channels coz im really trying to get a hold of my finances but you are by far my fave:) Your tips are so practical and specific. I have my budget notebook and most of the time im just putting down numbers mindlessly, unable to figure out how to tackle my debt. Thank you for actually helping me get started with a plan:) More power to you and your channel! You are my favorite, have I mentioned that before? lol
@jepipie Oh my gosh!!! You have no idea how much I needed to hear this. I’ve often wondered if I’m actually helping anyone and have been dealing with so much stress in my life. You really made my day!! Thank you soooo much my friend 🥹 I’m excited for you, as well. I know your efforts will pay off as you embark on your financial journey 🙌🏾
I borrow and I repay. The one's who feels threatened borrow with no intention to pay. That's the difference. I'm working on a mower and have been most of the afternoon where someone else would just have someone else do it and then pay them. There's all kinds of things I do and figure out because there's not endless money here. I put up with a lot of crap from people who never get it.
I hear ya! Yea, I much rather do things myself if I can. We definitely don’t have a money tree over here either. I’m like you. I do use credit but I pay it back immediately now. I can’t imagine living on credit with no intention on paying it back. That’s disastrous.
That’s great! Excellent job 🙌🏾 I’m a firm believer in doing whatever works for you, but just get it done. And cutting the spending is huge. That was definitely a main contributor to my debt payoff/savings journey.
I FINALLY paid off my capital one card…. I just racked up my Apple Card but I got cash back on that card… going to focus on savings right now as well and I’ll work on tackling that Apple Card slowly… I’m not stressed… my cc debt is only 2k
Good information, however you need to include some more visuals with your calculations, gets a little muddy when your explaining and it’s hard to follow. Also visuals will help break up the monotony so that we’re not just watching and listening but are engaged
We got into a lot of debt at one point. We rolled part into our mortgage (refi at lower interest rate) and have been focusing on paying off the rest. We moved cc balances at 0% until they could be paid. Getting there.
It sounds like you are making some headway! 🙌🏾 Sometimes a little wise juggling and persistence is just what’s needed to zero out that debt. You will definitely get there if you keep that focus. ❤️
Hey friend. I know I have a long way to go in my debt journey. But I know that I always try to pay more on the balance each month, It will go down faster. Thanks for sharing. 😊
I stopped paying mine three months like they said before they could close the account. They then offered me a payment plan at .99 percent. And no ding to my credit any further. If i had continued with their interest rate it would have been over 20 years instead of the three i am paying now
Oh wow! I’m soooo happy to hear that you didn’t continue with their highway robbery interest. My gosh!! 3 years is nothing compared to 20!!! 🙌🏾👏🏾 Well done!
Yea, that’s why I got hooked on flex loans through Citi cards. There are any added fees nor credit checks to get a loan against your available credit on the credit card.
I want to find a tracking paper where I can record the amount of Interest earned on each loan. Seeing the amount of interest I am accumulating is motivating.
Hi Kim! Can you in the future do a more detailed video about CDs? Someone recommended that instead of putting all money on one cd in once you can divide this monthly by 12 months- so after one year you will have one cds maturing monthly. I don't have cd and I don't know even if we can add money to the existing cd or open a new one. Or maybe you will go ahead and make a video about stocks :)
I definitely can do that. Great idea!! I’ve been researching different CDs at several financial institutions so it would be good to share what I’ve found. Thank you for suggesting it
If you have a lot of debt or credit cards, balance transfers aren't smart. If you don't pay off or transfer the debt by the no interest time limit, every bit of that interest gets tacked on. They also charge around 3% on the front end to transfer. So 3% might be a deal, but 20% plus that 3% won't be in 6 months. You have to stay on top of each card and the date the interest accrues. Otherwise it could cost you loads more. It will also kill your credit score... but we should all be trying to live credit free.
I agree with you that if you can’t pay off the debt before the promo period ends, then do NOT use a balance transfer. But if you can pay it off in 12-18 months (depending on promo) then it is a huge help to knocking out that debt. Balance transfers are the reason I’m not drowning in debt anymore 😅
Pay your $400/ mo in $100/week pmts.. your interest is calculated DAILY... pay every 7 days and it DROPS the effective interest rate...
I didn't know that, that's good to know.
Why not just pay $400 the 1st of the month then?
@noneya154 because you're interested is accrued daily. If you pay it every 7 days it goes back to zero, effectively dropping your actual APR
@@noneya154they just told you to reduce the interest. Interest is compounded daily. So, no one pays daily but if you pay weekly it decreases the amount going towards interest.
@@noneya154not every card cycles on the first. It goes by when you opened it. Paying it early can decrease your interest. Look at your cycle and determine when paying "early" is for you. I realized that one of my credit cards reports my balance 2 weeks before I get my bill... so if I pay it off before that happens my credit will not go down... even though I'm striving to be credit free.
The hardest part is being patient. Staying focused and restrained with spending.
I’m totally agree with you. It’s definitely a challenge. And I still struggle from time to time.
Omg THEEE hardest part 🙏🏾
I am now in the process of Debt snowballing, 2 cards down , 2 more to go.
That’s fantastic!! Congratulations on knocking out 2 of your credit cards! 🙌🏾🎉 Half way there!!! 💃🏾
7 000$ left on my 41 898$ student debt and plan to finish paying it off in 2024 160$/week. Interest rate: 7.7% We can do it.
Wahoo!!!! You are CRUSHING it!!! 🎉👏🏾 Almost done!!! The finish line is just around the corner. I’m excited for you. I can’t wait until I knock out this last $6400. We can do it!!! 🙌🏾
That's awesome!!!
Hi Kim.
You are the most realistic UA-camr
We did a pay off of 50,000.
And went right back in ..
We don't learn because we want what we think we should have at this age...(by we I mean my husband and I)
I get that. It’s easy to fall into that grind of buying things with money we don’t have to keep up with others our age. I’ve done it too. It’s never too late to learn a better way of doing things. 😘
I totally understand what you mean. Idk where exactly it stems from but there is just an overwhelming feeling of "i should here, i should this, i should achieved that, at this point in my life"
This is too real and the whole reason I acquired this debt in the first place.
How long did it take you to
I'm currently in the pay off debt phase. 2 cards down last month and now I'm onto my debt consolidation. I hope to be debt free by this time next year, Lord willing 😊❤
Congratulations on your progress!!
Thank you! 💝 And it sounds like your on the right track my friend! 🤗
Amen 🙏🏾 Jesus will do it
Amen.
I moved money but it was not just juggling debt.. I had the sick and tired of being sick and tired broke mentality.. I was ready to change.. I did a debt loan through my credit union. They would not negotiate with my balance was above $10k because it was unsecured debt. I got it below per required. My interest went from 15%to 10% with my better FICO score. It made a difference because I broke away from the bank/revolving debt. I was able to change my thinking and a fresh start. I am down to the last $3k from almost $25k total. I want to pay it off before the incoming fiscal year.
Yea, juggling debt is never a good move. You've done well. Good job! I had the same mind set, move it to save on interest and then knock it out. I'm sure you'll get it all paid off in no time.🙌🏾
Was your unsecured debt with the credit union? Or several credit cards?
That’s so good! I’m so happy you made that progress! I have about $20k in debt currently. I’m tackling it well I feel, but I have a long way to go.
That is great!!!
@@TheTriciaLife two credit cards but took out loan to cover them and owed the credit union instead. Less apr% and no longer revolving debt.
Nice tips, Kim! I’ve definitely moved debt around with balance transfer credit cards. It didn’t help when I would keep using the old cards. However, once I made the commitment to stop using those old cards or debt, the low interest definitely did help me. Interest can kill you for sure!! 0% interest can be a powerful tool in my opinion 🙌🏼
Hi Katie💝 I couldn’t agree more!! I’d still be paying on that maxed out balance with Citibank today if I had not done the 0% APY balance transfer. I’m grateful for those options
I used 0% apy credit cards to transfer higher interest debt also. It worked very well for me. I also continued to use that credit card for other purchases, but I didn't carry that balance over. I paid it off every month.
That means that I didn't buy more than I could pay off (plus the monthly payment for the transffered debt) and only used it for the points that I used towards Amazon purchases. 😂
I've also done the snow ball or avalanche method as well, and it worked very well.
But now I consciously make an effort not to buy more than I can afford to pay off every month. I don't have any more credit card debt. But I do use them for the points because its just like cash.
Thank you, Kim.
@tonyarmoore894 Hey Tonya, well done!!! Congrats on paying off your debt!! 🙌🏾🎉 You and I have a similar mindset. I make use of those credit card points too and pay off the balance monthly. There’s definitely a smart way to use credit cards. Thank you so much for popping in here and sharing a little bit of your journey with me. I love to hear about it. 😘
@debt2none yeah that's good too, using the points/cash to pay down the balance. It always shows up on my amazon account, so it's easy to get something using it there. Lol
Kim when I tell you this video is PERFECT TIMING! It hit me the other day that even once I’m debt free I would still need to put a plan in place to ensure I’m building wealth. I have decided to pause on my aggressive debt pay off and will be focused on saving. I have a saving’s goals to invest in my Real Estate project. This will be my focus for the remainder of 2023 😊
Wow!! I’m so happy to hear that! 🤗 I’m excited to hear about your real estate project. 🙌🏾 I just consolidated my credit card balances so I can really concentrate on earning interest on my funds rather than putting it all towards debt. I’ve decided to delay my debt free date as well. It’s time for me to focus on building up my accounts. I want to strike while the iron’s hot 🔥😆
@@debt2none yessss and focus we shall! Let’s do this! 😘🥰🤞🏾🎯
💯
It really helps to see you smile and even laugh at your past mistakes and debts. It gives me hope that I can think back to where I am in my journey right now and feel the same as you do!
Aww! That warms my heart. 💗 Yes, you will get to the other side and laugh too. Maybe for no other reason besides that it’s all behind you. 😘
Girll, watching your video inspired me to pay off my credit card debt, car loan , and school . I just paid off one of my credit cards after finding out how much interest was accumulating. Thank you 🙏
Yaaay!!! That is the best news!!! ❤️👏🏾 Congratulations on knocking out one of your credit cards! 🎉🙌🏾 I wish you all the success on your debt free journey. It will be exciting, not without challenges I’m sure but it’s worth all the effort! You got this!!!
I'm in a semi-similar situation. I moved a lot of debt around multiple times & it FELT good, but I still owed all the money. The issue was seeing those cards clear up so I started using them again as if I paid it off even though I really didn't. I'm working on two consolidation loans, two 0% APR cards, and one other card. The 0% cards are honestly saving me. I spend NOTHING on them and only make the payments big enough to have them paid off before the promo period ends (total balance divided by the months of no interest) while working on the high-interest card and loans. Hoping to have everything gone by the end of next year but it's definitely going to take some discipline. Congrats on getting so far in your journey!
Oh wow, it sounds like you and I have similar thinking. Everything you’re doing makes sense to me. Like you, I’m grateful to have the 0% interest card right now…otherwise I’d be ruined. I wish you all the best in your debt payoff journey Emma ❤️ If possible, I’d love it if you’d keep me posted on your progress. Unfortunately due to horrible life events, I’m currently at a stand still in my debt payoff.
@@debt2none I’m in the middle of watching your journey update as I’m seeing your comment & my deepest condolences. I hope you & your husband are able to stay strong through this massive event. You’ll get back on your journey though in time once you’re ready. 💕
Once the 2 - 0% apr cards are paid off are you switching the regular card balance to a 0% apr card? Will you do the same for your debt consolidation loans after paying off the regular card balance?
@@kenyonbissett3512 to be honest, probably not because I have this bad habit of just moving debt around & it feels like I’ve done something about it but I haven’t. I’m trying to just get this gone with where it is. Definitely have learned my lesson though to never do this BS ever again 😑
Snowball paid all debt $40000 in one year.
Nice!!! Congratulations! 🎉🙌🏾👏🏾
That is amazing. Can you share a few more details on what you did? Any Extra income ?
Wow amazing
@@SakinaGamble oh I got an ctra job and worked it one year and paid rent to my parents. When I moved out my mother kept every rent check of $600 per month for the year and 5 months. When I moved she gave me a check for $10200. I paid off 36,000 in that time periodcand then paid the last $4100 as a lump sum. I wascable to move in my apartment. With no debtand my credit score shot up. Because I was paying with cash. I used the snowball method.
I only make like $50k a year lol I wanna B rich like ya'll fr fr lol
I followed the debt snowball account. I took out a loan paid off $15,000 worth of debt so now I have four credit cards to go. I’m just doubling up every two weeks on top of my regular payment date. Thank you. Be blessed.
Congratulations on paying off $15k so far! 🎉👏🏾 That’s fantastic! I like the snowball method too. I technically used both methods to pay off my debt-avalanche & snowball. Good job doubling up your payments. Way to go!!
Very informative video. One thing I noticed that you got wrong. Credit card interest on an outstanding balance is accrued daily. The way to figure that is your balance times APR divided by 365. That’s why I pay my payments the day after the closing date instead of the due date. That’s more days with a lower balance for the next month’s interest charges. I hope this helps!
Oh okay. I’m never exact with the interest calculations, but always pretty close. That’s good to know about dividing it by 365. Thank you! I’ll try that way if I ever get into interest accruing debt again.
How do you find out what your closing date is??
@lillmissd The date should be on your statement.
Thank for this. I’m trying. I was doing ok but racked up a card with vet bills and ultimately putting down to cats and paying for that. THEN a dental loan of $10,000 😫😭 I need the dental care but it’s painful . I paid off my car and now I’m right back with a “car payment” again. Have about $22,000 total. I am just dealing with it until I’m debt free again. Trying to increase my income too. I’m tired of debt!
Wow! You have been working through a lot!! I feel your pain 😢 It can be so overwhelming looking at everything all together. Try to set small goals for yourself to keep you motivated 😘
Go to Mexico for Dental lol
Hi Kim! Yes to normalizing adjusting your budget and financial plans periodically based on your situation. What I didn't understand a long time ago about my budget is that it's a "living document". I love how you demonstrated this.
Hi Brenda!! 💝 Thank you! I feel like making adjustments as I go has helped keep the stress down when it comes to the budget. 😅
Maybe call it a living budget document or adjusting living budget?
Im on this path now, building up my 1k emergency fund should be done with that by beginning of October. Then attacking my debt, i got like 7k debt total, i know i can do it, i just need to stay disciplined, stick to the budget
That’s fantastic! Keep that focus. I know you can do it too, for sure. 💯🙌🏾 I have around the same amount of debt as you. Right now I need to focus on saving as much as possible due to some unexpected life events.
Love the way you broke everything down about the interest usually people overlook it and I never really heard anyone. Explain it the way you did perfect.
Thank you!!! 🥹❤️ I really appreciate you saying that because not everyone found it useful.
This was helpful and motivating. I very stupidly signed up for a $2000 pa program to get out of debt! I put a pause on it but I'm realizing that UA-cam has a wealth of free and much more valuable information like this video than any program I could do.
Hi there. Aww…well I have made plenty of decisions that I regret while digging myself out of debt. We live and we learn, right? And we’re here to support one another, at no charge. 😆😘
Hey Buddies! Thank you so much for hanging out with me today. I really appreciate y’all!!!🩷
Right now I'm doing smallest balance to largest whichever one that is. I just finished one this month I have 6 more to go. I will get there eventually ☺️ I chose this method to keep me motivated and feel good about knocking👊 this debt out😅
Absolutely!! The snowball method is a great way to pay off debt. I alternated between 2 methods while knocking my debt out. Sometimes I felt more aggressive than at other times. Congrats on your momentum!! 🎉 You got this!!! 🙌🏾
Thank you so much for this informational video. i received so much knowledge and insight from your wisdom. I am at the beginning of my financial journey of repaying off debt and I am a recent college graduate so its imperative that I am consistent to see progress.
Aw! I really appreciate you saying that. Thank you! And congratulations on everything so far- graduating from college & starting your debt free journey!! 👏🏾🙌🏾 Stick with it and you’ll definitely see progress. Consistency is key. You got this!!! 🤗
Good points to think about.
I am paying my credit cards daily and monthly.
I am also saving money and drawing the interest and then paying my bills from my interest bearing account.
Nice! Sounds like you’re doing well. 🙌🏾
I'll be finished with one debt at the end of this month. I normally pay $95.90, but there is only $138 left to pay, so I'm finishing it on my next payday, so that's $3,000 done. I still have $11k of cc debt, but I also have a house, so it's a lot of debt in general, but right now I'm focused on the cc cards which I have 3.
Yay!!! Keep up the good work! That’s fantastic!! Congratulations on getting that $3k debt paid off this month!!! 🎉🙌🏾 One by one and that $11k will be zero 👏🏾
I made a goal to pay off my credit card in two months! The interest rate is killing me slowly I vow to never max my card out again no matter what
That’s an excellent goal! I hear you about the interest rate. It’s absurd how much these cards charge. I wish you all the best and much success with paying off that card and never maxing it out again. You can do it! 🙌🏾
I did the debt consolidation method and just like any other method, it depends if its convenient or not. I had a great credit score and I managed to put a substantial amount of debt into one payment for 40 months, that payment alone is way cheaper and I know it’ll be over after those 40 months. Actually I go the extra mile and pay it biweekly because it accrues less interest and I pay more on top. Hopefully when I start my new job I’ll be able to pay it weekly with that cherry on top! I pray every single one of you finds a solution for yourselves as well🙏🏽
Great! Sounds like consolidation was a good move for you. I hope your new job helps you to get it paid off quicker too. That would be fantastic!
Don’t that mean your credit cards went to collections ? And even if you paid it, it still stays on your credit report for 7 years, right ?
This has been incredibly inspirational. Im tackling my lowest credit card debt of 5k. I using money from my second job and dumping it onto the card every week. My gaol is to attack it aggressively and possibly have it paid off by July 🤞🏽😊
Oh wow! That’s awesome!! July would be fabulous to have it paid off. I love the intensity that you have. You got this!! 🙌🏾
Great information. I'M trying to pay my house off ($18, 999) and one other loan that is $15,000. I'm on the bi-weekly plan with mortgage, pay extra whenever possible . I use savings apps then transfer a lump sum to debt.
Oh wow!! It sounds like you’re really doing well with your debt payoff. That’s amazing to only have that amount left on your house. I would love to be where you’re at. Congrats!! 🙌🏾 You’re almost there
The calcualtions for intrest are the balance÷ 100xthe inters rate ÷ 365= then you would get the daily interest then you multiple it by 30 so 16000÷100×26.99÷356=4318.4 divided by 365 which equals 11.83 which is your daily interest so times 30 is 354.94. Hope that helped!!!
Oh okay, nice. Thank you for sharing the info!!
Thanks this was great info
The days is 365 not 356 right?
Im binging your videos and i am really enjoying them so far. Youre even toned and informative, not like most the finance people with clickbait
Thank you so much! I appreciate you being here with me. I really just want to share my journey and hopefully encourage others 💗
Love the tips Kim! I am guilty of the balance transfer offers and not keeping the other acct paid off 😅🤦🏼♀️ but that’s why we are on these adventures to pay down debt. Ours isn’t going exactly how I want right now but we really aren’t that far into things and we’ll get there 🎉
Oh yea, I completely understand. It took me some time to get into a good groove with the debt payoff. You will definitely get there because y’all are on the right track. 🙌🏾
Relatable!
What a kind and lovely person you are. Thank you for sharing your experience with us ❤
Thank you so much for your sweet comment ❤️❤️❤️ You just made my day!
🎊 🎉😅 Yay!!! 😁 You’re almost debt free! So proud of you sis. Thanks for sharing your ideas. I completely agree with another commenter about how to leverage 0% offers to assist with debt 💸 pay off. It’s like a little incentive to get it paid off before the intro rate is over. I think 🤔 it’s interesting that you are pivoting to invest. Make sure the interest rate on the investments out paces your remaining debt interest rate. I think you said the debt was at 0% through the end of the year so that is cleaver. You’ve come so far! 😅
Thank you, Amanda!! 🎉🙌🏾 Yea, I figured I can take advantage of this time period of 0% APY to earn a little something back 😅
CONGRATS on your debt progress! Great tips!
Thank you my friend!! 🤗
Hi Kim, I know with myself I have a hard time being patient. I always feel I am behind and I compare my journey to others. So I understand. Great video.
Thank you!! And I struggle with patience to. . . I’ve done some things on this journey that didn’t make sense because of my lack of patience.
You’re a smart & very attractive lady. Helpful video!
Awww!!!🥹 Thank you so much!
@@debt2none you’re welcome ☺️
Thank you for the tips and giving realistic examples, especially for number one. I just found your account today and I will be seeking through your videos and see if any new tips are great additions to my already ones I have. This will be helpful for my goals in the next year and few months left of 2023. Thank you!
Aw! I really appreciate you for watching. Thank you soooo much ❤️
With my debt, I learned a lesson. It opened my eyes that I put so much money to pay credit cards and instead, I could put extra money on my house mortgage. I remember when years ago I took a brand new Toyota and my first payment was after 90 days and I waited 3 months to pay this first payment and I was happy that I don't have to pay immediately- I was so stupid! ... Same with the house- for the few first years we didn't put any extra money toward the mortgage! Maybe if not my cc I would still live my life paying just minimum payments to my house and wouldn't think that we could pay this faster! I told to my friends who took car payments that they can pay this faster and not wait 5 years!
I completely agree. We really don’t have to wait out the length of any loan. I am all for paying them off early. I’m planning to pay my mortgage off 32 years earlier than expected
Motivation to keep on track and to help stay focused. People just have to keep the end goal in mind and try to find those small wins as often as possible
Yes!! Keeping the end goal in mind is a must. And I’m glad we’re all here to motivate one another🤗
You are absolutely right! I’m finally making some progress, and plan to get my own place in a few months. I’m hoping that I can get into a good enough place with my money and credit that I can look into buying a house. Everything is slowly coming together.
Thanks for sharing. I think that taking advantage of the Balance Transfers is a great one. And I agree, do not use the card otherwise. That’s how they do it for the payments. Pay the purchases first and apply the rest to the the transfers.
Thank you so much for watching. Yea, the balance transfers were a big help for me to get my head above water so to speak. I’ve definitely made a few mistakes with the card but I’ve learned. 😆
Great video and awesome tips. I’m currently working on my debt and hope to be debt free by June 2024❤ I agree that what works for one doesn’t work for the other so we just have to do what works for us.
It’s so true. We’re all different. You can do it!! Debt free in June ‘24!!! 🙌🏾 Yeessss!!!
@@debt2none Thanks for the motivation. I appreciate you ❤️🌸❤️
You are so close! I know you can do it! 🎉
@@parvanirose Thanks for the encouragement. I’m actually so much closer to being completely debt free. I’m praying that I’m done with my debt by 4/2024🙏🏼
It’s June are you debt free?
New subscriber! So glad i found your channel ❤
Yaaaaay!!!! 🎉 I’m so glad too! Thank you so much for joining me!!!💝
Hi Kim, thank you for sharing your journey on paying down your debt. It was an encouragement to stay focus and be determined to be debt free.
Hi!! Thank you so much!!
Well said! Everyone’s journey is completely different. Adjusting accordingly, whether monthly or weekly, to give yourself the edge is the way to go!
Thanks Miguel! I appreciate you saying that 🙌🏾
Thank you for sharing your journey with us. Your humility and commitment to discipline is inspiring and helps me to understand that this can be done. Thank you for your vulnerability.
Thank you so much!! That’s so encouraging for me to hear. I really appreciate you saying so💗
I agree with highest interest 1st. A few extra $$ each month pays off in the long run. Same with house, car, work gas (necessities to have a job), utilities then food (literally eat beans n rice if necessary).😊
Oh yea, nothing wrong with beans and rice. I think when we’re willing to make those sacrifices in the short term everything pays off in the long run. It’s worth it. I’ve noticed many people aren’t willing to and that’s a bummer for them.
I finally have a job where I make enough to pay my bills/debt and then have a good amount of money left over. My issue is not spending the extra money on nonsense and then having to use the credit cards im trying to pay off. This is a test of discipline for me 😭
Ohhhhh yeah! I know how that is. For years, I would do the same with my extra money. Self discipline isn’t easy, but you’ve got everything you need to zero out the credit cards and build a nice savings. 🙌🏾 That’s a blessing to be making enough. Use it to your advantage. You got this!!! Make your money work for you. You’re the Boss.😘
That consolidation loan is never a good idea if you haven’t curbed your spending habit. You will have the loan and new debt on the cards. Been there, done that, and paid for the fancy T-shirt on a credit card. 😬
I’ve paid off 38,750.77 (principle) so far. I still have 29,130.09 remaining (I added 10K for a new A/C system this year). 😮💨
I lifted my foot off the gas to get a full budget month ahead and build up some sinking funds. I also have vacations scheduled over the next 4 years (3 trips). I just don’t think I can be pedal to the metal putting my life on hold until it’s all paid off. Looking at YNAB, I could practically sweep all my categories and pay off most of my debt right now. I wouldn’t have a nickel to my name though and it took over a year creating and building this budget and giving myself money confidence. Who knows? Maybe when I get to an amount that my month ahead fund covers, I’ll sweep that and pay the remainder off. That won’t be until late next year though.
You’ve done a lot! I understand easing off the pedal for a bit too. Yea, using debt to pay debt can lead to big trouble. I have seen that before. I just consolidated mine. Moving debt around is my specialty 🤦🏾♀️😅
This comment is me!! I want to pay off my debt while living my life. I do get a lil carried away but balance is for the long run.
I love debt so much…
……I SET THEM FREE!
🙌🏾🙌🏾🙌🏾
Kim I deeply appreciate this video you have created. I am about $9.5k in debt and over my card limit. I was feeling very depressed and powerless but I just now calculated my monthly interest rate and realised I can definitely do this. Are balance transfer credit cards likely to get for people with bad credit? It's gonna be some salad days ahead of me but I feel like I can actually achieve this.
Oh dear friend, I totally understand the depression over debt issues. I believe you can do this too 🙌🏾 To do balance transfers, I did have to rely on my credit worthiness with either my current creditor or when applying for a new card. There are credit cards that offer promotional balance transfers to people with not so great credit, however after the promotional period is up, the interest rates are sky high. 😬 It’s a very dangerous game to play & I don’t advise it for anyone who might fall back on relying on credit cards.
Thanks for your vid
I paid 6 cards off and have one more and a loan to go- first quarter of 2024 and i will be credit card debt free- only living expenses🎉🎉 it’s been a long time coming yall😢
If i can do it, anyone can do it 🤞🏾
Whoahhhh!!! Look at you!!!! Congratulations my friend! 🙌🏾🎉 All the hard work is paying off. That is definitely a job well done. You’re doing fantastic👏🏾
@@debt2none thank you!!
Thank you Kim!!!
Im on my journey to be debt free
Made so many mistakes but i believe i cant turn things around!
You’re so welcome!! Thank YOU!!! It’s okay, mistakes will happen. I made a number of mistakes throughout my journey. Let’s just use all of them as teaching points. We will get it together 😘🙌🏾
Good advice thank you Kim for sharing. You do keep us all motivated. 🥰
Can’t wait for the day I can be debt free 💗💙💗
I can’t wait for that day either. Keep your nose to the grind Cris. It’ll be here before you know it 🙏🏾💝
I just put a thousand towards my car loan finally under 5000 left on that loan
Wahoo!!! 🎉 Under $5k now!! Almost finished 🙌🏾
I did a debt consolidation, then when I gave them 3000, I decided to cancel and give those 3000 to the creditor myself. They told me there was going to be a cancelation fee, I agreed to pay it thinking it would be at most 200, my mistake was not asking how much the fee would be. Turns out they charged me the 3000 as the fee. I ended up losing 3000, nothing was paid. I was so upset. I felt robbed. DO NOT DO CONSOLIDATION LOANS. The company that did this is freedom debt relief 😢 so I'm starting for 0 again. I bet they charge the amount you paid, if I had 4000 they would have charged that
Whoa!!! That is absolutely disgusting!!! 😤 I’m so sorry that happened to you. I’ve always had little trust for the idea of hiring debt consolidation companies for those reasons. Thank you for sharing your experience so others can be warned as well.
@@debt2none Wanted to share to warn others 😩
@PoeticComments ~ Much appreciated! ❤️
@@PoeticCommentsthanks because I was trying to sign up for debt management plan through a debt relief program company but the cons out way the pros for me so I’m not sure what to do at this point.
@sharishines99 Try to do settlements, offer a less amount. All my debts were in collection, but you can do it before it gets to that point. And the reason you can say financial hardship. I owed discover 9000 and settled for 6500, I owed apple credit card 1800 and settled for 800, I owed an apartment complex 960 and settled for 650. If your not in collections yet than maybe they can lower interest for you, discover offered me 0 interest to help me pay down a credit card one time. I suggest you can the company and see what they say. When I settled I paid in one payment, but some offer payment plan with a settlement amount. Praying it all works out for you!
Haha, love it!
"I've paid enough interest!" Yeah!! Stack that cash, Kim!
Great tips! You've done so well, budget buddy🎉🎉
Aww, Jessie!! Thank you for saying that! 💝
I hit like before even watching cause I KNOW this is going to be another great video from you !!❤
Awww!! 🥹 You just warmed my heart!
Yep. This is me
We all need to understand just because we want it doesn’t mean we should get it. Love below our means. Pay off debt as fast as you can. Try to not use a credit card, and if you do keep it under 1K. I do not pay internet. I refuse to pay internet to anyone. Other than my mortgage or car loan. But even that it’s best to try and give a second payment. If for any reason you have to use a credit card. Don’t keep using it, just use the minimal. Living below your means helps so much., pack a sandwich for lunch.
Yea for sure, living below our means is vital to stay out of debt 💯
Hey Kim...BTW, the way you determine how the minimum payment is calculated, locate your credit card's terms and conditions statement. it's spelled out there.
Very cool. Okay, I’ll check that out. Thanks for the tip.
Absolutely focus on different goals! I do that all the time! ❤
Great minds think alike! 😘
Hey Kim! I float between avalanche and lowest amount. I am just trying to pay this debt down, ai a, sick of it!
I hear ya, Toya! I’ve been doing the same thing.
Hey friend! Love these tips! Thank you for sharing and giving your own personal experience! 💚💚
Hey Taylor!! Thank you sweetheart 💝
Thank you for explaining how they charge ❤
You’re so welcome! Thank you for watching🤗💗
Really good advice! Luckily I didn't know about balance transfer until after I got into debt lol and then by that time, I wasn't interested because I was in debt lol. I'm glad you were able to pay off that much, congrats on that! 😊
Oh yea. For myself, being in debt was what drew my attention to balance transfers. I desperately needed to get that huge balance away from Citibank with that high interest rate😅
@@debt2none That’s exactly why I’m allergic to Citibank 😂
And I’m over here stressing off on 3k of debt 😂
Aww! Well that just tells me that what might stress one person out would feel like a blessing to another person. 🤣
Same here😂
Yes, you should be stressing!!!that’s where I began in my early 20’s. My credit union kept raising my limit and now I’m 40 with the same credit card and it’s $20,500 🫣…and I was drunk most that time! Now I’m sober and seeing all the money spent not on just alcohol but “stuff”, bills, paid bills for friends here and there (while drunk) most paid it back. I didn’t put that towards the credit card.
Yes stress about it NOW. Make a plan to pay it off. Trust me!
I have 57k I’m cutting up my cc
I'm debt free ❤😊
Yay!!! That’s soooo awesome!! 🙌🏾🎉
I do plan to use these methods that I’ve already known about after I finish school. Six more months. Right now school is the focus.
6 more months and then you’re finished with school 🙌🏾 That’s fantastic!! Sounds like a good plan to me
@@debt2none I pray so. After I’m done in April, I have to sit for my boards then I’ll be good! I’ll continuing to watch the videos. Thanks,
Okay nice. I wish you all the best.
Amazing insights, thanks for sharing
Aw, I appreciate you saying that. Thank you soooo much for watching!!
These are great tips, Kim!
Thank you!!! 😘
Great advice!! Thank you so much!
Thank you!! 🤗❤️
Such a wonderful video! Thank you for sharing!
Hey lady! Thank you so much!! 💗
Great video. Thanks for sharing
Thank you so much🤗
These were great tips. Thank you!!!!
I’m so happy to hear that. Thank you!! ❤️❤️❤️
Thank you so much. I am happy I came across your video.
Aww! You just made my day!! Thank you for watching my friend 💗
Thank you so much! I just opened a savings account.
Yay!!! That’s a great move! 🙌🏾
love this video! thanks for doing the math for us.
Thaaaank youuuu!! 🤗 I really appreciate you saying that.
new subscriber here. I’m subscribed to a lot of finance and budget channels coz im really trying to get a hold of my finances but you are by far my fave:) Your tips are so practical and specific. I have my budget notebook and most of the time im just putting down numbers mindlessly, unable to figure out how to tackle my debt. Thank you for actually helping me get started with a plan:) More power to you and your channel! You are my favorite, have I mentioned that before? lol
@jepipie Oh my gosh!!! You have no idea how much I needed to hear this. I’ve often wondered if I’m actually helping anyone and have been dealing with so much stress in my life. You really made my day!! Thank you soooo much my friend 🥹 I’m excited for you, as well. I know your efforts will pay off as you embark on your financial journey 🙌🏾
Wow you have done amazing with your debt payoff! Thank you for the tips💕🐻
Thank you soooo much!!! 💝
I borrow and I repay. The one's who feels threatened borrow with no intention to pay. That's the difference. I'm working on a mower and have been most of the afternoon where someone else would just have someone else do it and then pay them. There's all kinds of things I do and figure out because there's not endless money here. I put up with a lot of crap from people who never get it.
I hear ya! Yea, I much rather do things myself if I can. We definitely don’t have a money tree over here either. I’m like you. I do use credit but I pay it back immediately now. I can’t imagine living on credit with no intention on paying it back. That’s disastrous.
Great tips, new subscriber 🎉
Hey there! Thank you & thanks a million for joining me🤗
I just started by not buying things and sending as much as I can to one card then to kick the loan and then the final credit card to save
That’s great! Excellent job 🙌🏾 I’m a firm believer in doing whatever works for you, but just get it done. And cutting the spending is huge. That was definitely a main contributor to my debt payoff/savings journey.
I FINALLY paid off my capital one card…. I just racked up my Apple Card but I got cash back on that card… going to focus on savings right now as well and I’ll work on tackling that Apple Card slowly… I’m not stressed… my cc debt is only 2k
Congratulations on paying off Capital One!! 🙌🏾🎉 Oh yea, I use my Apple Card for everything because of the cash back. I’m right there with you 🤗
Good information, however you need to include some more visuals with your calculations, gets a little muddy when your explaining and it’s hard to follow. Also visuals will help break up the monotony so that we’re not just watching and listening but are engaged
Thank you for the feedback
We got into a lot of debt at one point. We rolled part into our mortgage (refi at lower interest rate) and have been focusing on paying off the rest. We moved cc balances at 0% until they could be paid. Getting there.
It sounds like you are making some headway! 🙌🏾 Sometimes a little wise juggling and persistence is just what’s needed to zero out that debt. You will definitely get there if you keep that focus. ❤️
Great tips!!
Aw, thank you my friend
Great tips!!! I’m going to use them. You’re so gorgeous!!
Oh my gosh!!! Thank you!!! 💗
Praise the Lord! That is awesome!!!
💗💗💗
I don’t think you’re calculating that right. Correct me if I’m wrong, but it’s annually
I don’t know. That’s just what I did to move through my debt quickly. 🤷🏾♀️
I started paying early on payday and rounding up to trick myself into paying more when I could on limited income
Nice!! That’s a smart strategy! 🙌🏾
Hey friend. I know I have a long way to go in my debt journey. But I know that I always try to pay more on the balance each month, It will go down faster. Thanks for sharing. 😊
And I know you’ll get it paid off. You’re such a fighter! 😘
I stopped paying mine three months like they said before they could close the account. They then offered me a payment plan at .99 percent. And no ding to my credit any further. If i had continued with their interest rate it would have been over 20 years instead of the three i am paying now
Oh wow! I’m soooo happy to hear that you didn’t continue with their highway robbery interest. My gosh!! 3 years is nothing compared to 20!!! 🙌🏾👏🏾 Well done!
I am working on mine now. I would like to be debt free by 2025.
That’s awesome!! 🙌🏾 You can do it!!! 💪🏾
I had to have the conversation with myself. Working on it❤
Oh man, I know about those conversations…😘
Watch for origination fees on loans
Yea, that’s why I got hooked on flex loans through Citi cards. There are any added fees nor credit checks to get a loan against your available credit on the credit card.
Stack the cash! Love it Kim
Chrissy!!!😍 I’m so happy that you stopped by 💗 Thank you sweet lady😘
I want to find a tracking paper where I can record the amount of Interest earned on each loan. Seeing the amount of interest I am accumulating is motivating.
Great idea! That is extremely eye opening to see.
Sounds effects to loud great video
Thank you so much for the feedback 😃
Hi Kim! Can you in the future do a more detailed video about CDs? Someone recommended that instead of putting all money on one cd in once you can divide this monthly by 12 months- so after one year you will have one cds maturing monthly. I don't have cd and I don't know even if we can add money to the existing cd or open a new one. Or maybe you will go ahead and make a video about stocks :)
I definitely can do that. Great idea!! I’ve been researching different CDs at several financial institutions so it would be good to share what I’ve found. Thank you for suggesting it
If you have a lot of debt or credit cards, balance transfers aren't smart. If you don't pay off or transfer the debt by the no interest time limit, every bit of that interest gets tacked on. They also charge around 3% on the front end to transfer. So 3% might be a deal, but 20% plus that 3% won't be in 6 months. You have to stay on top of each card and the date the interest accrues. Otherwise it could cost you loads more. It will also kill your credit score... but we should all be trying to live credit free.
I agree with you that if you can’t pay off the debt before the promo period ends, then do NOT use a balance transfer. But if you can pay it off in 12-18 months (depending on promo) then it is a huge help to knocking out that debt. Balance transfers are the reason I’m not drowning in debt anymore 😅
Great Tips!! ❤❤❤
❤️❤️❤️