How to crush your credit card debt!!!

[@leedavis6354]

😂 This is how I paid for college. As soon as the credit card 0% interest rate ended. I got another one and put my college courses on that period paid it off and kept it moving. Graduated college. Without any doubt. But of course this Was when college courses didn't cost an arm in a leg

[@fitjourney2346]

That’s genius! I’m going to try the balance transfer method.

[@hollyb6885]

That’s how I paid off the last $30,000 of a mortgage 20 years ago. They didn’t even charge a 3% fee back then like they do now.

[@UA10i12]

No one mentions the balance transfer fee that's between 3-5% on all credit cards. Yes, it is a lot less than 29.99% APR that you're going to be charged, but just pointing out that it's not really 0% to transfer.

[@NoNo-ng9sl]

A few key points. 1. Clean up your bad spending habits. Since so many people do this to free up their card limits, and just go right back to overspending after the balance transfer. Nothing actually changes. 2. The fee you usually pay to transfer. Each card is different, but you typically get charged a % of the balance transfer or a flat rate. This is a great tool to pay off debt, but with bad habits, it amplifies an already bad problem.

[@southsider9638]

Yeah, but the fee is SUBSTANTIALLY lower ( ~ between 3-5%) than the monthly interest rate which is typically runs you 25-30% A MONTH. I've been doing this for years, AND it's really good way to increase your credit limit because you're paying off your cards quicker.

[@NoNo-ng9sl]

@@southsider9638 you don't say?...... only pointing out the fact that there's some information missing. Yes it's 0% but usually after a transfer fee. I'm not arguing the opurtunity cost after the transfer.

[@christophermay4998]

Facts..........what happens when you keep spending is that eventually you will run out of room on all of your cards and the credit card companies will stop giving you credit...........and it will take you years to get back to a good place again.............been working my ass off for over 10 years to get to a place where I almost never touch my credit cards and have money left at the end of the month instead of more debt............worst thing that my dad introduced me to was the world of credit cards

[@tsaunders4684]

The transfer fee is normally 3% of balance.

[@tymondabrowski12]

@PixelPursuit11 that's a scam bot.

[@danabanana3453]

Consolidation of my credit helped me get out of 24000$ of debt. Took a few years. But it does work!

[@sweetsecret8431]

What did you use to transfer all your balance?

[@blackrosenuk]

1. THIS IS NOT FREE. There is a balance transfer fee, usually 3-5%, so read the fine print. If you're transferring a lot, that 2% difference can equal a few $100+! 2. It's best to pay the minimum until the 0% goes away. Make regular "payments" into a high-yield savings account. This way, you're actually earning a little bit of money, to account for the fee. Then, set a payment in the future to pay the balance of the cc a week before the 0% goes away (just in case something goes awry). You can pay using the money that you put into the online account. 3. You can keep doing this: When the 0% is almost up, sign up for another cc with a 0% balance transfer rate. (You will still have to pay the transfer fee.) 3. This is also a way to just borrow money at a cheap rate for a short time. Credit cards can send you a check, and you can just make it out to CASH. Again, there'll be the fee, but 5% ($750) to borrow $15k for 18 months is not a bad deal!

[@DonnaSmith-pq5tv]

I'm in Canada but this is how my husband crushed his debt. He got a card offer that he almost threw away. 1% interest for LIFETIME! on a balance transfer. He sent all his debt there and never even activated the credit card. Any new purchases were 29%. They called all the time asking why he didn't activate the card and he told them he had no intention of using it to buy anything. Debt was gone in one year.

[@hannahkruszewski3810]

Omg is this offer still available?! 😂

[@lancelyde]

How did he get this card

[@SeniorSunday]

He's lucky they didn't close the account. I've had a card closed on me for inactivity before

[@DonnaSmith-pq5tv]

@@SeniorSunday Mostly because he was still paying the balance off so they needed to keep him around

[@DonnaSmith-pq5tv]

@@hannahkruszewski3810 No they changed it from lifetime to 1 year on the balance which is still a great offer

[@higherspirit1]

You should mention the transfer fee which is usually negligible in comparison to the annual credit card rate. Despite this, important to disclose that this is usually not a free transaction.

[@YesNess__]

I've always been curious about balance transfers. Thank you!!

[@Tia82377]

Definitely do it will save u tons of money 💰

[@tlc2741]

This is great as long as you have good enough credit to get approved! I know people with average credit (with good jobs) who were denied.

[@angelaperry5462]

True, it happen to me. I applied for the card and got it, but the balance wasn’t high enough to do the transfer. I went threw a credit union, I received more than enough.

[@Tokenfun20]

The problem is they don’t give enough credit limit

[@Mrs_takethatrisk]

Facts but no one is gonna make a video about the dark side of debt. 😂

[@moonshynegirl172]

I've been ignoring those offers because I didn't want another credit card because my debt ratio is very high. Was my face red when I just learned from you that I should take advantage of this and save myself mega money in interest payments! Next one that comes in the mail I'm there!

[@ontheroad5555]

Manna falls from heaven and you ignored it.

[@KATHIESHOES]

This is exactly how I became debt free🎉

[@SpicyExpressions]

This is so helpful bc I wanted to pay off debt while building some investments. But due to the interest I decided only to pay off debt. Knowing you can do a balance transfer with 0% interest allows me to do both I am so happy now lol

[@tymondabrowski12]

Pay off your debt first, unless you know for sure you'll pay off the debt before the interest kick in. Also you should have an emergency fund (6 months of living expenses) before you invest, for safety.

[@staceyclark8796]

Yes, it's so true! I did this and watched my credit score soar! Don't let those banks get the best of your hard earned money in interest

[@earlsmalls]

Good informative video. There are some cards that offer no balance transfer fee but most of the time they do not. Also check out videos on velocity banking if you want to accelerate getting out of debt. I recommend Vantastic channel.

[@steph3098]

I'm doing this right now! It's been so so helpful! I'm finally so close to paying it off!

[@bridgeth7961]

This is how I paid off about $20k. But back then there was no “bundle” thing. I just moved from one 0% to another. It was 2000.

[@Doors067]

I like her eyes, so pretty!

[@ronan1me]

I wish we had this in the Philippines

[@fitjourney2346]

The key to all of this is BEING ABLE TO PAY FOR THE DEBT BEFORE THE 0% apr time frame is up. Some cards will “defer” the interest which means that if you don’t pay all of the balance transfer off in time then all that interest you would have been charged if you had not used the 0% apr promotion will now be charged to the card. It’s like you are still paying for the debt on the old card but now with the interest rate of the new card.

[@angelaperry5462]

This might sound crazy, but a banker told me this. So at the end or close to the end of the 18 months, if the balance is not paid off, you do another transfer. At this point your credit score is higher, and the transfer amount is lower. Don’t use old credit cards and pay new card on time.

[@cherrelle40]

Yes, I loveee balance tranfers!

[@s.r6331]

I swear your hearing my thoughts. I was suggested to do the pooling system.

[@southsider9638]

you're basically creating your own "debt consolidation company". Doing this saved me so much money. But you have to be able to curb your spending and pay everything off before the end of your transfer period.

[@kc6071]

U forgot to mention the transfer fee

[@YesNess__]

There's fees for this?

[@Saracen93]

It’s usually about 3% for transferring which is still way cheaper than the standard 23%+ APRs

[@DonnaSmith-pq5tv]

When I did it there was no fee. Just read the fine print before you go ahead

[@amaranthinebeauty]

Thanks BFF 😊…

[@ashleyestes8232]

Even better, explore balance transfers on your existing cards. Then you don’t have to open a new one!

[@chakkakon]

But with an additional card, your debt to available credit ratio is higher. For best credit score, have no more than 30% of total available credit in debt. Please correct me if I’m wrong.

[@mitchdogstudios]

Most also charge you an initial fee based on a percentage of how much you're transferring. Although that's nothing compared to what you would save in interest if it's a lot

[@DeliaV298]

Don't forget there are usually transfer fees minimum 5 dollars or a percentage.

[@gorviv529]

The thought is lovely, but you only get the really good BT cards when you have a good credit score, which kinda defeats the purpose. With significant debt, the options dwindle to predator lenders or rejection letters...

[@suzuki4195]

Thanks for the tips

[@pattylee9921]

Keep in mind that most balance transfers charge a % on the amount you want transferred. Mine was 3%.

[@DelCarloAdventures]

Option 2 just pay what your interest is into your payment. It should tell you how much you own in interest if you pay more pay it in three months split the payments the interest won’t matter so you don’t have to open another credit card.

[@larryivey8118]

Wells Fargo Reflect has a 21 month 0% balance transfer offer with a 5% balance transfer fee for the 1st 120 days of having the card and 21 months 0% interest on purchases

[@rd323385]

Good Advice ❤

[@ashawareb]

That's exactly how I ended up with 6 credit cards i have no use for 😂

[@JE-lj9ue]

Love the name so cleaver

[@biglittledude496]

your right eye is about to fall out

[@jeanparker565]

My moms credit score is in the 900’s

[@Dat_Guy1989]

U should have mentioned a credit hit due to the inquiry to open another card. Besudes that, this is good advice

[@moriajones5499]

❤

[@hossman3000]

It's worse than back at square one. All that deferred interest is being accrued and you will have to pay every last red cent

[@thefunfam1433]

Im I’m so much debt from too many emergencies and they won’t lower the interest well a couple did. Im so screwed

[@fgj4001]

I don't think so. Paying one credit card with other credit card isn't possible. Well at least with many credit cards.

[@fellerbuddy]

But you’d essentially have to be approved for a balance transfer. And since you’re considering transferring a balance ima assume your debt utilization is high and that score might be a lil low. Would you be able to get approved for one, Viv ?

[@SillyTube9]

No credit card should have an interest rate of 22-25%. There are anti-usury laws on the books now (a gift from GenX to every generation that’s come after us) and that’s straight up illegal to charge that much. What we should do, is expand that regulation and tie it to Savings rates. We should make it so that no bank can charge an interest rate that’s 5% higher than the corresponding interest rate on their Savings accounts. Average Americans need to save more, borrow less.

[@fontainelebrock345]

I’m gonna do this now

[@paula.pazmino]

Where do I find this podcast?

[@Myeonnigot7]

But the right thing to do is not to spent more than you can afford and paying them off every month... keep like less than 3% debt in total...

[@user-uk6yz1my8h]

yup and if u can't qualify for the transfer card. then what

[@lovelywaters3760]

I’ve never had a credit card. I would like to get one, what card would you recommend for starters?

[@mumuzeze]

I recommend getting a no annual fee with 0% interest for the first 18 months ones to start with a $200 sign up bonus and 2-3% cash back. Get in the habit to pay your balance in full every month to avoid the current 29% interest. Nerd wallet has the best up to date information on the best cards. Once you get disciplined then you can get the cards that gives the best return on your lifestyle (higher points/cash back for dining or travel at) and higher annual fees.

[@lovelywaters3760]

Thank you so much 💜. Blessings to you and yours for helping everyone! I appreciate you!

[@s.r6331]

Probably store cards

[@TrangLe-dp8jf]

Now I wish I can lock the credit card but the bank won’t let me and it sucks

[@noway4281]

Never seen an Asian with crazy eyes before. Wild.

[@EvaC_24]

Can I do this for a car loan balance of $10K?

[@MykeLyfe]

This is advice many people suggest, but if you have bulk debt on a card you want to pay off, chances are you won’t get approved for that other card with a balance transfer bc you are using too much of your credit to qualify. So this is not as easy of a fix as it seems. Just fyi..

[@Steve-Daichi-Ishimatsu]

Can you make a video on how to become rich while on social security disability income I’d like to become rich I’m in my 20s

[@wei-yehlee9487]

I thought that was called "kiting"

[@luvmypetsrhanie1144]

But doesnt your credit score take s hit each time that happens.

[@tinacallahan4976]

Doesn’t work if you have maxed them out while looking for work!! Can’t get credit that high! Any other suggestions??

[@whiterabbit4606]

No thanks. I had a hard enough time being responsible for one card. i'm not taking responsibility for another card.

[@beautifullymean3897]

Will I be able to use set credit cards. after I have transferred and paid it then off??

[@tacrewgirl]

How do you get the money to pay off the high interest cards though???

[@raechey3980]

Do you have to cancel the existing credit card you’re indebted to to transfer the debt?

[@XxMissingDataxX]

Great now how can or who gonna give you a new card with that high of a limit to do this lol

[@MixtapeSunday]

Or maybe just pay off your credit cards every month and if you can’t don’t use them

[@JStay_BULL1SH]

It doesnt work if you can't qualify for the card, based on your already "crushed" credit score. Takes you 10 years to build and maybe less than 10 months to ruin. #America

[@nubiacabrera919]

Do you have to have a job to qualify for this?

[@Beaver.17]

If you’re carrying a balance on a credit card, you’re doing it wrong. No purchase can justify a >20% interest rate.

[@jkjokerlol8871]

I’m assuming you can only do the balance transfer card per credit card debt build up? So like you get a balance transfer card, and when you pay it all back you can do this again (if things somehow got that bad again)? Or is it like you get a balance transfer card and then once that starts you’ll never be able to do this method again?

[@Andrea-xs4ny]

You can do this over and over (although one shouldn't let things get that bad after the first time). There's no limit to how many times you can do this. Just find another card that offers a balance transfer.

[@jkjokerlol8871]

@@Andrea-xs4ny thank you, yeah I kinda thought so but just wanted to make sure. If things ever got that bad (which I am growing up to not let that happen) then I want to know if it’s something I can fall back on. Anyway, appreciate cha

[@cptr]

Transfer fee!!

[@rachymn7883]

It's like 3percent I assure you it's bette than what ever interest you will paying. Mine is 23 months 😮. I mean if I have not paid if by then am dumb.. just don't accumulate more debt.

[@cptr]

@@rachymn7883 it’s on the full amount though

[@MakedaBadu]

Can I do this for my sallie Mae student loan?

[@increaseaseincreasease7976]

Yeah but what about THOSE TRANSFER FEES😫YIKES

[@DonnaSmith-pq5tv]

Get one that does it free, lots of them do

[@garyflores1044]

We need new ideas and learning materials. This concept is old..... it's just like avalanche & snowball debt management....these people are killing me😢

[@jennyjesse3725]

Is this in the US only? Can any credit qualify?

[@rachymn7883]

Any where i think. Barclay's in Britain has some good deals

[@DonnaSmith-pq5tv]

Canada has these offers too

[@tlc2741]

No you have to have good credit to get approved!

[@garyflores1044]

This is nothing new. We need some new materials 😢 PLEASE!

[@marialara9543]

Not so fast! Our minds really play tricks on us and makes us believe in fast solutions! “Fantasy stories”Well… yes and no, the fact of the matter is the true behind it, yes it’s possible to consolidate debt or transferring in one card! And no… not everyone has a good credit score to qualify for those offers! And also don’t forget that they charged you an interest the Lowest I’ve seen is 3% on each card you transferred and it depending on which bank you choose you can only transferred 3 of them at once! Then u still need to make sure u pay ur minimum payment due, till they pay off ur credit card in full! ( they make it sound so easy) well is not, but that’s how mostly all us react too when they just told us an easy way out! And theres no easy way out! Good luck 🍀 and stay real!

[@christopherplessinger4664]

Where was the warning about balance transfer fees?

[@Jeff-wm3qn]

Or pay it all off in full every month