My Plan to Quickly Get Out of Credit Card Debt

[@RobynNorwood-lh1ei]

I'm so grateful to the Lord that I have zero credit card debt. Never again.

[@lifeandnumbers]

Proud of you! 👏

[@nadiacampbell6791]

I took out a loan with my credit union to consolidate credit cards. My goal is to pay the $12,000 loan by June 2025!!! I owe it to myself to STOP THIS TOXIC PATTERN!!!

[@TheLyfeofMarc]

Being disciplined and super focused you will do it good luck I’m also on my debt free journey let’s do this 🙏🏾

[@lifeandnumbers]

We’re going to get out and STAY out!!

[@fatimamanneh9432]

I also did the same about 7 years ago they consolidated my cc into one payment & lowered the interest I only had 5k in debt

[@jackieellis1690]

Amen❤

[@musiqfiend7]

This is amazing.

[@shantakoa8596]

It’s easy to use credit cards but it’s hard to pay it back

[@_notsospicy]

Thank you for sharing this! I am also over 15k in CC debt. I consolidated my debt back when I was 25 but like a naive 25 year old mind, I racked up my cc again. This year I am also working on paying off my debt. We got this 🎉

[@anasye]

I did the same thing. I got a second consolidation loan to cover the bulk of the cc debt and paid off some by snowball. I finished paying off the 1st loan in Dec 2023 and the second one will be finished by Oct of this year. I regularly do money check ins and tweak my budget to stay on track. I have 4 cc's, 2 have recurring subscriptions to keep them open. The one keep in my wallet for work reimbursement, pre-planned/saved for purchases where I don't want to use cash, and the occasional Lyft. I have a goal to keep charges to $300 or less per month and to pay my bill in full each month. So far I have maintained this pattern.

[@_notsospicy]

@@anasye amazing advice, thank you for sharing! I’m glad things have worked out now :)

[@lifeandnumbers]

@anasye great job!! When I’m out of this mess, I want to be like you 😩

[@lifeandnumbers]

@_notsospicy we did it before, we can pay it off again 💪🏼

[@gigi4874-w3w]

You need to go with cash wallets. 🫠 You have to feel the burn/pain of paying back the debt. ​@@anasye

[@DjBrOwNi3]

I set my mind to it last spring and have now managed to pay off just over 16k in debt over the last 8 months! Have about 10k more to go. You got this! I found that the debt snowball really worked wonders for me

[@g.burney4714]

Young lady you can do this, remember the scripture “ the borrower is slave to the lender “ the only way to beat chase and visa is to have stock in your 401k plan. You are young get out of debt while you can . My wife and I are in our 60,s no debt no mortgage i even wrote a book about this because at one time we were in $420,000 in debt we only had $93.00 to our name. Once you get out of debt you have freedom just have a feeling you will tackle this head on. We have faith in you! You can do this. No one ever became a millionaire by getting 2% cash back. Much respect to you

[@jackieellis1690]

You’ve got this. Stay encouraged so you can stop making creditors rich. Your decision to get out debt and stay out of debt is admirable and attainable. ❤

[@lifeandnumbers]

Thank you! My new motto for life “stop making creditors rich” 🫠😩

[@MelissaLillie-l7e]

Thanks for your honesty and helping us not all feel alone. The shame of debt is hard and we can do this and keep our head's high!!

[@lifeandnumbers]

Unfortunately, there's a lot of us facing this type of debt. But we know what we need to do to get out of it so it'll work out eventually!

[@jessicacoborn]

I did this last year with my credit cards. I started with the smallest balance and the feeling of seeing that card with a £0 balance was wonderful and spurred me on to clear the others. All cards are now cleared but I do keep them for emergencies. The spare money I now have I am putting into a high interest savings account so I can eventually upgrade my car.

[@lifeandnumbers]

That's so inspiring! I'm happy for you!! 👏👏

[@marydawkins2673]

Thanks for sharing!! I'm doing the snowball method. We got this!!🎉

[@lifeandnumbers]

You’re right, we can do it! I’m still trying to pick between snowball or avalanche though lol

[@geanc3503]

Another good video. Thanks for sharing. I think you can do it bc you did it before. I’m cheering you on. You got this. 👍🏾

[@lifeandnumbers]

Thank you for the support! It means a lot 🫶🏼

[@TheKwill32]

Try paying it off by cash flow. Divide your balance by your payment and it gives u a number between 1 and 100. Pay off the lowest numbers first. It gives u maximum cash flow to pay off the other ones

[@DearDebt]

You can absolutely do this. Let’s go! 🎉❤

[@lifeandnumbers]

Thank you! 🙏

[@LisaWilson-i3y]

Do not consolidate with a debt payoff company. The fees and interest are astronomical

[@LaToyah601]

Thanks for sharing!! I'm definitely going to call to see if I can get my interest rates lowered on my credit cards.

[@lifeandnumbers]

It's worth a shot!!

[@kurateddesignsbykim]

Hang in there! You got this!

[@lifeandnumbers]

Thank you! 🥹

[@sugarwaters]

Girl I’m in cc debt too. I’m in about 7k. It makes me so sad 😞 mine isn’t as justified as yours. Atleast you furnished your house

[@lifeandnumbers]

It’s going to be okay! 🫶🏼

[@sandrasimplytoday7772]

Another tip: close the cards once you pay them off or before you pay them off. Yes your credit will take a small hit but will bounce back quickly.

[@lifeandnumbers]

You can close a card before the balance is paid off??

[@BrittBBB]

⁠@@lifeandnumbersyes you can but closing it before paying it off usually hits your credit score pretty badly.

[@rare2find0918]

Closing it before or after paying it off will cause your credit score to decrease. Reason: closing a card decreases your 'available credit limit' which is favorable for a 'good' credit score. If it were me..I would just cut them up but do not cancel the cards. That way, you can still reap the rewards of the open credit line as far as your credit score (in case you ever need the score for something). Again, this is only if you know you won't rack up debt after paying card off. If you're tempted to spend, it's best to cancel.

[@sandrasimplytoday7772]

@@rare2find0918 True. If you will use the cards agin and not pay them off, close them.

[@linzeeb4]

Just to add, the hit to your credit score is likely to be small if it's one of multiple credit cards because it's just affecting the debt to available credit ratio. But credit "diversity" (e.g., three credit cards are all the same, but a credit card, a personal loan, a car payment and a mortgage add diversity to your portfolio) and more importantly, length of credit history have more sway on your credit score. So I wouldn't cancel my first credit card because doing so would impact my credit history (which is silly because even if that account is closed now, the history should still be there! But I digress).

[@sarasalako]

No credit card debt here but most of the same things apply to student loans! Aiming to knock out the rest by December 🙏🏼

[@lifeandnumbers]

Nice! After the credit cards, I want to pay off my student loans too!

[@ZeroBasedBudgetGirl]

Good luck with your debt payoff! You can do it!!🎉🎉🎉

[@lifeandnumbers]

Thank you!! 😊

[@aminah761]

I got 2 cards left to payoff I be soo glad when I’m done 😅 I will never get another credit card. It’s a scam to keep people in debt all the interest

[@lifeandnumbers]

Keep it up, you got it! 💪

[@ebony2399]

401K loans are the best way because the interest paid still comes back to your account. You borrow from yourself.

[@nourishedheiress]

That’s the worst. You’re borrowing from your future times 8.

[@ebony2399]

@ no it’s not the worst. All of your money comes back to you. There are no guarantees on future times anyway unless you’ve been living under a rock.

[@nourishedheiress]

@ yes it is the worst. You are stealing yourself times 8. You’re stealing all of the money that can grow to become hundredths and thousandths. If you take from investment accounts you are taking away the compound interest it could have grown to be. I’ve listened to enough Dame Ramsey episodes to know this is a place you never borrow from!

[@Juscallmenicki]

Sounds like my credit card debt! Wishing you success on this journey!

[@lifeandnumbers]

Thank you!! 🙏🏼

[@KidTeddi]

Clicked because you’re drop dead gorgeous, stayed because the advice was great, subscribing because I’m excited for the declutterring series. I’m moving across the country in the fall (Lord willing) and I’m interested to see what declutterring looks like for others haha Best wishes on your debt-free journey! 🙏🏽🙏🏽

[@lifeandnumbers]

Thank you so much 😊 you're beautiful too! Welcome to the channel!

[@1971Brena]

Hello, You can do it! You did it years ago with Citi (I believe it was) and you can do it with these❤. I am SO looking forward to the series you mentioned. Chase sure didn't say yes about lowering the interest rates on my cards with them. They are all about the $ so I have to be all about mine and make sure they just get what I owe them and no interest😂. Great tips. Can the credit card issuer freeze the card longer for you? Best wishes🙏🏾❤

[@lifeandnumbers]

Thank you! I don’t know if they freeze it for longer, it’s an Amex so it may just be their policy? 🤷🏽‍♀️

[@summerjoy247]

Personal loans are really hard to get bc they are considered unsecured debt. Doesn’t make much since, but it’s just so hard to get out of debt. Despite the temptation for rewards points and discounts, it’s not worth my peace.

[@lifeandnumbers]

That was my first time trying to get one, but I definitely found out 😩. It’s not worth my peace at all 😞

[@abrareads]

If you are willing to share, it would be interesting for you to do a video going through some of the statements for the card you weren't sure why it was so high just to see what you were buying. Good luck with paying off the credit card debt!! It struck me as interesting how credit union's seem to be more ethical in their borrowing guidelines vs the credit card companies.

[@shantakoa8596]

The only credits I closed is the annual fee cards only.

[@Jesus-CAL]

You could also do a product change to a no annual fee card. Have a great day.

[@NaturalDrAmanda]

Great tips sis’! Some sound similar to how I paid off $21k in 2023. It also may be helpful to have a set budget for your international trip. By NOT traveling much in 2023, it was easier to focus on paying off the debt. While you are in this mental space of tenacity, also think about how much grit you can put towards saving and investing on the flip side! Just think of how investing $20k+ can change the trajectory of your financial future!

[@lifeandnumbers]

Paying off $21K in one year is amazing, congrats!! I am going to set a budget for the trip, thankfully the people I'm traveling with are frugal too so that helps lol. When this debt is paid off, I think I want to continue living below my means because you're right. If I can pay off $10K+ in a year, then I can save or invest $10K+ a year!

[@kevinkidneyy]

Shit I owe 30 k . I’ma get it done

[@gigi4874-w3w]

Use cash enveloppes. Cut the cards. 🎉🎉 You can do it!

[@kevinkidneyy]

@@gigi4874-w3w thank you !!!!

[@Stockb46]

High value content I’m trying to come out of debt

[@twinflower03]

I just did the debt consolidation! I moved across the country a year ago and am paying off a bunch of the expenses related to that 😮

[@lifeandnumbers]

I'm glad you were able to consolidate everything!

[@FIVESTRZ]

With the calling piece I cannot tell you how many times I have had savings on my monthly statements whether it's cell service, internet, cable or any other recurring payments.

[@larioskot9138]

You know dang well how you got there?😂

[@Leoprieto74]

I pay $7,000 in Annual Fees for my 17 premium travel cards. Am I crazy 🤪?

[@stanis6543]

Funny that you used sunscreen as an example. I just bought the LaRoche Posay sunscreen which is $34, but I used some CVS coupons (%40 + $10 off) and I only spent $17. I also plan on selling some items

[@lifeandnumbers]

You got a great deal on the sunscreen 👏 I've never used that brand but I've heard good things. Good luck on selling your other stuff!

[@anndeecosita3586]

The fact that you haven’t figured out how you ended up so far in debt makes you more likely to repeat the behavior. You need to get honest with yourself. I was going to suggest you to a balance transfer to a 0 percent card but you had that and didn’t pay it off. Some cards will then charge interest based on the original balance if you don’t. When I do a 0 balance transfer or make a 0 purchase I divide the amount by the number of months I have it for 0 and that becomes at least my minimum payment. If you are putting money into your company 401k, you might consider cutting back and putting that money towards the debt instead until you catch up. It sucks because you would miss out on company match but those cc interest payments are likely more than the match.

[@sewmeonekenobi639]

Is it the highest interest rate per month or the highest interest amount per month? Ty

[@MichaelM2K23]

Avalanche method goes by highest interest rate because you’re paying the most per dollar for that debt. Snowball method goes by the smallest balance for the psychological effect of paying off something fast to get you started on the journey.

[@ask_why000]

A personal loan instead of a revolving line of credit?

[@defaultusername1]

I dont understand. You paid off a $10k card a year ago. Why not cancel the trip?

[@lifeandnumbers]

I can’t get my money back for the flight 🤷🏽‍♀️

[@defaultusername1]

I have been there. Way deeper in the hole than you (add a zero) You can call the airline, and they can possibly give you airline credit. The risk of the trip is not only the cost of the ticket but everything else: the food, drinks, transportation, and lodging. Please be careful of the sunk cost fallacy.

[@jawwaadwilson592]

Mine is $13000 with 2 cards

[@lifeandnumbers]

You can do it!

[@gigi4874-w3w]

🥰🥰

[@terfsmile9464]

Let us know how that elf works for you?

[@lifeandnumbers]

I’ve been liking it!

[@James-Lifts]

So you have absolutely no clue what is going on with your money and you make a KZbin video to provide advice? Wow. Now people will jump all over me like I’m evil.

[@Theloverboy2987]

She's been scamming us all, She's fake rich, she's in a lot of debt. buys things with her credit card. Means she can't afford them because why need a credit card. She's been fake flexing.

[@PartyMarty321]

You could buy necessities with a credit card and take advantage of the cashback rewards. The issue with this is now you’re incentivized to spend money so you earn the rewards, this becomes people’s excuse to buy more when they don’t need to.

[@Theloverboy2987]

I was going to ask you to marry me. Wondering where you got all those expensive appliances and car from. Now I know.