Thanks for watching! 😘 Let's celebrate your money smarts! What strategies are you using to avoid debt or to keep is down?
@l.sanders59213 жыл бұрын
I found the lock card feature works very well for me. I lock it and forget about it. Keep the original monthly payment in place no matter how much the minimum due is reduced. Apply tax returns, even increase by $1 or $5.00. Make plans in advance to increase payments in the summer months when we used less gas. I did calculate how much less I paid in gas utility and applied that as well. I have paid off 3 cards that way. Now working on the big one. I stay away from 0 balance transfers since I am forgetful and most times too exhausted to keep up with expiration dates and switching to new balance transfers frequently. Plus, once I read the fine print I stay away. Rates are tooooooo high 12% to 20%. Right now, my best bet is to work another job and dedicate that check to the my highest debt ever and barrow from my retirement savings which has a very very low rate right now 3%.
@selahmoney3 жыл бұрын
@@l.sanders5921, CONGRATULATIONS and GREAT PROGRESS!! It sounds like you've done a lot of planning to hit your goals and have been super focused. LOVE IT!! Keep it going!!
@l.sanders59213 жыл бұрын
Appreciate the encouragement!
@AFFTFOMSICHTS Жыл бұрын
Debt consolidation loans saved my anxiety and was the best option for me. I also had good credit and my debt was under 5k. So I think it depends on your situation. If you do this you need to change your financial habits and make sure you don’t end up in the same situation while you’re still paying on your debt consolidation loan. If you have enough discipline and are dedicated to learning from your mistakes, it can be a great option.
@selahmoney Жыл бұрын
YAASSSSSS!!! You betta preach!!!
@rae72699 ай бұрын
Which bank you used?
@deandevito4421 Жыл бұрын
appreciate you trying to help people. I agree with 99% of what you said. I would use caution, though, if you’re going to close a credit line. If you had a credit line for a very long time and it’s in good standing now, your credit score could drop if you take years of history off your report. in some cases, it may be a better strategy to cut the thing and not use it, but keep it open.
@b1gced831 Жыл бұрын
You have to use your card. If you don't over a long period of time. The company will automatically closed down your account.
@selahmoney Жыл бұрын
Yes, I made an entire video breaking down how to decide which credit cards to keep open. But like @b1gced831 - you do not have use that card or the company will eventually close it, tanking your score.
@GaylineMillay29 күн бұрын
I think you're awesome . You make things very clear
@JayFairbrother4 жыл бұрын
I've always assume those debt consolidation companies are scams. It's good to know how to protect yourself in this situation!
@selahmoney4 жыл бұрын
Hey Jay, thanks for watching! Yes, so many people do and it's totally understandable with all the scams that exist! Now that you know it can really work, are you team debt snowball or team debt consolidation?
@marshahill3473 Жыл бұрын
Where were you when I needed you 2 years ago? Glad I found you
@selahmoney Жыл бұрын
LOL, maybe you weren't emotional ready yet? I believe in God's timing and that you have to be emotionally ready to really work on your finances.
@phillyd48744 ай бұрын
I went through beyond finance and honestly saved me .
@TheGoaldMind4 жыл бұрын
There were a lot of gems in this video! Great job Tiana!
@selahmoney4 жыл бұрын
Thanks (for watching and the compliment)! Are you feeling like you're team debt snowball or team debt consolidation?
@chriscottingham43682 жыл бұрын
Hey thanks for this video! I’m in the process of shopping for the best personal/debt consolidation loan right now. It’s a much bigger task than I anticipated, however, you’ve helped me by giving me some important things to look for and consider. I’ll update my comment when I make a final decision and also an update to let your followers know how everything is working out. Thanks again.
@selahmoney2 жыл бұрын
Hey Chris, thought I would check in since it's been a couple of weeks. What did you end up doing?
@GeorgeWulfers_884 жыл бұрын
Awesome video! I consolidated my student loans when I was younger and my payments went up and then I was told by many people "don't pay it off it's okay", so I stopped paying it. Currently still trying to pay it off. Worst idea ever. Lol. Sometimes you learn the hard way.
@selahmoney4 жыл бұрын
Hey George, thanks for watching and I'm sorry it went bad for you! Situations like yours is exactly why it's so important for people to know how it really works. Would you say the people who helped you consolidate your loan were hiding key information?
@l.sanders59213 жыл бұрын
Pay. Find an employer with an incentive to help pay down your loan. Find ways to earn bonuses or work a second job.
@YesToTech4 жыл бұрын
Loved your advice on how to avoid bad debt consolidation loans! Thanks for sharing!
@selahmoney4 жыл бұрын
Thanks for watching and I'm happy to help! Are you working on paying of debt, or have you achieved the debt-free dream already?
@daltonz2 жыл бұрын
Helping a friend set up a plan to get out of debt. thanks for the video.
@selahmoney2 жыл бұрын
You are officially an awesome friend!! Thanks for tuning in and helping them find financial freedom!!
@GoalInspiredCareerCoaching4 жыл бұрын
Nice Video Tania: I never have debt. Paid off my houses in my 30th but all young people need to hear this🌹 Love money tips!
@selahmoney4 жыл бұрын
Hey thanks for watching! Yes, I agree - more people need to know the real deal. What do you say was your number one strategy for getting debt-free by 30?
@GoalInspiredCareerCoaching4 жыл бұрын
@@selahmoney Invest in CDs and compound my money. I never ever paid Cr card debt. Never owe anyone. Buy everything cash. Many people spend all their money on liabilities
@selahmoney4 жыл бұрын
@@GoalInspiredCareerCoaching YAASSSSS!! Keep dropping the gems!! That's good stuff right there! Have you had issues with your CDs not keeping up with inflation, or have you gotten some good rates?
@GoalInspiredCareerCoaching4 жыл бұрын
@@selahmoney Lol: I have some that are not maturing until 3-5 years at good rates. They are staggered. A few maturing this year but I will take the 2%. My money is safe:-) When I put away my money, I do not touch it. I can see you don;'t sleep lol. KZbinrs don't sleep lol
@selahmoney4 жыл бұрын
@@GoalInspiredCareerCoaching LOL!! Sleep, what is that? But you certainly have a good overall strategy by straight up leaving it alone. Since you're already debt-free and seem to have nest egg already, keeping your money safe (vs. aggressive growth), it probably the best strategy for you. GREAT WORK!
@joseCalderon19762 жыл бұрын
DO NOT use those debt consolidation companies that take your money with monthly payments and then tell you to stop paying all your creditors. I almost got into that situation, until I read and researched what happens! Yes I know, very stupid. You could get sued by your lenders/credit card companies, and even if they "settle" for you, and that's IF your lender agrees to after like 3 months of no payments, then you you can get hit with taxes! Luckily I called the company back and told them that I didn't want to go through that! I'm scared now though because they have my bank info, so we'll see what happens if they try to take a payment without my consent! Boy I'm dumb! Just don't do it!
@selahmoney2 жыл бұрын
You're not dumb. THEY are just really good at marketing and misdirection. They make everything sound like a well-kept secret that the wealthy elites use or a hidden loophole that few know about. Then they break it down in a way that "makes sense" on the surface. It's all marketing and emotional manipulation that anyone could fall for, so don't be so hard on yourself. At least you caught it!!
@joseCalderon19762 жыл бұрын
@@selahmoney Thanks. Yeah their sales man caught me by surprise and manipulated me to take a snap financial decision. You NEVER DO THAT. Thanks
@greeneyedlady8426 Жыл бұрын
@@joseCalderon1976 thank you for your input. I did the same as you and signed up with one of these debt consolidation companies about a month ago without doing research. I'm in the process of canceling them come Monday morning.
@drewporter7394 Жыл бұрын
I did it yesterday wat did you ended getting out just asking
@greeneyedlady8426 Жыл бұрын
@@drewporter7394 Luckily I only paid one time, so when I informed them I requested them to refund my money. They did immediately. Fortunately the loan companies allowed me to catch up my payments and continue where I left off without being sued. Hope this helps.
@jessicasierra93133 жыл бұрын
You’re a life savor, oh my gosh. Thank you.
@selahmoney3 жыл бұрын
You're welcome! And thank you for watching! Have you been thinking about debt consolidation?
@jessicasierra93133 жыл бұрын
@@selahmoney I have. Everyone kept saying how much a scam it was. So I didn’t do much research until now.
@sustainablelife1st10 ай бұрын
100% agree on the heloc/refi. I could pay of my cards if if did a heloc, but I don't want to risk my home. Thank you for making that point!! But, i did go down the 0% APR CC rabbit hole, smh.
@antnysoul2 жыл бұрын
Thanks ! I needed this. Trying to get my money right.
@selahmoney2 жыл бұрын
So happy to help. It's a lot to think about, but you can absolutely do it!!
@TruckerDave215 Жыл бұрын
Wow pure genius awesome information ℹ️
@selahmoney Жыл бұрын
So nice of you! I hope it helped you figure out your next steps!
@leefairley39009 ай бұрын
Hello an Happy New Year, would it be safe to pay off debt with your savings instead taking out a loan or doing a balance transfer
@ortallevitan14 жыл бұрын
really interesting information! thank you Tiana
@selahmoney4 жыл бұрын
Hey Ortal, thanks for watching! Have you ever considered a debt consolidation loan?
@neel-uronchondi93397 ай бұрын
Liked n subscribed!
@OlympiaSophie4 жыл бұрын
I've always thought they would scam me, thanks for your tips and thanks for sharing this!
@selahmoney4 жыл бұрын
Hey Olympia, thanks for watching! Yes, it's such a common fear, but it can work if we're careful. Are you working on paying off debt or have you already achieved the debt-free dream?
@TheYankeeFarmer2 жыл бұрын
Great video. I did a consolidation after weighing the cost of the origination fee and interest over time. Definitely need to be more consistent with my principal only payments. Regarding closing credit cards should I be concerned about how it will affect my credit or just focus on getting debt free?
@selahmoney2 жыл бұрын
Glad it was helpful! When it comes to credit cards, if you're worried about your credit score because you plan to use it in the future (like, to buy a house), then I believe it's acceptable to keep a credit card (or two) if and only if you believe you can use the card without going back into long-term debt (i.e. carrying a balance month to month). Even then, I typically encourage people to consider a few things. Since you're not the first person to ask me this question, give me a week or two and I'll do a KZbin video on it.
@wdtbsat77952 жыл бұрын
How did you consolidated and what company did you use
@mikelong2856 Жыл бұрын
Do it yourself one by one smallest to biggest if it takes seven years to do so one by one until the 7 Years is up.never do anything with your house.also you will save alot more doing it yourself rather then paying $5,000 to $10,000 or more for someone else to do it for you.
@nitty72213 жыл бұрын
Thanks alot for this video now i know what to do
@kevinmoore95242 жыл бұрын
Thank You.
@vibewithhealth4 жыл бұрын
Loved how you explained how to repay debt fast.
@selahmoney4 жыл бұрын
Hey, thanks for watching and sharing. That's always my goal - get it gone as quickly as possible, but while still enjoying life along the way. Which team are you on: team debt snowball or team debt consolidation?
@rsd654311 ай бұрын
Hello! Need help here, need advice, where can I book?
@MultiWayland2 жыл бұрын
this is wonderful ( thank you )
@selahmoney2 жыл бұрын
Thanks for watching! I So glad you found it helpful!
@cristinagoode8509 Жыл бұрын
Thank you dear one . I've been helped ?
@selahmoney Жыл бұрын
Cristina, I'm assuming the ? was an accident, so I'm happy you've found the help you need. Let me know if you have any questions you want me to dive into!
@leilaricciardo4 жыл бұрын
Very interesting!
@selahmoney4 жыл бұрын
Hey Leila, thanks for watching! Was there anything n the video that vibed with your spirit?
@WorthNineDigits10 ай бұрын
When you close your credit cards, it hurts your credit score correct?
@ursularuiz9315 Жыл бұрын
Hello Tiana I am going to try to do debt consolidation bc I can’t keep making The payments monthly. I owe on loans and credit cards almost $97000.00 on debts. People saying is not good but I can’t keep affording to pay all these debts, what do you think I should do
@keepingitreal243 Жыл бұрын
The best one i went to is call ACCC it's a nonprofit company and i went there 3 different times and it's the best..Good luck everyone. 💯😘🙏🏽👍🏽Thank me later...oh one more thing i sent my money order every month i didn't want them to mess with my bank account..But I'm not saying they would mess with it i just prefer to send a money order..😊👍🏽
@selahmoney Жыл бұрын
I'm happy you found a legitimate organization that provided a good experience. Don't forget to address the money habits that helped to create the original situation so you don't end up back in the same spot!
@dorisc.p.9501 Жыл бұрын
creditors dont want to give me balance transfer. if I could get one more, I will be able to pay the credit cards off in 8 months
@selahmoney Жыл бұрын
I'm sorry to hear that. Sounds like a credit score issue - mostly around payment history. That being said, a balance transfer is not always the answer. It's not fun to pay the interest, but maybe we make that card the first focus for repayment.
@dorisc.p.9501 Жыл бұрын
@@selahmoney I pay the fee but never the interest.
@jykirachanelle2599 Жыл бұрын
which debt company do you suggest?
@selahmoney Жыл бұрын
I don't have any debt companies that I recommend. I advice my clients to further the relationship with their current bank by applying there first, especially if they have a credit union.
@sandrasalas78162 жыл бұрын
Are you able to help? I’m trying to do a consolidation but after watching so many videos I’m so lost?
@selahmoney2 жыл бұрын
Hi Sandra, sorry it took so long to get to your comment. Yes, I can help you figure out which strategy is the best one for you. And I'm sorry to hear that you're confused, but we can fix that! Just book a free session at www.tianabclewis.com/breakthrough
@misss4984 ай бұрын
Hi I was told if only I could erase student loan interest is doing debt consolidation I have no idea what that is. 🙏😭
@phillyd48744 ай бұрын
Only for private student loans
@TiidiiLivingwithSabrina4 жыл бұрын
I didn't even realize you could shop around for interest rates. I just assumed it was all standard.
@selahmoney4 жыл бұрын
Hey Sabrina, thanks for watching and Yes, you totally can! Every lender may base their rates on what the Fed is doing, but they also have their own criteria that they use. Same with mortgages and car loans! Do you typically just use the same bank?
@kdsevilla3 жыл бұрын
Would you recommend consolidation plus?
@selahmoney3 жыл бұрын
There aren't any debt consolidation businesses that I would ever recommend. I simply encourage you to be careful and do that made before accepting any debt consolidation loans.
@BigRedGamer872 жыл бұрын
Is there a new link for the beginner budget resource? The link in the description didn't work for me.
@selahmoney2 жыл бұрын
Oh no, I'm sorry. Try this link: www.tianabclewis.com/budget
@paulwilliams6648 Жыл бұрын
Hello, I’m new to the channel but was seeking advice. I just got laid off this past Tuesday. I was making the minimum payments on my 4 CC. I’ve had the CC for some time now so they’re pretty much maxed out. Now that I’m looking for work I’m not sure what to do should I consolidate my cc ?
@selahmoney Жыл бұрын
Hi Paul, I'm sorry to hear that you were laid off. With no income coming in, it's going to be extremely difficult to get approved for a loan to consolidate your debts. So your best options are to use savings to pay the minimums for now or contact the CC companies to see what options they have for reducing or pausing your payments temporarily. While you're looking for a position with a salary and working environment that is a good fit for you, there are avenues that you can quickly use to generate income, like Uber, DoorDash, taking on freelance gigs, etc. Without more information on your skills, location and lifestyle, I can't get much more specific than that, but you can always schedule a session at www.tianabclewis.com/breakthrough.
@florrodriguez5155 Жыл бұрын
Hello Im new to your channel. Im one day away from signing with a Law Firm who will be negotiating my balances for the 25K+ debt that I racked up for being sick for a year! When I calculated the fees They are saying I may pay less then what I owe since they will be negotiating my balance. I just hope Im making the right choice.
@selahmoney Жыл бұрын
Hi Flor! I'm sorry that I'm just seeing this, but I took off for the holidays. I've never worked directly with a client who has used a law firm to handle the negotiations, but theoretically, they are correct in that they may be able to negotiate your debts down enough to offset the cost of their services. For example, some hospitals have policies that automatically cut your bill by 50% if you're self-pay (because dealing with insurance companies is expensive) and will let you negotiate down even further - even to what they would have received from the insurance company. So it's plausible. Since you've already likely signed, I wish you the best of luck and pray that your lawyers perform with integrity and excellence!
@juscallmeshawty2 жыл бұрын
I shopped and i found one place that approved me for 13k less interest and one payment, they advised to not pay my payments, then let them fall to creditor and then the debt cons. Will call them to get diff lowest amount to pay lowering my total cost due per mo? Making my already low credir score get lower? Seems sketchy? Said then my credit will go up and itll just be one payment at less % interest? I cant get my maxed out cards down. What will take 20yrs will take me 3? Does this seem right?
@selahmoney2 жыл бұрын
That sounds like fraud... and a great way to destroy your credit fast (and I'm not sure how that increases your credit score since you first have to default on the loan). If it's discovered that you took out the loan with the intent to not pay, then settle for less than you owe, you can be sued. If the lender happens to be a federal entity, like the SBA, or is backed by a federal entity, it becomes a crime.
@people64282 жыл бұрын
Hi Tiana, how can I send you a PM?
@selahmoney2 жыл бұрын
I'm on IG as tianabclewis.
@SLGreen9799 ай бұрын
A better title would be “Don’t use debt consolidation” 😂😂
@Channyg4lyfe2 жыл бұрын
Thabk for this video. I'm currently shopping around for debt consolidation loan. I was pre-approved for Discover personal loan but the interest rate 21.99 and they told me monthly payment would be 611. I wanted make a payment between 500-600, so its not to far off from limit. And its 84 months. I make 80,000 a year and I would like to learn how budget money better so that I can save money, pay my debt and still have some spending cash for going out and doing things. I have another company called upstart that I will call today to see if I am approved for that loan. Any thoughts?
@selahmoney2 жыл бұрын
Hey Channy, so that I'm just seeing your comment. Upstart will likely give you a similar interest rate, assuming you get approved. For a rate that high, you might as well be using a credit card (avg. interest of 17%). If you want to talk more, you can schedule a free session at tianabclewis.com/breakthrough
@HarryLopez823 жыл бұрын
I consolidate debt it's one credit card and some financial loans I got..it amounts to 34k and was told they will reduce the debt to 28k at 455 a month for 63 months my first payment will be on the 25th of April I am not adding my home or car
@selahmoney3 жыл бұрын
They said they would reduce the debt from $34k to $28k with a consolidation? Everything in me saying "How sway, how?" That doesn't sound legitimate to me unless you're making a large upfront payment with the consolidation.
@HarryLopez823 жыл бұрын
Well some are in collections so a closing amount will be negotiated wish will bring the 34k to 28k..I will be making 455 a month for 63 months that's what I qualified for
@dc763842 жыл бұрын
LOL!!! Debt consolidation loan. Be sure to keep your precious credit cards
@selahmoney2 жыл бұрын
I tell my clients on a case by case basis what to do with their credit cards. I have some clients that just can't handle credit cards, so we close the accounts. I have others where the credit cards weren't the problem, so we get them down to only 1 open credit card and set strict rules around its use. Credit cards can be used responsibly... most of us just don't know how to do it.
@rashantii5442 жыл бұрын
Does closing your credit cards hurt your score?
@selahmoney2 жыл бұрын
Closing credit cards does typically have an impact on your credit score. Check out this video: kzbin.info/www/bejne/rXrGY3Rrj7pra5I
@selahmoney2 жыл бұрын
@Lamo081 on instagram👇👇 You thought all hope was lost until you found yourself?
@shantejck9765 Жыл бұрын
What is the biggest debt consolidation company?
@l.sanders59213 жыл бұрын
Totally avoiding consolidation. I am 20,000 in card debt at 320 monthly minimum. Wondering if I should barrow from retirement savings to 3% interest vise 7%. I was thinking to eliminate this in 5 years. It is really daunting to see $170 in fees applied each month. Not much left over going towards the debt. I do not have any extra to increase the payment to cover the fees. 320 + 170=490. I have a smaller card debt to pay off $3,936/80.00. So far I have been able to increase the payment by $20.00.
@selahmoney3 жыл бұрын
Do you have enough in retirement to completely pay off the debts? If not, then you'll have yet another monthly payment.
@l.sanders59213 жыл бұрын
Thanks for replying. Yes, I do have enough. Pay about the same monthly; wipe out in 5 years. I also called the bank; rate at 9% vise 7. Switching to a loan increase monthly payment to 500.00+ /month. Cannot afford the bank's loan option.
@l.sanders5921 Жыл бұрын
Hi, Just wanted to share. I did not follow through with barrowing from my retirement. Thanks to the stimulus, I paid off a long time credit card (10 years member). Now I am going to transfer my largest card debt to a loan. Filling chicken about it but I must do it. Afraid of the variable rate rising again.
@jamar95little243 жыл бұрын
My debt is 14500 I been paying 863 a month yet my balance aint going no where a company called Accredited said I can pay 234 a month for 48 months I don't know if it is a scam
@l.sanders59213 жыл бұрын
Are you paying a super high interest rate?
@jamar95little243 жыл бұрын
@@l.sanders5921 it is all the cards in total.I don't know whether to contact the people myself and settle with them
@selahmoney3 жыл бұрын
Accredited Debt Relief?
@jamar95little243 жыл бұрын
@@selahmoney yes
@selahmoney3 жыл бұрын
@@jamar95little24, this is the first I've heard of them, so I went straight to the Better Business Bureau to see what I can learn. They appear to be legitimate - however, when you go to their "How It Works" page, you realize that they tell you to pay them and they make the payments for you. Honestly, a real debt consolidation loan is safer because you can get the same benefits without giving control of your monthly payments to a random company.
@zahirsetif86123 жыл бұрын
Hi I need an advice pls I have a debt for 10000 with 38% interest and I want to apply for a debt consolidation loan with a bank is it worth it thank you
@selahmoney3 жыл бұрын
If you have good or even okay credit, probably. That’s $3,800 in interest you’re expected to pay in a year. So let’s do the math on an example: If you can get the interest down to 12% ($1,200 in interest for the year) and fees on the new loan is $1,000, then that’s a total cost of $2,200 in the twelve months after the new loan. That’s $1,600 in savings. Make sense?
@zahirsetif86123 жыл бұрын
@@selahmoney thank y for your quick response actually my credit score is improved I have 695 with equifax and expect to get 700 or710 this month by your experience how much will be the average or maximum interest rate for my situation
@selahmoney3 жыл бұрын
@@zahirsetif8612, I can’t give you a range. There are a multiple factors, from bank policy and the fed rate to your area, the type of debt, etc. Underwriters take a lot of information into account when determining the interest rate.
@zahirsetif86123 жыл бұрын
@@selahmoney I will apply and see I wish I will get let than 38% at least
@CelestialSci2 жыл бұрын
Sorry but im not closing all my accounts.
@selahmoney2 жыл бұрын
Don't be sorry, it's not a necessity, just a good idea for some people depending on their financial goals and money habits.
@alexg84602 жыл бұрын
What if you cant get a loan??
@selahmoney2 жыл бұрын
If you can't get a debt consolidation loan, then the debt snowball is really your only safe option.
@kaylanmendoza30463 жыл бұрын
Can i have some assistance on a situation. I have around $9000 in payday loans and Utilities and at this moment with a credit score in the 470. Not sure what my next step is… debt consolidation recommendation?
@selahmoney3 жыл бұрын
Hi Kaylan, I'm sorry it took me a week to get back to you. So with what you've shared so far, I want to dive deeper. There are lots of options and I would need to chat with you one-on-one to explore them because a lot of factors can impact how useful they are. You can schedule a free session at www.tianabclewis.com/breakthrough. If you don't want to do the session and want to hop straight to the debt consolidation, I would start with seeing if your bank or local credit union will allow you to take out a $9000 loan. The interest rate may be high (over 20% APR), but that's still lower than a typical payday loan (between 300% - 600% APR). But I do hope to see you on a free session to see what we can make happen!!
@kelvincrucey80357 ай бұрын
❤❤❤
@brittbritt8134 Жыл бұрын
Hey there tried to get the budget download keeps saying page error can you help?
@selahmoney Жыл бұрын
I'm sorry to hear that. Try this link: www.tianabclewis.com/budget