In this video we are talking about how to pay off credit card debt as fast as you possibly can so that you are able to be free of debt and not have this burden on your shoulders anymore! I know how stressful it can be to have credit card debt and I think it is awesome that you are watching this video because it shows that you care and that you want to pay it off, and so we are going to break it down in a way this is not quite as stressful as just looking at the total amount you have to pay!
So the first thing I think you should do is hit that like button!
Just kidding, the first thing that you want to do is to know that I am not a financial advisor, I am just going to be talking about how I handle paying bills and how I would go about trying to pay off credit card debt!
So with this video our goal is to pay it off as soon as we possibly can, and in order to do that we need to establish a few rules!
Rules:
1. Stop using your credit card for more purchases.
2. Stop spending money. So you need to do everything you possibly can to not spend money. The only things you should be spending money on are necessities, and even then you should be buying the cheapest necessities possible! For example, stop getting your coffee at starbucks! It costs way too much, and you can make coffee at home for 20 cents, so there is no reason to be spending 3 to 7 dollars on a coffee when you can spend 20 cents and then the 3 to 7 dollars you saved you can put towards paying off your credit cards. So in short rule number 2 is to stop spending money.
3. Make as much money as you can, so if you are able to pick up a couple extra shifts or do something to make a little extra money then this is awesome! This is the way you should go and you will have extra money to put towards your credit cards
4. Get a account, it is completely free and it basically tells you how much money you are spending how much you have, and how much you are making and organizes it into charts for you. This will help you to keep track of all your expenses and understand where your money is going.
5. Put every penny you have that you don’t need towards your credit cards.
So once you have started spending less and making as much money as you can it is all about paying off your cards.
I would recommend that you pay a large portion of your credit card off every time you get a paycheck, this way you should be paying towards it at least twice per month.
From there decide how much you are able to put towards your cards each month. So lets say you make $2,000 per month and you need 1,500 of it to use for your living expenses, you have $500 dollars left over that you can spend towards your credit cards. So lets say you owe 5,000 dollars on your credit card, this would take 10 months to pay it off.
I know this sounds like a long time to be paying off a credit card and living off the least amount of money possible, but if you get through those 10 months, and you pay it off and keep living off the least amount of money possible, now you have an extra 500 dollars per month that you can use for whatever you want.
(I would recommend saving it of course)
The big thing here is just making sure that you are putting as much as you possibly can towards these credit cards to pay them off.
I also have some quick tips that could help you pay it off faster!
1. Get a roommate, or another roommate and charge them money every month to live with you, and either put this money towards the rent or towards your credit cards, this way you have extra money coming in just for having an extra roommate.
2. Ask to borrow money from a friend and put it towards your credit cards, you still have to pay your friend back of course, but you (hopefully) don't have to pay them interest so it is still at least saving you some money in the long run!
3. Spend less time relaxing and watching tv and more time working on making more money, you could see if your boss needs an extra set of hands, or see if you could get a side gig like mowing lawns, or even getting a weekend job just until the debt is paid off.
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