How I paid over $30K of Debt | Tips to Pay Off Debt Fast on Low Income

Рет қаралды 176,062

Күн бұрын

Hey Buddies! I am just a wife and a mom working my way through over $39,000 of debt. Even though I am on a lower income, I’ve been able to pay off $33,000 since January 1st, 2022, when my journey began. In this video, I discuss an online article that gave tips on how to pay off debt fast. I also talk about which of them helped me to speed up my credit card debt payoff.
Leave a comment to let me know you were here, if you’d like. I'd love to hear from you. I respond to all comments left.
#debtfreejourney #creditcarddebt #debt #credit #debtpayoff
_______________________
Want to MAXIMIZE your savings? 🔹 Marcus Goldman Sachs
Use my referral link to open a new online high yield savings account and you’ll receive the Marcus Referred Rate (currently 5.15%) for a period of 3 months. After that, it is 4.15%
www.marcus.com/share/KIM-8G5-...
_______________________
Want to SAVE MONEY on your cell phone bill? 💚 Mint Mobile
Switch to Mint Mobile by using my referral link and you’ll get $15 in renewal credit
fbuy.me/uj1yi
_______________________
Camera:
Canon EOS Rebel SL3 DSLR
Video Editor:
iMovie

Пікірлер: 426

@GTNBY2 10 ай бұрын

Pay your $400/ mo in $100/week pmts.. your interest is calculated DAILY... pay every 7 days and it DROPS the effective interest rate...

@justjools6156 10 ай бұрын

I didn't know that, that's good to know.

@noneya154 8 ай бұрын

Why not just pay $400 the 1st of the month then?

@GTNBY2 8 ай бұрын

@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

@Chattingwithsam 8 ай бұрын

@@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.

@src4409 7 ай бұрын

@@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.

@nsff2001able 6 ай бұрын

The hardest part is being patient. Staying focused and restrained with spending.

@debt2none 6 ай бұрын

I’m totally agree with you. It’s definitely a challenge. And I still struggle from time to time.

@Shawnnicolebeauty 10 күн бұрын

Omg THEEE hardest part 🙏🏾

@veniestagourdine3881 10 ай бұрын

I am now in the process of Debt snowballing, 2 cards down , 2 more to go.

@debt2none 10 ай бұрын

That’s fantastic!! Congratulations on knocking out 2 of your credit cards! 🙌🏾🎉 Half way there!!! 💃🏾

@petrina1026 Жыл бұрын

Hi Kim. You are the most realistic KZfaqr 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)

@debt2none Жыл бұрын

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. 😘

@lovelyleon33 Жыл бұрын

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"

@commongirl3504 8 ай бұрын

This is too real and the whole reason I acquired this debt in the first place.

@roxygarcia1659 6 ай бұрын

How long did it take you to

@TheGoodMidlifeCrisis Жыл бұрын

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!!

@debt2none Жыл бұрын

Thank you! 💝 And it sounds like your on the right track my friend! 🤗

@mine4532 8 ай бұрын

Amen 🙏🏾 Jesus will do it

@tiffanymccreary1072 8 ай бұрын

Amen.

@jessytheagene6756 7 ай бұрын

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.

@debt2none 7 ай бұрын

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!!! 🙌🏾

@danikeebler1662 8 ай бұрын

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.

@debt2none 8 ай бұрын

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.🙌🏾

@TheTriciaLife 7 ай бұрын

Was your unsecured debt with the credit union? Or several credit cards?

@parvanirose 6 ай бұрын

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.

@tmgause95 Ай бұрын

That is great!!!

@danikeebler1662 Ай бұрын

@@TheTriciaLife two credit cards but took out loan to cover them and owed the credit union instead. Less apr% and no longer revolving debt.

@KatieoftheHouse Жыл бұрын

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 🙌🏼

@debt2none Жыл бұрын

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

@tonyarmoore894 8 ай бұрын

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.

@debt2none 8 ай бұрын

@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. 😘

@tonyarmoore894 8 ай бұрын

@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

@Astrid-cc3mg 8 ай бұрын

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!

@debt2none 8 ай бұрын

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. 😘

@debt2none Жыл бұрын

Hey Buddies! Thank you so much for hanging out with me today. I really appreciate y’all!!!🩷

@financiallylux Жыл бұрын

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 😊

@debt2none Жыл бұрын

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 🔥😆

@financiallylux Жыл бұрын

@@debt2none yessss and focus we shall! Let’s do this! 😘🥰🤞🏾🎯

@debt2none Жыл бұрын

💯

@ballingonyourbudget6545 7 ай бұрын

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.

@debt2none 7 ай бұрын

Thank you!!! 🥹❤️ I really appreciate you saying that because not everyone found it useful.

@kimberlygeorge2542 8 ай бұрын

Snowball paid all debt $40000 in one year.

@debt2none 8 ай бұрын

Nice!!! Congratulations! 🎉🙌🏾👏🏾

@SakinaGamble 6 ай бұрын

That is amazing. Can you share a few more details on what you did? Any Extra income ?

@sharishines99 Ай бұрын

Wow amazing

@kimberlygeorge2542 Ай бұрын

@@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.

@esehavek1 Ай бұрын

I only make like $50k a year lol I wanna B rich like ya'll fr fr lol

@emmalarson 10 ай бұрын

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!

@debt2none 10 ай бұрын

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.

@emmalarson 10 ай бұрын

@@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. 💕

@kenyonbissett3512 8 ай бұрын

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?

@emmalarson 8 ай бұрын

@@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 😑

@Gunngirl Жыл бұрын

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!

@debt2none Жыл бұрын

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 😘

@esehavek1 Ай бұрын

Go to Mexico for Dental lol

@starrchick28 11 ай бұрын

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!

@debt2none 11 ай бұрын

Aw! I really appreciate you for watching. Thank you soooo much ❤️

@stayfly3000 Жыл бұрын

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.

@debt2none Жыл бұрын

Hi Brenda!! 💝 Thank you! I feel like making adjustments as I go has helped keep the stress down when it comes to the budget. 😅

@kenyonbissett3512 8 ай бұрын

Maybe call it a living budget document or adjusting living budget?

@feliciafelicia6965 6 ай бұрын

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

@debt2none 6 ай бұрын

Thank you so much! I appreciate you being here with me. I really just want to share my journey and hopefully encourage others 💗

@yourmediaexpressions 7 ай бұрын

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.

@debt2none 7 ай бұрын

Hi!! Thank you so much!!

@curvyechronicles Жыл бұрын

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 🎉

@debt2none Жыл бұрын

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. 🙌🏾

@nowwhat1434 7 ай бұрын

Relatable!

@Sinful_Survivor 10 ай бұрын

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

@debt2none 10 ай бұрын

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.

@NaturalDrAmanda Жыл бұрын

🎊 🎉😅 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! 😅

@debt2none Жыл бұрын

Thank you, Amanda!! 🎉🙌🏾 Yea, I figured I can take advantage of this time period of 0% APY to earn a little something back 😅

@tamiz8895 6 ай бұрын

What a kind and lovely person you are. Thank you for sharing your experience with us ❤

@debt2none 6 ай бұрын

Thank you so much for your sweet comment ❤️❤️❤️ You just made my day!

@crunchingwithcris Жыл бұрын

Good advice thank you Kim for sharing. You do keep us all motivated. 🥰 Can’t wait for the day I can be debt free 💗💙💗

@debt2none Жыл бұрын

I can’t wait for that day either. Keep your nose to the grind Cris. It’ll be here before you know it 🙏🏾💝

@humpty318 10 ай бұрын

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!

@debt2none 10 ай бұрын

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.

@lillmissd 9 ай бұрын

How do you find out what your closing date is??

@debt2none 9 ай бұрын

@lillmissd The date should be on your statement.

@getittogetherfam8003 8 ай бұрын

Thank you Kim!!! Im on my journey to be debt free Made so many mistakes but i believe i cant turn things around!

@debt2none 8 ай бұрын

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 😘🙌🏾

@BudgetsWithELMA Жыл бұрын

CONGRATS on your debt progress! Great tips!

@debt2none Жыл бұрын

Thank you my friend!! 🤗

@stanechols8032 7 ай бұрын

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.

@debt2none 7 ай бұрын

Nice! Sounds like you’re doing well. 🙌🏾

@andrebarnwell 6 ай бұрын

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.

@debt2none 6 ай бұрын

Thank you so much!! That’s so encouraging for me to hear. I really appreciate you saying so💗

@alittleofitall_ Жыл бұрын

Hey friend! Love these tips! Thank you for sharing and giving your own personal experience! 💚💚

@debt2none Жыл бұрын

Hey Taylor!! Thank you sweetheart 💝

@Cantetinza17 7 ай бұрын

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.

@debt2none 7 ай бұрын

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 👏🏾

@moneywithjustliving5258 Жыл бұрын

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.

@debt2none Жыл бұрын

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.

@jessmarie7082 Жыл бұрын

Such a wonderful video! Thank you for sharing!

@debt2none Жыл бұрын

Hey lady! Thank you so much!! 💗

@CommerciallySavvyLawyer 8 ай бұрын

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 KZfaq has a wealth of free and much more valuable information like this video than any program I could do.

@debt2none 8 ай бұрын

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. 😆😘

@TheHumbleBudgeter Жыл бұрын

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! 😊

@debt2none Жыл бұрын

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😅

@TheHumbleBudgeter Жыл бұрын

@@debt2none That’s exactly why I’m allergic to Citibank 😂

@cassandrabennett481 10 ай бұрын

Thank you so much. I am happy I came across your video.

@debt2none 10 ай бұрын

Aww! You just made my day!! Thank you for watching my friend 💗

@miguelbudgets Жыл бұрын

Well said! Everyone’s journey is completely different. Adjusting accordingly, whether monthly or weekly, to give yourself the edge is the way to go!

@debt2none Жыл бұрын

Thanks Miguel! I appreciate you saying that 🙌🏾

@shanebolerhunting Ай бұрын

You’re a smart & very attractive lady. Helpful video!

@debt2none Ай бұрын

Awww!!!🥹 Thank you so much!

@shanebolerhunting Ай бұрын

@@debt2none you’re welcome ☺️

@budgetwithmamabear Жыл бұрын

Wow you have done amazing with your debt payoff! Thank you for the tips💕🐻

@debt2none Жыл бұрын

Thank you soooo much!!! 💝

@Modelwiththescar 10 ай бұрын

These were great tips. Thank you!!!!

@debt2none 10 ай бұрын

I’m so happy to hear that. Thank you!! ❤️❤️❤️

@bird7464 Жыл бұрын

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!

@debt2none Жыл бұрын

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

@CoachMai 5 ай бұрын

Great advice!! Thank you so much!

@debt2none 5 ай бұрын

Thank you!! 🤗❤️

@thequeensbudget Жыл бұрын

I hit like before even watching cause I KNOW this is going to be another great video from you !!❤

@debt2none Жыл бұрын

Awww!! 🥹 You just warmed my heart!

@sarahschreffler5407 Жыл бұрын

Yep. This is me

@howtoinvest4yourself241 9 ай бұрын

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

@debt2none 9 ай бұрын

Yes!! Keeping the end goal in mind is a must. And I’m glad we’re all here to motivate one another🤗

@parvanirose 6 ай бұрын

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.

@mlu18 10 ай бұрын

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.

@debt2none 10 ай бұрын

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

@brendam4607 2 күн бұрын

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 🙏

@debt2none Күн бұрын

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!!!

@tmgause95 Ай бұрын

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😅

@debt2none Ай бұрын

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!!! 🙌🏾

@themomlifeco Жыл бұрын

Absolutely focus on different goals! I do that all the time! ❤

@debt2none Жыл бұрын

Great minds think alike! 😘

@otulai 11 ай бұрын

Thank you so much! I just opened a savings account.

@debt2none 11 ай бұрын

Yay!!! That’s a great move! 🙌🏾

@FallacyorFacts Жыл бұрын

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🙏🏽

@debt2none Жыл бұрын

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!

@dabaydestrian437 7 ай бұрын

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 ?

@gavinflogs7147 7 ай бұрын

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 🤞🏾

@debt2none 7 ай бұрын

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👏🏾

@gavinflogs7147 7 ай бұрын

@@debt2none thank you!!

@sabrinabailey3103 7 ай бұрын

Great video. Thanks for sharing

@debt2none 7 ай бұрын

Thank you so much🤗

@AtHomeintheSun Жыл бұрын

These are great tips, Kim!

@debt2none Жыл бұрын

Thank you!!! 😘

@honeybunnybunny1958 9 ай бұрын

Thank you for explaining how they charge ❤

@debt2none 9 ай бұрын

You’re so welcome! Thank you for watching🤗💗

@toyastlife Жыл бұрын

Hey Kim! I float between avalanche and lowest amount. I am just trying to pay this debt down, ai a, sick of it!

@debt2none Жыл бұрын

I hear ya, Toya! I’ve been doing the same thing.

@Sitasbudgetingjourney Жыл бұрын

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.

@debt2none Жыл бұрын

It’s so true. We’re all different. You can do it!! Debt free in June ‘24!!! 🙌🏾 Yeessss!!!

@Sitasbudgetingjourney Жыл бұрын

@@debt2none Thanks for the motivation. I appreciate you ❤️🌸❤️

@parvanirose 6 ай бұрын

You are so close! I know you can do it! 🎉

@Sitasbudgetingjourney 6 ай бұрын

@@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🙏🏼

@pinksugaar 2 ай бұрын

It’s June are you debt free?

@vg32et 11 ай бұрын

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.

@debt2none 11 ай бұрын

Very cool. Okay, I’ll check that out. Thanks for the tip.

@DebtFreeJessie Жыл бұрын

Haha, love it! "I've paid enough interest!" Yeah!! Stack that cash, Kim! Great tips! You've done so well, budget buddy🎉🎉

@debt2none Жыл бұрын

Aww, Jessie!! Thank you for saying that! 💝

@PoeticComments 6 ай бұрын

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

@debt2none 6 ай бұрын

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.

@PoeticComments 6 ай бұрын

@@debt2none Wanted to share to warn others 😩

@debt2none 6 ай бұрын

@PoeticComments ~ Much appreciated! ❤️

@sharishines99 Ай бұрын

@@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.

@PoeticComments Ай бұрын

@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!

@pharmclare 9 ай бұрын

Amazing insights, thanks for sharing

@debt2none 9 ай бұрын

Aw, I appreciate you saying that. Thank you soooo much for watching!!

@PrettyReeBudgets Жыл бұрын

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. 😊

@debt2none Жыл бұрын

And I know you’ll get it paid off. You’re such a fighter! 😘

@niki9638 7 ай бұрын

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.

@debt2none 7 ай бұрын

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. ❤️

@ramontaitt5988 6 ай бұрын

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!!!

@debt2none 6 ай бұрын

Oh okay, nice. Thank you for sharing the info!!

@cynthiacoc6400 6 ай бұрын

Thanks this was great info

@peterfong8882 5 ай бұрын

The days is 365 not 356 right?

@bird7464 Жыл бұрын

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 :)

@debt2none Жыл бұрын

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

@jepipie 10 ай бұрын

love this video! thanks for doing the math for us.

@debt2none 10 ай бұрын

Thaaaank youuuu!! 🤗 I really appreciate you saying that.

@jepipie 10 ай бұрын

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

@debt2none 10 ай бұрын

@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 🙌🏾

@reneemobley6748 3 ай бұрын

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 🤞🏽😊

@debt2none 3 ай бұрын

Oh wow! That’s awesome!! July would be fabulous to have it paid off. I love the intensity that you have. You got this!! 🙌🏾

@chickenfingersss9155 Жыл бұрын

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

@debt2none Жыл бұрын

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 🤗

@bethburton1260 Жыл бұрын

Great tips!!

@debt2none Жыл бұрын

Aw, thank you my friend

@Soaring_Seajay 10 ай бұрын

Great tips, new subscriber 🎉

@debt2none 10 ай бұрын

Hey there! Thank you & thanks a million for joining me🤗

@enigmathegrayman2953 6 ай бұрын

I love debt so much… ……I SET THEM FREE!

@debt2none 6 ай бұрын

🙌🏾🙌🏾🙌🏾

@TheGalvannyVEVO 7 ай бұрын

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

@debt2none 7 ай бұрын

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.

@lilliangonzales8893 10 ай бұрын

Do you have a video talking about the CDs you mentioned? Would love to know how that works..

@debt2none 10 ай бұрын

Yes! 🤗 My most recent upload is all about CDs and their current rates.

@nosirrahm Жыл бұрын

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.

@debt2none Жыл бұрын

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 🤦🏾‍♀️😅

@757Princess 5 ай бұрын

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.

@bm11775 2 ай бұрын

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.

@debt2none 2 ай бұрын

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!!

@K717MOS 2 ай бұрын

Great tips!!! I’m going to use them. You’re so gorgeous!!

@debt2none 2 ай бұрын

Oh my gosh!!! Thank you!!! 💗

@bendietrees 10 ай бұрын

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.

@debt2none 10 ай бұрын

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.

@adriennenicol3380 7 ай бұрын

Thanks for the tips! Do you mind if I ask how long you've had the CD's and how much you initially deposited to get it to where it is right now? I'd love to do that!

@debt2none 7 ай бұрын

Aw, it’s my pleasure!! I inherited some money after my mom passed so I started with $10k in that CD & it was a 5 yr. CD at 3.5%. It only earned $1800 in interest. Back then I didn’t know what to do with extra money so I just threw it into CDs rather than blow it. I had 1 CD mature each year for 5 years.

@Chattingwithsam 8 ай бұрын

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.

@debt2none 8 ай бұрын

6 more months and then you’re finished with school 🙌🏾 That’s fantastic!! Sounds like a good plan to me

@Chattingwithsam 7 ай бұрын

@@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,

@debt2none 7 ай бұрын

Okay nice. I wish you all the best.

@sarahschreffler5407 Жыл бұрын

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.

@debt2none Жыл бұрын

Great idea! That is extremely eye opening to see.

@abionline2.0 10 ай бұрын

Is the interest you will gain from the CDs and savings more than you will be paying out on the debt you plan to retain for the next couple of months? ...or are you going after shiny things and delaying paying off the debt? Just curious... I have my own to work on as well so I found your article very interesting.

@debt2none 10 ай бұрын

That’s a great question! Yes, because I don’t have interest accruing on my debt, everything I earn in savings is a win. Although when I consolidated my debt into 1 credit card, I had to pay $204 on the $6,800 balance transfer. (3% fee) But currently I’m earning 5.40% on my savings.

@Missy-sx9zv Жыл бұрын

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

@debt2none Жыл бұрын

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!

@b.freeman2118 11 ай бұрын

For the Marcus CD …. How long does the money have to sit in the account before you can draw it out? So basically can you withdraw the 5.30% percent each month without fees for 3 months straight??? Also, can you deposit a large sum $10K and then withdraw the whole thing for example 6 months later? Thank you for your time✨

@debt2none 11 ай бұрын

You earn 4.30% (currently) with Marcus high yield savings account. You can add as much as you want, up to 1 million dollars will earn the interest rate. You can withdraw funds whenever you want without fee. When you have friends/family open an account with Marcus using your referral code, then you will earn 1.00% higher than regular rate (which currently would give you 5.30%) for the next 3 months from the date their account was opened. You are allowed a maximum of 5 referrals per 1 calendar year. For a standard CD, you can not withdraw anything before the term is up. If you do, there is a penalty charged. They do have a “No-penalty” CD which will allow you to withdraw your full balance 7 days after funding with no penalty charge to you. But the APY rates are lower than standard CDs. You can open a 6 month CD with $10,000 and close it after the 6 months are up. But if it’s a 12 month CD and you want the funds after 6 months, you will be charged. I hope this was helpful & I made sense. Let me know.

@elizabethc5149 8 ай бұрын

I just put a thousand towards my car loan finally under 5000 left on that loan

@debt2none 8 ай бұрын

Wahoo!!! 🎉 Under $5k now!! Almost finished 🙌🏾

@angelanthony5454 6 ай бұрын

Do you just cancel the 0% credit card once your rate increases after the promotional period? And transfer anything that’s left to another promotion card?? Does that hurt your credit having cars closed every couple years?

@debt2none 6 ай бұрын

I don’t close any of my credit cards anymore. I just pay them off and never use most of them. Yes, your credit score can decrease because it changes your credit utilization ratio. Also closing credit cards that you’ve had for many years affects your score. If for some reason I can’t pay off a 0% promotion in time then yes, I’d do another balance transfer.

@kathymathews2804 7 ай бұрын

Question for you. How much do you recommend be in an emergency savings account? We are seven years shy of retiring and I want to make sure I have ample funds set aside before that time.

@debt2none 7 ай бұрын

I think it depends on what a person is comfortable with. Dave Ramsey suggests 3-6 months of your monthly expenses. 6 months worth still kept me anxious. So I decided to save up 1 year’s worth of expenses because that’s my comfort level. My recommendation is to figure out what your comfort level is & aim for that amount.🤗

@themomlifeco Жыл бұрын

Stack the cash! Love it Kim

@debt2none Жыл бұрын

Chrissy!!!😍 I’m so happy that you stopped by 💗 Thank you sweet lady😘

@themomlifeco Жыл бұрын

Great Tips!! ❤❤❤

@debt2none Жыл бұрын

❤️❤️❤️

@user-dj6yz5jt1k 8 ай бұрын

What about credit cards that have gone to collections? Should I still pay that?

@debt2none 8 ай бұрын

Yes, I would pay the accounts in collections, definitely, but I’d pay the active accounts first because so nothing else is added to collections. When I was ready to pay my bill that was in collection, I was able to negotiate a lower payoff balance as well. That was a big help.

@Joce123 Жыл бұрын

I will never again get a large 0 % balance transfer ..what if I get sick ? Not paying it off within 1 year my 11% credit card interest would go to 29%!..

@debt2none Жыл бұрын

That’s would be scary! I’m grateful that I’ve always paid mine off well in advance.

@sylvialewis758 11 ай бұрын

Praise the Lord! That is awesome!!!

@debt2none 11 ай бұрын

💗💗💗

@FantasticBooo 9 ай бұрын

Nice tips . Merci beaucoup ❤

@debt2none 9 ай бұрын

Thank you!! 🤗❤️

@DreaMing718 Жыл бұрын

I had to have the conversation with myself. Working on it❤

@debt2none Жыл бұрын

Oh man, I know about those conversations…😘

@n.c2058 11 ай бұрын

Question.... I just applied for a credit debt relief program to help me. Was this a good idea or sbould i cancel immediately? Someone olz help me

@debt2none 11 ай бұрын

Hey there! Well, I definitely won’t tell you what to do or not do. But I will let you know the reasons why I chose not to use any debt relief programs. I found out that I was capable of doing everything on my own. Those programs charge large fees and I didn’t want to pay more money on top of my debt. I was able to contact the creditors myself to lower interest rates, change due dates, etc. Also, if a debt was sent to collections, I can negotiate the balance myself without involving a debt relief program. I find those companies to be an unnecessary expense. But you may have reasons why you feel you need them…

@notimeforweight 7 ай бұрын

Question on balance transfers.. do we get the amount that we are looking to transfer is that determine by credit card company based on approval?

@debt2none 7 ай бұрын

Yes it is. The balance transfer amount is equal to the credit limit given.

@notimeforweight 7 ай бұрын

@@debt2none my original question was supposed to have on Or. My apologies

@kimc.5625 Жыл бұрын

Great video!! I have a question you said pay the minimum plus the interest. I got slightly confused on how you said you figure out the interest? In my mind I was thinking the minimum plus the amount of interest that is on my statement. Please clarify if you dont mind. Thanks in advance.

@debt2none Жыл бұрын

Oh yea. That’s my fault for being confusing. Thank you so much for asking. I estimate my interest by multiplying my balance by my interest rate. If my balance was $2,500 with a 29% APY, I would multiply 2500 by 0.29. That’s 725. I then divide that 725 by 12 to get an estimate of the interest charge for the month. Those numbers would lead me to $60.42. The I would add $60.42 plus the minimum payment (sometimes way more than min.) in order to see movement of my balance. I hope that makes sense 😬

@veniestagourdine3881 10 ай бұрын

@@debt2noneso interesting….teach a old fool something lol

@TheTriciaLife 7 ай бұрын

@@veniestagourdine3881someone else commented this isn’t correct, but not completely wrong. You divide it by 365 (days in the year) which is the APY=Average Per Year That’s why the calculation was barely off.

@debt2none 7 ай бұрын

Yea, I wish someone had told me earlier how to properly calculate the interest. 🤦🏾‍♀️😂 But I guess it still did the trick.

@dancingshadows5422 6 ай бұрын

This is a very sensitive subject to me but id like to ask a question. So i have a 20k hospital debt that went into collections and i haven't done anything towards that situation due to mourning my child's death. What can i do pls and thank you .(i didnt have health insurance at the time and i was 1 month away or less actually from being approved). Thank you

@debt2none 6 ай бұрын

Oh dear, I’m so sorry to hear about the loss of your child. ❤️ It’s completely understandable that you wouldn’t have dealt with that stuff while dealing with such a tragedy. There’s a couple of things you can do regarding the medical bill debt. 1) You can negotiate your medical debt. Some collection agencies will work with you on an income-driven repayment plan. Others will agree to settle the debt for less than the original amount. Get everything you agree to in writing before you pay them anything. 2) Or you could write a medical hardship letter. You can request partial or full debt forgiveness from a collection agency. Explain why you cannot afford to pay. The agency may be willing to settle the debt for a smaller amount. They also may waive late fees or interest charges.

@dancingshadows5422 6 ай бұрын

@@debt2none 🙏 thank you very much you're so kind

@debt2none 6 ай бұрын

@dancingshadows5422 If I learn of any other resources to help you, I’ll let you know. I really hope it goes well for you. 💗

@DollarsMakeSense2Me Жыл бұрын

Great work new subber here💚

@debt2none Жыл бұрын

Aww! Thank you!! I’m so glad to have you here with me. And I see that you are on a journey too. I’ll be following ya!😘💗

@MarcoFlores-tk3jx 11 ай бұрын

And I’m over here stressing off on 3k of debt 😂

@debt2none 11 ай бұрын

Aww! Well that just tells me that what might stress one person out would feel like a blessing to another person. 🤣

@naejj876 9 ай бұрын

Same here😂

@TheTriciaLife 7 ай бұрын

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!

@pinksugaar 2 ай бұрын

I have 57k I’m cutting up my cc