Hi everyone! Just want to say before you comment...think! And remember, everyone's financial journey is DIFFERENT!! So before you comment, ask yourself...is this comment rude? Or judgmental? Or addressed in this video? If the answer is yes...maybe don't comment it. Some of y'all are sassy! And while I don't mind sass, I'm also not afraid to give it back 😉 Also as I say in all my videos: I'm not a financial advisor or an expert, this is just my experience.
Suggestion: No dog until you have your CC paid off. Dogs can be expensive with food, care, extra deposit if you rent, boarding, grooming, vaccinations, flea/tick prevention, unknown health issues, possible allergies, beds, toys, treats….. and in my case eye surgery and knee surgery ($7K put on my CC for those surgeries). It’s a huge commitment and don’t think you should be doing that while in such deep CC debt. Same for Hawaii. Save for that after the CC is $0. 😊
I'm a vet tech, and I can't agree with this comment more! It's heartbreaking to see people bring their pets in and not be able to afford treatment or diagnostics, and I know how stressful it is to have to pay for these things with a credit card. I highly recommend getting out of debt first AND creating an emergency fund for your pet if they get sick or have an emergency.
Well stated. I made the mistake of having pets when I wasn’t financially stable. The mad scramble when my dog got sick was just awful. Now I have a dedicated emergency fund for them and the peace of mind that comes from knowing I can get X-rays and blood work and surgery and all of that if an emergency arises is priceless.
Did i hear you say "Hawaii trip"? Honestly, you cannot afford a trip or a pet yet. You say that you don't know how you got so much CC debt, and then you say that you go big for your birthday and splurged on Christmas gifts. I think you know how you got into CC debt.
wow...such vulnerability....TY for sharing. There is such a stigma on debt but I can see how consistency pays off. This is why I just started my channel...to be accountable and pay off my credit card debt! I'm glad I found your channel :)
I loved my community college. I graduated debt free with my associates, and would have stayed for my bachelors degree if they had my program of interest there. Please look into your state college/community college, almost all of them have bachelors degrees now with much lower tuition.
Fellow Michigander here! 👋 I am doing the 100 envelope challenge as well but putting $100 in each envelope. I’m so determined to pay off my debt! Thanks for your honesty! I love being in this community, because it keeps me motivated to path of debt and cheer others on who are in the same boat! 🎉
I think the issue with student loan forgiveness is the term used to sell it. It isn't being forgiven. The balance is being shifted to the taxpayers, which include people who never went to college. It is also a distraction to the real issue at hand, which is why did your degree cost so much in the first place? Oh yeah, the government guaranteed the loans and made them nonbankruptable. There for allowing universities to increase costs at insane rates because banks will give money to anyone when it's guaranteed repayment. Everyone needs to demand this system be fixed, then I'm all for "forgiveness."
I love watching debt pay offs. Especially if they have a chart and you get to watch them colour it in with lovely inky texters. Can we see your debt written down
Lesson learned is go to a good in-state school and NEVER take out private loans. They will haunt you forever. I appreciate your transparency and good luck with the debt repayment journey.
I know it seems overwhelming but you can do it. You're doing so well getting started so quickly. I had 75,000 in student debt (NYU) and paid it off a few years ago. There were times I never thought the day would come but it did. You're doing great.
Excellent video! I completely agree with you in regards to student loans. My husband is paying his off...although it's mostly interest. If not for the interest, he would have paid off more than half. He has an engineering degree so that's solid, but the amount students in the US pay for schooling is ridiculous.
Thank for your honesty ❤ it's hard to open up about something that a lof of people see as shameful. You have an education and in my opinion there's a lot of things wrong with how flipping expensive school is. You got this ❤️
I don’t mind student loan forgiveness but think there should be some sort of transfer in services. I got mine forgiven after working 10 years in low income schools. Doctors can get some forgiven for working in rural areas for a number of years. For those that don’t have social service jobs, perhaps community service could count towards earning forgiveness.
I have tons of debt. Federal Student Loans - $36K New Car Debt (2022) - $37K Consumer Debt - C.C $4200 - no interest. C.C $423.59 - 28% interest Personal Loan $7,085.16 Personal Loan - $90.70 Roughly $85,700.60 in debt. Of which ($11,799.45) is consumer debt. I’m just trying to get my consumer debt paid off ASAP. I can definitely have it cleared out by the end of 2023.
Absolutely, you got this. Try to know out that $90 personal loan and that $424 credit card first. Then you can put those payments to the next debt of that credit card
@@reylersjourney Yes yes! My next paycheck is on Dec 15th. That pesky $90 balance on the personal loan will be the first to go! And the $423 credit card. I’m so excited. It’s been a journey. I clear off some debt, then I put some more back on. It’s ridiculous but I’m not playing around anymore. Still trying to find the balance between saving money and paying off debt. I’m definitely gonna start the $10K savings challenge in 2023. And I’ll try not to throw it at my debt because I need some money to save for myself. 🙄💕
People who chose a vocational career or didn’t have the opportunity to go to school are making FAR LESS than people with college degrees. They shouldn’t be expected to pay your loans.
I bet it feels good to have a plan! That's so useful that you met with a financial advisor to get another set of eyes on the numbers from a professional. Trying to tackle my credit card debt first, also. I'm going to look into the balance transfer options, because it might take us awhile to get there. I've paid them off before which is why I'm trying to focus on retirement and savings now, too. Balance baby!!
My dad completely stopped using a couple of credit cards to pay off the debt on those cards. We pulled cash from our bank account to use in place of the credit cards. I use a debit card so I don’t have debt, but I do closely monitor how I spend my money. One of my 2023 goals is to not spend so much money
New subbie here! Great debt confession video. You can do it! For me, once I had my plan in place, I felt so much relief. I’ll be making a debt confession video soon, too.
New Subscriber here. Just found your channel and it is great to be here supporting another fellow budgeter! I know this is an older video but am watching more to catch up.
1. you need to postion the round light in another angle. 2. spend less or get a second job and most importantly that everything should do, save every month,, even small amounts add up over 50 years.... good luck!! 3. USA student debt system needs a total overhaul. 4. make one small !!!!!! purchase a month every month on a credit card that you then pay off right away, to keep you score high
I work in an industry where a second job option doesn’t exist and I do my best with my side hustles as often as I can. I also don’t believe in working 24/7 and not living life, what’s the point of living if you can’t enjoy it. If you listen to the video I explain why I’ve racked up debt. I’m not ashamed of my consumer or my education. I do save quiet a bit if you watch my other video. I plan to have my debt cleared by 2025. Thanks for you input though.
Everyone’s financial situation is different. Whether it’s shopping addiction, trying to provide for children or just trying to survive -everything in between, you can’t judge someone for their debt. A lot of people get into debt because they open a credit card at 18 to build credit and it gets out of hand. I have several credit cards but that one card holds my debt. Part of my debt was a car loan that I paid off this year. I needed a car to get to school, my job etc. Over 80 percent of my debt is from getting an education. My credit card debt comes from trying to make bills when my paycheck didn’t come through, moving to a new job that didn’t fully reimburse my moving expenses and sometimes paying even for my health needs. Don’t be judgement for someone’s situation. I’m lucky to not be in more debt than I am. And I’m grateful to now have a stable job. It is what is. If you have a mortgage, that’s debt. A car loan, thats debt, personal loan to finance something, that’s debt. There’s good debt and bad debt. But please don’t go shaming anyone for their financial situation.
@@reylersjourney thanks. i guess everyone situation is different. i dont mean to be cruel. I just have a different financial thought process than others. fortunately, I like to see my investments grow vs. shopping. Good luck with your finances.
@@clancyemail9768 my parents debt was because we are trying to sell our old house while renovating our current house. I’m not going to try and get them to focus on the old house first but I did am helping them with some costs such as buying tools for our current projects.
@@reylersjourney I don't mean to be cruel, but you are SO broke and yet SO oblivious: Hawaii, $500 for your birthday, $1000 for Christmas, "go big or go home", right? 😆🤦♀️Nothing's gonna change, unless you change.
@@TareasdelHogar LOL! I think we have very different definitions of "broke" But I guess as a "broke" person I'm doing pretty good for myself quickly paying off debt and still living my best life 🤷♀
Yes, the zero interest balance transfer cards can be a good vehicle IF you continue to pay routinely at an amount which will pay off by the time your zero interest time frame is over. If the minimum required for pay off is $5xx and you've been paying $600, I can only encourage you to keep paying $600 per month. And, all the more you can put down on this card until the student loan minimums kick in. If this means you've got a spare $1, $20, or $100 above the $600 then put it down against the principle of this zero interest card. The, what was it $557 per month?, is basically a minimum payment amount. If you're actually paying $600 a month, this translates into a $43/ month extra primciple payment and in 13 months, you will knock one whole month off the repayment ($43×13=$559) plan; add $7 for a monthly payment of $607 and you'll be putting in an extra $50/ month for easier payoff computations in your head. And, should you find minimum payments eating into your eating budget, you could recalculate the minimum amount to pay off the remaining balance in 21 months. I'm not as convinced that paying down the government student loan(s) with its lower interest rate first is the better idea. I understand snowballing the minimum payment from a paid-off, lower balance debt into the repayment of a higher balanced debt. It can result in less money overall spent on interest but most times it does not. When paying off debt over the long term, getting those minimum payments down can be mighty important. If one or more of those private school loans are on a variable interest rate linked to the Fed rate, you might want to check to see what reducing the principle owed will do to your minimum monthly obligation/ payment; then consider some extra principle only payments on some of those before paying the lower rate government loans off first.
Yep! That’s the plan to keep paying the 600 instead of the minimum $250. As for my student loans it really depends on what happens with loan forgiveness. Part of the conversation I had with my advisor was to pay off as much as my federal as I can by the time loan forgiveness comes around so it could be possible my federal loan gets wiped out. But time will tell. As for now, credit card getting paid off is the priority since I can’t claim it on my taxes haha.
@@reylersjourney ooops, and my apologies! I have an aged, piddley device and poor connection. I thought I heard something like $557 not $250. At $600 instead of $250 ...does that mean an 8 to 9 month payoff instead of a 21 month payoff !? If so, that is quite admirable and puts you close to payoff by the time June 2023 hits. The budget will feel a $600/ month relief when this one is paid off too.
That’s alright! And technically it would take 18 months. I want to contribute as much as I can so maybe I can get it to be paid off in a year but we will see. If I can a better paying job in the next couple months it’s possible to pay it off fast but we will see! I’ll keep you updated :)
Hi everyone! Just want to say before you comment...think! And remember, everyone's financial journey is DIFFERENT!! So before you comment, ask yourself...is this comment rude? Or judgmental? Or addressed in this video? If the answer is yes...maybe don't comment it. Some of y'all are sassy! And while I don't mind sass, I'm also not afraid to give it back 😉 Also as I say in all my videos: I'm not a financial advisor or an expert, this is just my experience.
Thank you for the transparency. Alot of people r in the same boat so having a plans definitely helps. Great job u can do it . Tfs
Suggestion: No dog until you have your CC paid off. Dogs can be expensive with food, care, extra deposit if you rent, boarding, grooming, vaccinations, flea/tick prevention, unknown health issues, possible allergies, beds, toys, treats….. and in my case eye surgery and knee surgery ($7K put on my CC for those surgeries). It’s a huge commitment and don’t think you should be doing that while in such deep CC debt. Same for Hawaii. Save for that after the CC is $0. 😊
I'm a vet tech, and I can't agree with this comment more! It's heartbreaking to see people bring their pets in and not be able to afford treatment or diagnostics, and I know how stressful it is to have to pay for these things with a credit card. I highly recommend getting out of debt first AND creating an emergency fund for your pet if they get sick or have an emergency.
Well stated. I made the mistake of having pets when I wasn’t financially stable. The mad scramble when my dog got sick was just awful. Now I have a dedicated emergency fund for them and the peace of mind that comes from knowing I can get X-rays and blood work and surgery and all of that if an emergency arises is priceless.
Personal finance is 80% behavior and 20% math. Problem is the 20% doesn't bend it's rules to accommodate the 80%
Did i hear you say "Hawaii trip"? Honestly, you cannot afford a trip or a pet yet. You say that you don't know how you got so much CC debt, and then you say that you go big for your birthday and splurged on Christmas gifts. I think you know how you got into CC debt.
wow...such vulnerability....TY for sharing. There is such a stigma on debt but I can see how consistency pays off. This is why I just started my channel...to be accountable and pay off my credit card debt! I'm glad I found your channel :)
Thank you for being here!
I loved my community college. I graduated debt free with my associates, and would have stayed for my bachelors degree if they had my program of interest there. Please look into your state college/community college, almost all of them have bachelors degrees now with much lower tuition.
Fellow Michigander here! 👋
I am doing the 100 envelope challenge as well but putting $100 in each envelope. I’m so determined to pay off my debt!
Thanks for your honesty! I love being in this community, because it keeps me motivated to path of debt and cheer others on who are in the same boat! 🎉
I think the issue with student loan forgiveness is the term used to sell it. It isn't being forgiven. The balance is being shifted to the taxpayers, which include people who never went to college. It is also a distraction to the real issue at hand, which is why did your degree cost so much in the first place? Oh yeah, the government guaranteed the loans and made them nonbankruptable. There for allowing universities to increase costs at insane rates because banks will give money to anyone when it's guaranteed repayment. Everyone needs to demand this system be fixed, then I'm all for "forgiveness."
I love watching debt pay offs. Especially if they have a chart and you get to watch them colour it in with lovely inky texters.
Can we see your debt written down
I can! I'm planning to do it in my monthly recaps so look out for that at the end of january :)
Lesson learned is go to a good in-state school and NEVER take out private loans. They will haunt you forever. I appreciate your transparency and good luck with the debt repayment journey.
Lol I did go to a really good in state school
I know it seems overwhelming but you can do it. You're doing so well getting started so quickly. I had 75,000 in student debt (NYU) and paid it off a few years ago. There were times I never thought the day would come but it did. You're doing great.
Excellent video! I completely agree with you in regards to student loans. My husband is paying his off...although it's mostly interest. If not for the interest, he would have paid off more than half. He has an engineering degree so that's solid, but the amount students in the US pay for schooling is ridiculous.
Thank for your honesty ❤ it's hard to open up about something that a lof of people see as shameful. You have an education and in my opinion there's a lot of things wrong with how flipping expensive school is. You got this ❤️
I don’t mind student loan forgiveness but think there should be some sort of transfer in services. I got mine forgiven after working 10 years in low income schools. Doctors can get some forgiven for working in rural areas for a number of years. For those that don’t have social service jobs, perhaps community service could count towards earning forgiveness.
I have tons of debt.
Federal Student Loans - $36K
New Car Debt (2022) - $37K
Consumer Debt -
C.C $4200 - no interest.
C.C $423.59 - 28% interest
Personal Loan $7,085.16
Personal Loan - $90.70
Roughly $85,700.60 in debt.
Of which ($11,799.45) is consumer debt.
I’m just trying to get my consumer debt paid off ASAP. I can definitely have it cleared out by the end of 2023.
Absolutely, you got this. Try to know out that $90 personal loan and that $424 credit card first. Then you can put those payments to the next debt of that credit card
@@reylersjourney Yes yes! My next paycheck is on Dec 15th. That pesky $90 balance on the personal loan will be the first to go! And the $423 credit card. I’m so excited. It’s been a journey. I clear off some debt, then I put some more back on. It’s ridiculous but I’m not playing around anymore.
Still trying to find the balance between saving money and paying off debt. I’m definitely gonna start the $10K savings challenge in 2023. And I’ll try not to throw it at my debt because I need some money to save for myself. 🙄💕
Check out my 10k challenge on my Etsy, if it’s not your style I’d be happy to design one that you would like!
@@reylersjourney Okay bet! I’ll check it out! I love to support small businesses 💕🥹🌹
One of your biggest mistakes was buying a brand new car. You should have gone with a car that was a couple years old.
New here! I appreciate the transparency and I remember the feeling of drowning in debt! It gets better! 💜
People who chose a vocational career or didn’t have the opportunity to go to school are making FAR LESS than people with college degrees. They shouldn’t be expected to pay your loans.
I bet it feels good to have a plan!
That's so useful that you met with a financial advisor to get another set of eyes on the numbers from a professional.
Trying to tackle my credit card debt first, also. I'm going to look into the balance transfer options, because it might take us awhile to get there. I've paid them off before which is why I'm trying to focus on retirement and savings now, too. Balance baby!!
My dad completely stopped using a couple of credit cards to pay off the debt on those cards. We pulled cash from our bank account to use in place of the credit cards. I use a debit card so I don’t have debt, but I do closely monitor how I spend my money. One of my 2023 goals is to not spend so much money
@@Karrambide that's a great goal for the new year!
New subbie here! Great debt confession video. You can do it! For me, once I had my plan in place, I felt so much relief. I’ll be making a debt confession video soon, too.
New Subscriber here. Just found your channel and it is great to be here supporting another fellow budgeter! I know this is an older video but am watching more to catch up.
1. you need to postion the round light in another angle. 2. spend less or get a second job and most importantly that everything should do, save every month,, even small amounts add up over 50 years.... good luck!! 3. USA student debt system needs a total overhaul. 4. make one small !!!!!! purchase a month every month on a credit card that you then pay off right away, to keep you score high
I work in an industry where a second job option doesn’t exist and I do my best with my side hustles as often as I can. I also don’t believe in working 24/7 and not living life, what’s the point of living if you can’t enjoy it. If you listen to the video I explain why I’ve racked up debt. I’m not ashamed of my consumer or my education. I do save quiet a bit if you watch my other video. I plan to have my debt cleared by 2025. Thanks for you input though.
I didn’t see your savings challenge box!
I just sold out! I will be restocking after Christmas😊
How can so many people get in debt. I don't get it.
Everyone’s financial situation is different. Whether it’s shopping addiction, trying to provide for children or just trying to survive -everything in between, you can’t judge someone for their debt. A lot of people get into debt because they open a credit card at 18 to build credit and it gets out of hand. I have several credit cards but that one card holds my debt. Part of my debt was a car loan that I paid off this year. I needed a car to get to school, my job etc. Over 80 percent of my debt is from getting an education. My credit card debt comes from trying to make bills when my paycheck didn’t come through, moving to a new job that didn’t fully reimburse my moving expenses and sometimes paying even for my health needs. Don’t be judgement for someone’s situation. I’m lucky to not be in more debt than I am. And I’m grateful to now have a stable job. It is what is. If you have a mortgage, that’s debt. A car loan, thats debt, personal loan to finance something, that’s debt. There’s good debt and bad debt. But please don’t go shaming anyone for their financial situation.
@@reylersjourney thanks. i guess everyone situation is different. i dont mean to be cruel. I just have a different financial thought process than others. fortunately, I like to see my investments grow vs. shopping. Good luck with your finances.
@@clancyemail9768 my parents debt was because we are trying to sell our old house while renovating our current house. I’m not going to try and get them to focus on the old house first but I did am helping them with some costs such as buying tools for our current projects.
@@reylersjourney I don't mean to be cruel, but you are SO broke and yet SO oblivious: Hawaii, $500 for your birthday, $1000 for Christmas, "go big or go home", right? 😆🤦♀️Nothing's gonna change, unless you change.
@@TareasdelHogar LOL! I think we have very different definitions of "broke" But I guess as a "broke" person I'm doing pretty good for myself quickly paying off debt and still living my best life 🤷♀
Great informative video! I love your energy❤️
🥰 I'm new here and new to the debt community :)
Welcome!!
I just made new another debt ,and now i need to work hard to pay it.Huhu
Yay for TH-cam for sending me a great TH-cam channel!! ❤
Great information. You can do this!
I went to SUNY Stony Brook! Go Seawolves, lol
Small world! Once a seawolf, always a seawolf❤️🐺
So basically you screwed yourself for years.
💪💪💪
Hey new subbie here! 😊 amazing video
So happy to have you join me on my journey!
❤❤❤
Yes, the zero interest balance transfer cards can be a good vehicle IF you continue to pay routinely at an amount which will pay off by the time your zero interest time frame is over. If the minimum required for pay off is $5xx and you've been paying $600, I can only encourage you to keep paying $600 per month. And, all the more you can put down on this card until the student loan minimums kick in. If this means you've got a spare $1, $20, or $100 above the $600 then put it down against the principle of this zero interest card. The, what was it $557 per month?, is basically a minimum payment amount. If you're actually paying $600 a month, this translates into a $43/ month extra primciple payment and in 13 months, you will knock one whole month off the repayment ($43×13=$559) plan; add $7 for a monthly payment of $607 and you'll be putting in an extra $50/ month for easier payoff computations in your head. And, should you find minimum payments eating into your eating budget, you could recalculate the minimum amount to pay off the remaining balance in 21 months.
I'm not as convinced that paying down the government student loan(s) with its lower interest rate first is the better idea. I understand snowballing the minimum payment from a paid-off, lower balance debt into the repayment of a higher balanced debt. It can result in less money overall spent on interest but most times it does not. When paying off debt over the long term, getting those minimum payments down can be mighty important. If one or more of those private school loans are on a variable interest rate linked to the Fed rate, you might want to check to see what reducing the principle owed will do to your minimum monthly obligation/ payment; then consider some extra principle only payments on some of those before paying the lower rate government loans off first.
Yep! That’s the plan to keep paying the 600 instead of the minimum $250. As for my student loans it really depends on what happens with loan forgiveness. Part of the conversation I had with my advisor was to pay off as much as my federal as I can by the time loan forgiveness comes around so it could be possible my federal loan gets wiped out. But time will tell. As for now, credit card getting paid off is the priority since I can’t claim it on my taxes haha.
@@reylersjourney ooops, and my apologies! I have an aged, piddley device and poor connection. I thought I heard something like $557 not $250. At $600 instead of $250 ...does that mean an 8 to 9 month payoff instead of a 21 month payoff !? If so, that is quite admirable and puts you close to payoff by the time June 2023 hits. The budget will feel a $600/ month relief when this one is paid off too.
That’s alright! And technically it would take 18 months. I want to contribute as much as I can so maybe I can get it to be paid off in a year but we will see. If I can a better paying job in the next couple months it’s possible to pay it off fast but we will see! I’ll keep you updated :)