Hi everyone! I made a mistake by not including the minimum payments in example 3 so this person will definitely be able to pay off their debt before the time I stated. I'll upload another debt pay off video in a few weeks to show the snowball method properly.
Paid off 20k of consumer debt earlier this year and it took a lot of work (over a year) and watching these videos even after being consumer debt free keeps me in check. I’ll never have the mindset to spend on things I cannot pay for ever again!! Love your vids, Aja!
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
she's a known advisor. I actually did look her up curiously and went through her credentials on her webbsite... Top-notch! I wrote her an email, hopefully she's accepting new intakes.
Best life changing advice is to pick a good financial mentor and let them guide you towards wealth. This really saves you from loss and time wasting. I am glad I know Olivia Sullivan.
What helped me was to apply for another credit card with another cc company, then i transferred my credit card debt over to my new credit card giving me 18 months to pay off my debt interest free.
@roguenerdd you can do a balance transfer to a new card that has zero interest on it for xyz month or an old card (sometimes when you have reduced the sum on your credit card, they have new offers that pop up e.g. zero interest for xyz on new transfers to that card). You could also do balance transfers to another of your credit cards that has a lower interest. I hope that makes sense. If not ask away 🤗 ( i am based in the UK for context)
I paid off 12k in one month. The month of September we got paid three times. I did a no spend month and threw every check(minus expenses)on the credit card, took 2k from savings and took my credit card out of my wallet and locked it. Only used my debit card for daily expenses like gas and groceries
I think the first thing anyone in cc debt should do is switch to a lower interest card, they can save hundreds just doing that and then pay off what is on it.
I just paid off my first of two credit accounts today with the snowball method! I’m ready to tackle the second one and then start building up my larger emergency fund (I have my super duper emergency fund already locked in) 🎉
I’ve been in a non-stop loop of debt. My rent and the earning of minimum wage is ruining my liv’lihood. Entry-level establishments and their employee/work policies are bias towards an outlier outlook on a successful future.😊
Are they ruining your livelihood or are you intent on living beyond your means? Add up your debt, your expenses, and figure out what you can do without for 6 months. Get a roommate, increase your skills to get a higher paying job, and attack your debt. Get out of the loop and you’ll be able to get back to living without a roommate or whatever else you feel you need.
I think the thing that kills so many people is rent. Some people pay $800 / month vs someone like me in nyc and i pay almost 3 times. Urgh Living alone is rough haha
Well the problem is that I’m like 13k in debt and I only make $40k a year. I haven’t spent on the cards in months bc I cut myself off. I’ve never been late on my payments but I can barely afford them. I’ve done balance transfers on all my cards so I’m actually not paying an interest. After the promotional period of no interest ends I just do another balance transfer so I still continue to not have interest. I’m doing the snowball method and I have paid off a couple cards but it’s slow going since I make such little money. I’m also torn on whether or not to save an emergency fund or pay my credit cards. I can’t really do both at the same time. I only have $1200 emergency fund but I know that’s not enough.
I think $1200 is enough for a mini emergency fund but if you'd like to add a few more hundred to that to make it an even $2000, I think that's fair. Once you pay off your debt you can increase that to a fully funded emergency fund. The good news is, you are no longer using your credit cards so you're not adding to your balance, which is great!
I’m saying this in a supportive way: If you’ve never asked for a raise or promotion, now is the time. I know it can be scary, but it can really help. Or a side hustle. Or a different company that pays better. Again, I know it’s not easy/can be scary, but I asked and got them after years of hard work. First woman in my family to ever ask. Wishing you the best ✨
@@jackie41083 I get an annual raise next month. Unfortunately it’s only like 3% which is like 50-70 cents. I’ve had my job for 16 years as of next month. And I’ve only had 5 call-ins in all that time! I’m very loyal. I started making $7.25 when I was hired there as a teenager and now I make $18 plus bonuses so I made 40k last year. I get yearly raises plus I got a raise for becoming assistant manager and a few cost of living raises several years ago but it’s still not enough. I brought up another raise a couple months ago but was told by my manager that his hands are tied and that his boss won’t let him give any raises except annual raises which like I said are insignificant. And they are supposed to be capped at 4%. So idk what to do. This is the only job I’ve ever had and I don’t have a college degree or anything. And I only have experience doing this one thing (I’m assistant dietary manger at a nursing home). I’d like to get into something new but I’m not qualified for most jobs and the ones I’m qualified for pay less than what I make now. And I don’t want to get student loans to go to school so I’m kind of stuck. I will try to negotiate a higher raise when I get my annual next month. I’d like to at least make $20. 🙄 it’s crazy to me that I make so little after being there so long but they don’t see it that way. They told me they don’t really care about seniority.
@Moving2Win thank you, I have done balance transfers on all my credit cards so I don’t pay any interest though. That’s why I’m not too bothered about the emergency fund. It keeps me from having to use the credit card for emergencies and gives me a buffer if I run out of money before my next payday which happens a lot.
@Moving2WinI like your thinking! I look at my open credit revolving account as my emergency fund. My fridge went out I have a credit card to buy a new one and because I didn’t use my Lowe’s card for years they gave me 10% off and 0% rate for 6 months. Which was a win for me
Ok, watching you plan it out and work through the debt, really made using the snowball method clearer. I have not been doing it correctly, hence why I am not seeing much progress. It was like a light bulb went off and it suddenly makes more sense! I have reassessed and created a plan just like the ones demonstrated. I feel like it's going to work, thanks Aja!!!
@@AjaDang Not only was I not adding the paid off minimums towards the next payment amount, but I was using the extra cash from the paid off amount towards paying off other debt. I was paying extra towards ALL (4) credit cards each month. I now see how it works when you focus on one card at a time.
My debt is literally so similar to example 3 with amount of cards and total debt amount. Watching you plan out and do the snowball effect on it made me so excited I’m literally about to create my own plan and will definitely update if it is working. It was simply the fact that I been stuck in the cycle for about 2 years and easily seeing it be able to be tackled within 2 years gave me so much hope. 2 years ago I didn’t nor know nothing of the snowball or Avalanche effect, I knew credit… an event occurred that came unexpectedly and ever since I just been stuck trying to get out. I miss my 750 score, 590 isn’t where I want to be at so I’m deciding to fix my shit. I know I can do it, I currently was able to help my younger sister hit 750 herself. I’m not allowing her to fall into my same mistake and after I’m definitely aiming higher myself, 800+ was always the goal and once I get there I’m never letting it fall that low again. I appreciate this video so much, thank you Aja! New sub 🩷
@@withloveleli Hi! So glad that this video inspired you to build a plan! Something I forgot to add though, are the minimum debt payments for the other debts that aren't being focused on. So actually, this person will become debt free sooner. I did the correct version in this Tik Tok: same example and everything - www.tiktok.com/@ajadang/video/7384170252801740075
Tax laws can be so complex, and it’s super helpful to break them down like this. Understanding how different policies can impact our finances is crucial for making informed decisions.
Making profitable investments during this time of political change can be risky without that insight. For me, working with an adviser is the best first step to navigate these complexities and make informed choices.
I think having an investment advisor is the way to go. I've been with one because I lack the expertise for the market. I made over $490K during the recent dip, highlighting that there's more to the market than we average folks know.
Thx 4 sharing, I do a similar process, I divide mine into pat periods and don't add interest but I definitely love the idea of making a chart and highlighting, it seems encouraging
Great video Aja! Yeah the interest rate can vary within ONE credit card depending on how you used it. A cash advance interest % on your credit card vs balance transfer interest % on that same card. Sigh. It varies. I just paid off my second to last card. Now attacking my last credit card 😕 Yeah, I understand about not discussing the points/rewards systems first because that's how some of us got into credit cards in the first place. Good luck to everyone out there. YOU GOT THIS!
Great work Cynext solution so glad you are out there fighting these lowlifes. We need to do all we can to spare the elderly and the general public from these despicable scammers! Kudos to YOU!! You deserve the Nobel prize for keeping us safe big up brother.
Hi AJA! Thank you for doing this series - I wish there would have been something like this when I first started my credit card / financial journey in my early teens. My question is: I typically use my debit card to pay for everything, while keeping a low balance on my CC's (less than $5k) - should I be using my CC more then my debit card, and then using my debit card to pay off my CC balance each month? I feel like I'm not taking advantage of points on most of my CC's.
if you're comfortable using a credit card, that is what I would recommend. Put everything on your credit card and pay it off in full every month with your checking account. I put everything on my cards and pay it throughout the month to make sure CC balance stays low
Idea: A video on STUDENT LOAN DEBT would be super great! Could have a guest who is currently suffering from student loan debt or use numbers from someone as an example.
this is a great video and the explanation is easy to follow 👍 and i think, the example with 5 CC will finish off much earlier in reality because since they continue paying the minimum amount so the amounts written at the start of computation also became less each month. thank you for this.
I have just 3 credit cards. My strategy is to 0 out the first which isn't around $ 678 balance. Then the other 2 left is still for $2300 or so then one is Capital One which is $300. By September, I may be done or half way through with one. 20:40
I drove my first car in my dad's name and later went to get a truck in mine after I paid off my first one and drove off the lot with the truck I wanted, its mostly about a good credit score and a loan portfolio helps as well...lenders like to see various forms of loans in your name to be less of a risk and yes you might have to put money down but not HALF of the car loan Your exactly right I screwed my credit as a young man now I own a detailing company and can't get anything with out the full a
I think that the snowball method is a great method and I am currently working on my. I appreciate your explanation. But I don’t think the minimum balance should be added to the other minimum the first month because it was applied to pay off the other card. Eek!! They would be short in their budget if they did it. At the beginning of the month if that minimum balance has been applied to a card already it should not be applied to another card in that some month. Unfortunately the math isn’t correct but the application- the math is so stinking helpful. Thanks for the encouragement and for the examples.
YEAH TRYING TO HURRY BUY SOME NVIDIA STOCK WHILE PAY DOWN CC AND HOPE THAT I CAN USE MY SHARES TO PAY OFF debt but ned to have shares or you wont be able to get more $
Its simple, just spend less than you earn! my grandparents had a huge house with a garden at their 20s because my grandpa worked hard. my grandpa was a single earner working as a taxi driver. so get up and work, with any job you can buy a palace if you spend less than you earn! that simple
i would recommend having a small emergency fund before tackling any debt. The last thing you need is a small emergency, putting you more into debt. Better to be safe and have a small emergency fund while tackling your debt.
Hello, i was wondering do you have a budget for vacation as well. I been paying my debt off for a while and plan is to at least pay 90% by the end of 2025. I have not taken a vacation at all for years and i think is time to go out and have fun. Trip wont cost me more than 600 dollars and it will be by the end of next year either way .
Ive always been debt free until i had to get a new car in 2020 and then got a loan to build a pool (impulsive buy during covid) i cant wait to pay it off i had 2 yrs left but i just lost my job due to lay off😒
I went back and reviewed my planning after watching this video and one thing I noticed is that when moving focus to a new card, there isn't an adjustment for all the minimum payments which have been made on that card previously. In the last example, you calculated month two for Citi with the full balance of $1419.67 instead of adjusting for the minimum payment that was made the previous month. Is there are reason those minimum payment aren't accounted for? Just something I'm stuck on because wouldn't that shorten some of these timelines for payoff? Maybe I missed when you talked about it, so lmk if that's the case! Thank you for the videooo :3
What do you recommend for somebody that made good wages didn't have hardly any credit card debt p then got diagnosed with cancer and had to use my cards to pay for very expensive co-payments some of my co-payment for $2,500 per prescription now I'm $20,000 in the hole
My problem is I pay my cards down then I take a vacation because why work so hard and don’t take a vacation every year. It’s more to life than working and paying bills
Nothing wrong with enjoying life but maybe start saving up for your vacations in advance so you’re not going into debt for a vacation. I do this all the time and it makes the trip way more enjoyable!
I left mine to pay minimum payment but have increased the payment to a specific amount and pay more if i want to before my bill generates for the next month
Balance transfer options to assist with interest payments???? In my experience if you explain to your CC Companies what you are trying to do, they will work with you as part of your success team....
Hahaha they most certainly DON’T work with you! I tried a few months ago. It was gut wrenching, after hearing people’s optimism online. CC companies are ruthless. I was straight up told that no interest or payment adjustments would be made by anyone but collections.
@@Carmen88888 mine all worked with me when I wanted to pay something off.... Reduced the rate cause I indicated I was going to transfer and they would no longer be making money off me balance...... Then went to my other companies they couldn't match it but did say they could beat them via the transfer rate.....PNC and Discover have always been good to me
My advice to everyone is this : if you want to grow big this year especially in your finances. Be willing to make investments. Saving is great but investing puts you on a pedestal where you wouldnt have to worry about savings as you do now. Thanks to larysa Caba, my portolio is doing really great and im proud of the decisions i made last year.
I feel one Of the greatest challenges that we first timers face in the ma rket is that we end up losing all we have,making it difficult to find ourselves back to our feet. My biggest advice is to always seek the services of a professional just like I did when I ventured into it for the first time. Big thanks to Larysa Caba. I now make huge profits by weekly through her services while still learning to stand on my own.
I think she trades for everyone I meet. I met her twice at a meeting in Germany and after her lectures from Ella I had to personally ask her to be my financial advisor. she is definitely good.
I have never seen a trader as open and transparent as Larysa Caba with her clients. The way she decides to make a profit for her clients. she allows you to express your fears and she still rests your fears and that is my respect. I don't normally comment on videos, but this word should be included. she is really cool.
I feel this is quite an easy one. You already have her name which makes it easy for you. Just look up her name online. I’m sure you will come across her. That’s how I found her too.
Hey Aja Dang , very good video . I can do better editing in your videos which can help you to get more engagement in your videos . Pls lmk what do you think ?
I high advise against this method. If you’re in credit card debt, chances are you have a spending problem you don’t have under control. If you can’t pay the HELOC back or something happens to your income, you are jeopardizing your home. Also, banks have the ability to call your HELOC due whenever they want. For example, you can take out a HELOC tomorrow with a term of 10 years. Fast forward 6 years, the bank calls/email you to say full payment of the HELOC is due in the next 30 days. Chances are you don’t have the money to pay it back and now you’re royally screwed. The odds of that happening is rare but it is a possibility that a lot of people don’t factor in until it’s too late.
![[MV] A leap of faith...ความเชื่อใจครั้งสุดท้าย (From "Petrichor the series")](http://i.ytimg.com/vi/U1piZH2CNXA/mqdefault.jpg)
Hi everyone! I made a mistake by not including the minimum payments in example 3 so this person will definitely be able to pay off their debt before the time I stated. I'll upload another debt pay off video in a few weeks to show the snowball method properly.
Hi can make a video how to pay yourself as a self employer
Paid off 20k of consumer debt earlier this year and it took a lot of work (over a year) and watching these videos even after being consumer debt free keeps me in check. I’ll never have the mindset to spend on things I cannot pay for ever again!! Love your vids, Aja!
congrats! That's such a huge accomplishment!
I paid off $40,000 worth of student loans in 18 months as a server.
Wow 😮😮😮 that's amazing !!
I've started my debt-free journey with a similar amount of student loans. This definitely is fueling that fire inside!!
How much was your income?
My income when I started was 70k and then became 83k last year and that was before i started working a side hustle.
@@michaelbui6618 so you used $40,000 for your living/life expenses? Where do you live? Do you live by yourself?
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
she's a known advisor. I actually did look her up curiously and went through her credentials on her webbsite... Top-notch! I wrote her an email, hopefully she's accepting new intakes.
She's definitely going to help you. All you have to do is look up her full name and reach out to her
i'm amazed by this, it has rekindled the fire to my goal.
Best life changing advice is to pick a good financial mentor and let them guide you towards wealth. This really saves you from loss and time wasting. I am glad I know Olivia Sullivan.
Your right, people make money even when the market is down. I started investing recently and realised there's a secret to constant wins .
What helped me was to apply for another credit card with another cc company, then i transferred my credit card debt over to my new credit card giving me 18 months to pay off my debt interest free.
That's great. I advise other people to make sure they close that other account otherwise you end up spending on both. Speaking from experience 🤦🏾♀️
Hi, I could be misunderstanding I’m still learning, I thought you could not pay a card with a card? Thx
@roguenerdd you can do a balance transfer to a new card that has zero interest on it for xyz month or an old card (sometimes when you have reduced the sum on your credit card, they have new offers that pop up e.g. zero interest for xyz on new transfers to that card). You could also do balance transfers to another of your credit cards that has a lower interest. I hope that makes sense. If not ask away 🤗 ( i am based in the UK for context)
Where do you find these cards? This is great info
@@Marion-y7r it should tell you if the card has a zero interest or apr and for how long, when you first apply for said card.
I have 27k in debt. This video is a godsend.
We have been debt free for several years now. It feels so great! My husband and I love when you paid off your student loans!
I paid off 12k in one month. The month of September we got paid three times. I did a no spend month and threw every check(minus expenses)on the credit card, took 2k from savings and took my credit card out of my wallet and locked it. Only used my debit card for daily expenses like gas and groceries
Wow....this seems unreal
Awesome ❤❤❤
Love having these back! As a high debt to income ratio person it keeps me motivated to keep creeping towards that student debt free life! Thanks Aja!
I think the first thing anyone in cc debt should do is switch to a lower interest card, they can save hundreds just doing that and then pay off what is on it.
You can’t switch to another card if your in debt and your credit score has tanked 😮
@@Tricia2023 If you keep paying minimums and have a job then you can get one.
@@shubhcheema6519 Sorry Not true !
@@Tricia2023 you can even apply for a line of credit and transfer.
Watching you do the math and seeing the debt decrease felt like a win for me every time. This gave me so much hope 🙏
Yes! Debt pay off is definitely a long journey but when you have a plan, it's encouraging!
I also round up my numbers. That way you’re never short and you can transfer the change to savings if you want to
I just paid off my first of two credit accounts today with the snowball method! I’m ready to tackle the second one and then start building up my larger emergency fund (I have my super duper emergency fund already locked in) 🎉
Awesome ❤
Awesome ❤
Thanks for coming back doing personal finance videos. Very palatable, just so easy to understand. You make it simple and fun. ❤
I’ve been in a non-stop loop of debt. My rent and the earning of minimum wage is ruining my liv’lihood. Entry-level establishments and their employee/work policies are bias towards an outlier outlook on a successful future.😊
Are they ruining your livelihood or are you intent on living beyond your means? Add up your debt, your expenses, and figure out what you can do without for 6 months. Get a roommate, increase your skills to get a higher paying job, and attack your debt. Get out of the loop and you’ll be able to get back to living without a roommate or whatever else you feel you need.
I think the thing that kills so many people is rent. Some people pay $800 / month vs someone like me in nyc and i pay almost 3 times. Urgh Living alone is rough haha
yes totally. Housing will be most of our largest expense.
We moved to a state where housing was more affordable and we were able to buy a house
Ya I pay $1,600 in Anchorage, AK
My struggle right now is income not covering expenses, especially the ones I cannot change. And I already have two jobs 😢
Just clicked on your video I like what I see and here you simplify everything for all to understand and that’s important.
Great method I’m definitely going to apply this method to my debt free journey. Thank you for sharing 😊
Me too
We can do this❤
Well the problem is that I’m like 13k in debt and I only make $40k a year. I haven’t spent on the cards in months bc I cut myself off. I’ve never been late on my payments but I can barely afford them. I’ve done balance transfers on all my cards so I’m actually not paying an interest. After the promotional period of no interest ends I just do another balance transfer so I still continue to not have interest. I’m doing the snowball method and I have paid off a couple cards but it’s slow going since I make such little money. I’m also torn on whether or not to save an emergency fund or pay my credit cards. I can’t really do both at the same time. I only have $1200 emergency fund but I know that’s not enough.
I think $1200 is enough for a mini emergency fund but if you'd like to add a few more hundred to that to make it an even $2000, I think that's fair. Once you pay off your debt you can increase that to a fully funded emergency fund. The good news is, you are no longer using your credit cards so you're not adding to your balance, which is great!
I’m saying this in a supportive way: If you’ve never asked for a raise or promotion, now is the time. I know it can be scary, but it can really help. Or a side hustle. Or a different company that pays better. Again, I know it’s not easy/can be scary, but I asked and got them after years of hard work. First woman in my family to ever ask. Wishing you the best ✨
@@jackie41083 I get an annual raise next month. Unfortunately it’s only like 3% which is like 50-70 cents. I’ve had my job for 16 years as of next month. And I’ve only had 5 call-ins in all that time! I’m very loyal. I started making $7.25 when I was hired there as a teenager and now I make $18 plus bonuses so I made 40k last year. I get yearly raises plus I got a raise for becoming assistant manager and a few cost of living raises several years ago but it’s still not enough. I brought up another raise a couple months ago but was told by my manager that his hands are tied and that his boss won’t let him give any raises except annual raises which like I said are insignificant. And they are supposed to be capped at 4%. So idk what to do. This is the only job I’ve ever had and I don’t have a college degree or anything. And I only have experience doing this one thing (I’m assistant dietary manger at a nursing home). I’d like to get into something new but I’m not qualified for most jobs and the ones I’m qualified for pay less than what I make now. And I don’t want to get student loans to go to school so I’m kind of stuck. I will try to negotiate a higher raise when I get my annual next month. I’d like to at least make $20. 🙄 it’s crazy to me that I make so little after being there so long but they don’t see it that way. They told me they don’t really care about seniority.
@Moving2Win thank you, I have done balance transfers on all my credit cards so I don’t pay any interest though. That’s why I’m not too bothered about the emergency fund. It keeps me from having to use the credit card for emergencies and gives me a buffer if I run out of money before my next payday which happens a lot.
@Moving2WinI like your thinking! I look at my open credit revolving account as my emergency fund. My fridge went out I have a credit card to buy a new one and because I didn’t use my Lowe’s card for years they gave me 10% off and 0% rate for 6 months. Which was a win for me
I NOW HATE CREDIT CARDS, ITS A DAM TRAP.
Yeeeeesssss 😢
love the breakdowns of real budgets
yes! very grateful to those in the community who submitted their numbers
Ok, watching you plan it out and work through the debt, really made using the snowball method clearer. I have not been doing it correctly, hence why I am not seeing much progress. It was like a light bulb went off and it suddenly makes more sense! I have reassessed and created a plan just like the ones demonstrated. I feel like it's going to work, thanks Aja!!!
Omg, yay! I’m so happy. Were you not adding the paid off minimums towards your payment amount?
@@AjaDang Not only was I not adding the paid off minimums towards the next payment amount, but I was using the extra cash from the paid off amount towards paying off other debt. I was paying extra towards ALL (4) credit cards each month. I now see how it works when you focus on one card at a time.
@@carolslavens5565 aaahhh!!! Hopefully now you’ll start seeing progress in your debt pay off. Keep us updated
My debt is literally so similar to example 3 with amount of cards and total debt amount. Watching you plan out and do the snowball effect on it made me so excited I’m literally about to create my own plan and will definitely update if it is working. It was simply the fact that I been stuck in the cycle for about 2 years and easily seeing it be able to be tackled within 2 years gave me so much hope. 2 years ago I didn’t nor know nothing of the snowball or Avalanche effect, I knew credit… an event occurred that came unexpectedly and ever since I just been stuck trying to get out. I miss my 750 score, 590 isn’t where I want to be at so I’m deciding to fix my shit. I know I can do it, I currently was able to help my younger sister hit 750 herself. I’m not allowing her to fall into my same mistake and after I’m definitely aiming higher myself, 800+ was always the goal and once I get there I’m never letting it fall that low again. I appreciate this video so much, thank you Aja! New sub 🩷
@@withloveleli Hi! So glad that this video inspired you to build a plan! Something I forgot to add though, are the minimum debt payments for the other debts that aren't being focused on. So actually, this person will become debt free sooner. I did the correct version in this Tik Tok: same example and everything - www.tiktok.com/@ajadang/video/7384170252801740075
Tax laws can be so complex, and it’s super helpful to break them down like this. Understanding how different policies can impact our finances is crucial for making informed decisions.
Making profitable investments during this time of political change can be risky without that insight. For me, working with an adviser is the best first step to navigate these complexities and make informed choices.
I think having an investment advisor is the way to go. I've been with one because I lack the expertise for the market. I made over $490K during the recent dip, highlighting that there's more to the market than we average folks know.
Hmmm this is quite interesting, Please can you leave the info of your investment advisor here? I’m in dire need for one.
Nicole Anastasia Plumlee can't divulge much. Most likely, the internet should have her basic info, you can research if you like.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get.
Thx 4 sharing, I do a similar process, I divide mine into pat periods and don't add interest but I definitely love the idea of making a chart and highlighting, it seems encouraging
Great video Aja! Yeah the interest rate can vary within ONE credit card depending on how you used it. A cash advance interest % on your credit card vs balance transfer interest % on that same card. Sigh. It varies. I just paid off my second to last card. Now attacking my last credit card 😕 Yeah, I understand about not discussing the points/rewards systems first because that's how some of us got into credit cards in the first place. Good luck to everyone out there. YOU GOT THIS!
congrats on attacking your last card!
Awesome ❤
Thank you
Wow! Thank you for breaking this down! I definitely needs to sit down and get my stuff together! You made it so easy to understand 🙏🏽❤️
Sometimes credit cards are more secure than debit cards. It should be paid off asap that’s the key!
Great work Cynext solution so glad you are out there fighting these lowlifes. We need to do all we can to spare the elderly and the general public from these despicable scammers! Kudos to YOU!! You deserve the Nobel prize for keeping us safe big up brother.
Hi AJA! Thank you for doing this series - I wish there would have been something like this when I first started my credit card / financial journey in my early teens. My question is: I typically use my debit card to pay for everything, while keeping a low balance on my CC's (less than $5k) - should I be using my CC more then my debit card, and then using my debit card to pay off my CC balance each month? I feel like I'm not taking advantage of points on most of my CC's.
if you're comfortable using a credit card, that is what I would recommend. Put everything on your credit card and pay it off in full every month with your checking account. I put everything on my cards and pay it throughout the month to make sure CC balance stays low
Idea: A video on STUDENT LOAN DEBT would be super great! Could have a guest who is currently suffering from student loan debt or use numbers from someone as an example.
I can definitely do that!
this is a great video and the explanation is easy to follow 👍 and i think, the example with 5 CC will finish off much earlier in reality because since they continue paying the minimum amount so the amounts written at the start of computation also became less each month. thank you for this.
I've been doing the snowball method wrong this whole time. Thanks for clarifying!!! 😮
Oh no! How have you been doing it?
I LOVE this content. Thank you!!!!
Love this 😂❤I myself need this video and I'll follow the pattern👍❤️thankS
I have just 3 credit cards. My strategy is to 0 out the first which isn't around $ 678 balance. Then the other 2 left is still for $2300 or so then one is Capital One which is $300. By September, I may be done or half way through with one. 20:40
I’m ready to be debt free again!
I drove my first car in my dad's name and later went to get a truck in mine after I paid off my first one and drove off the lot with the truck I wanted, its mostly about a good credit score and a loan portfolio helps as well...lenders like to see various forms of loans in your name to be less of a risk and yes you might have to put money down but not HALF of the car loan Your exactly right I screwed my credit as a young man now I own a detailing company and can't get anything with out the full a
I think that the snowball method is a great method and I am currently working on my. I appreciate your explanation. But I don’t think the minimum balance should be added to the other minimum the first month because it was applied to pay off the other card. Eek!! They would be short in their budget if they did it. At the beginning of the month if that minimum balance has been applied to a card already it should not be applied to another card in that some month. Unfortunately the math isn’t correct but the application- the math is so stinking helpful. Thanks for the encouragement and for the examples.
Great info😊!
Get your shit together first! Love that!
Buy NVDA stock. Or if you did a couple years ago.
YEAH TRYING TO HURRY BUY SOME NVIDIA STOCK WHILE PAY DOWN CC AND HOPE THAT I CAN USE MY SHARES TO PAY OFF debt but ned to have shares or you wont be able to get more $
Its simple, just spend less than you earn!
my grandparents had a huge house with a garden at their 20s because my grandpa worked hard. my grandpa was a single earner working as a taxi driver.
so get up and work, with any job you can buy a palace if you spend less than you earn! that simple
Good tips
Goal To Be Debts Free In One Year Starting Today 27-Oct-2024! Thanks😊
Good luck❤
@flowforever9084 thanks
No wonder i was going no where with snowball method 😂
Once you go to collections, do you save up for the $1k emergency fund first and then go back and start paying off the collections?
i would recommend having a small emergency fund before tackling any debt. The last thing you need is a small emergency, putting you more into debt. Better to be safe and have a small emergency fund while tackling your debt.
Hello, i was wondering do you have a budget for vacation as well. I been paying my debt off for a while and plan is to at least pay 90% by the end of 2025. I have not taken a vacation at all for years and i think is time to go out and have fun. Trip wont cost me more than 600 dollars and it will be by the end of next year either way .
Stay focused and you can go later....ijs😂😂
And hv money to spend
Ive always been debt free until i had to get a new car in 2020 and then got a loan to build a pool (impulsive buy during covid) i cant wait to pay it off i had 2 yrs left but i just lost my job due to lay off😒
My minimum payments change every month due to the interest increasing the total balance. How do I navigate that variable change ?
Thanks for the video. Can you advise where you got the financial digital planner? Thank you.
I went back and reviewed my planning after watching this video and one thing I noticed is that when moving focus to a new card, there isn't an adjustment for all the minimum payments which have been made on that card previously. In the last example, you calculated month two for Citi with the full balance of $1419.67 instead of adjusting for the minimum payment that was made the previous month. Is there are reason those minimum payment aren't accounted for? Just something I'm stuck on because wouldn't that shorten some of these timelines for payoff? Maybe I missed when you talked about it, so lmk if that's the case! Thank you for the videooo :3
yes! That was a total oversight on my end so she should definitely end up paying cards off quicker.
What do you recommend for somebody that made good wages didn't have hardly any credit card debt p then got diagnosed with cancer and had to use my cards to pay for very expensive co-payments some of my co-payment for $2,500 per prescription now I'm $20,000 in the hole
My problem is I pay my cards down then I take a vacation because why work so hard and don’t take a vacation every year. It’s more to life than working and paying bills
Nothing wrong with enjoying life but maybe start saving up for your vacations in advance so you’re not going into debt for a vacation. I do this all the time and it makes the trip way more enjoyable!
@ AjaDang… Thank you, I would never go anywhere if I saved up first, however, I’m going to skip a year of vacation to pay my debt down 🥲
Take a vacation every year??
Yeah sure if you want to pay the debt you can't vacation every single year!
But what if you are a tipped employee and your tips change nightly 😮How do you find out how much you have extra every month to pay towards your debt 😮
I left mine to pay minimum payment but have increased the payment to a specific amount and pay more if i want to before my bill generates for the next month
Your amazing
Mahalo for your motivation
Where did you get that digital planner? Looking for suggestions
How do you know how much interest is paid each month?
I receive that!
What’s your opinion on velocity banking?
It works great if you know what you are doing with it and have discipline to keep expenses in check
Darn I needed help paying off 40,001
Thanks!
Balance transfer options to assist with interest payments????
In my experience if you explain to your CC Companies what you are trying to do, they will work with you as part of your success team....
Hahaha they most certainly DON’T work with you!
I tried a few months ago. It was gut wrenching, after hearing people’s optimism online. CC companies are ruthless. I was straight up told that no interest or payment adjustments would be made by anyone but collections.
@@Carmen88888 mine all worked with me when I wanted to pay something off.... Reduced the rate cause I indicated I was going to transfer and they would no longer be making money off me balance...... Then went to my other companies they couldn't match it but did say they could beat them via the transfer rate.....PNC and Discover have always been good to me
It is overwhelming to think about paying over $3000 a month for credit card debt so this video is worthless.
Seriously 😂
I don’t even bring home that much, after taxes and retirement is taken out!
Do u ever use Velocity banking?
What app is this?
My advice to everyone is this : if you want to grow big this year especially in your finances. Be willing to make investments. Saving is great but investing puts you on a pedestal where you wouldnt have to worry about savings as you do now. Thanks to larysa Caba, my portolio is doing really great and im proud of the decisions i made last year.
I feel one Of the greatest challenges that we first timers face in the ma rket is that we end up losing all we have,making it difficult to find ourselves back to our feet. My biggest advice is to always seek the services of a professional just like I did when I ventured into it for the first time. Big thanks to Larysa Caba. I now make huge profits by weekly through her services while still learning to stand on my own.
I think she trades for everyone I meet. I met her twice at a meeting in Germany and after her lectures from Ella I had to personally ask her to be my financial advisor. she is definitely good.
I have never seen a trader as open and transparent as Larysa Caba with her clients. The way she decides to make a profit for her clients. she allows you to express your fears and she still rests your fears and that is my respect. I don't normally comment on videos, but this word should be included. she is really cool.
I just looked up her name online. she is licensed with credible certificates and has an amazing track record. Thank you for the message.
I feel this is quite an easy one. You already have her name which makes it easy for you. Just look up her name online. I’m sure you will come across her. That’s how I found her too.
The variety of textures in the *luxdups* pack is impressive. From smooth leather to textured suede, there's something for everyone.
What about student loans?
I don’t like the “no interest” interpretation. I feel that is not realistic.
I want help please.
Rodriguez Charles Lee Helen White Gary
Easy four easy payments of 10,000 dollars...
She is pretty
Lol.
Not to take any? (debt) 😂
glad to hear you don't have any debt but that's not the reality for most people.
@@AjaDang for most people in the USA.
Hey Aja Dang , very good video . I can do better editing in your videos which can help you to get more engagement in your videos . Pls lmk what do you think ?
40k? Huge red flag
Can't you use a heloc and get this down faster
I high advise against this method. If you’re in credit card debt, chances are you have a spending problem you don’t have under control. If you can’t pay the HELOC back or something happens to your income, you are jeopardizing your home.
Also, banks have the ability to call your HELOC due whenever they want. For example, you can take out a HELOC tomorrow with a term of 10 years. Fast forward 6 years, the bank calls/email you to say full payment of the HELOC is due in the next 30 days. Chances are you don’t have the money to pay it back and now you’re royally screwed. The odds of that happening is rare but it is a possibility that a lot of people don’t factor in until it’s too late.
Tyneisha Mazyck
Watching this with $10k in card debt. Thank you, Aja. I feel like I’m drowning 🥹
@@crystallbell mines bout 14.5k 🥹 we can do this.