3 Ways To Payoff Your Maxed Out Credit Cards Without More Debt

I got my first credit card when I was 19, I think they gave me about $1,000 and in less than 1Minute and one purchase it was maxed out. I didn’t feel the heaviness of the debt until the time to pay back was approaching.

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1. First Moving the Debt
– Borrow from peter to pay Paul
– We all of heard of this, its when you owe someone money and you borrow money from someone else to pay the person you owe
– You haven’t paid anything, you’ve just moved the debt, and its not like you are in more debt

Why is this helpful:
– One word, terms.
– If you get better terms from Paul, I mean the other lender it may just make sense
– Here is an example;

Balance transfer Card
– I owe Credit Card $5,000 and I pay them $100 a month just in interest
– Balance Transfer card allows me to move than $5,000 and get 18 months to pay it off interest-free ( that saves $1,800 in interest )
– And all of my payments are going to be going directly to the capital

Here the Problem:
– They’ll usually charge you a fee of 3% or more or less of the balance ( that’s $150 bucks, about 1.5 months of interest basically which is not back )
– We can be pretty Stupid
– So we can end up borrowing money and free up the balance from one card
– And then we use it again and now we owe double what we owed before
– I suggest you close the card

2. Avalanche Method or Snowball Method
– Or this video I’ll only be talking about the snowball method
– However I have a full video comparing both if you want to watch it
– I do have to warn you, the information is good in that video but I use to do a lot of screaming back them

Snowball Method:
– Organize your debts from largest to smallest balances
– Peter: $100
– Pau: $101
– Chase: $150
Step one: Pay the minimum on all the cards
Step two: pay the extra money you have for debt to the card with the smallest balance

Problem:
– Once I’m done paying the minimum I barely have anything left over
– I recommend you get a budget and cut the things you don’t need
– Also look into some side hustle to increase your income and your payoff time

3. Pay it off with your savings:
– I’ve talked to enough people to know this is true and it’s not just me
– But some of us have the money to pay off our debt
– But chose not to, instead to save it, invest it or something else
– We feel that by paying back the money we are losing money

Here is my Advice:
– Keep $1000 dollars or $500 and use the rest to pay your debt

1 can be Shopping online ( eBay looking to buy something ) laptop at apple
2 Can be receiving the credit card
3 cutting it
4 freezing it in the fridge
5 watching a video on paying it off ( like you are now, or reading a book )

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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