credit card debt sucks, its like quick sand, you pay some off then all of a sudden you get back in debt or you cant even afford to pay it off ( because the enterest just adds everything back )
so in this video, I’m going to give you guys optons on how to negotiate interest rates, best way pay to pay of debt and the best to stay of debt
now I have to be honest, I will give you options but I will tell you also how I do it, you can chose which way is best for you
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First call (check offers for balance transfer and call to negotiate)
First you know how credit card companies always have some promotions
Get a credit card and no interest
Get a credit card and spend x and you get back some cash ( sign up bonuses )
Well credit cards also have offers for balance transfer ( these are cards that allow you to transfer your debt from one place to that card for free sometimes and not pay any interest for usually 12-21 months
Here is how you find these cards
Type into google, the best baalnce trasnfer credit cards avaialble
Currently the best one I see is the Citi Simplicity Card
0% interest for the 21 months ( after that It goes up to 18-30% )
12 months on purchases ( don’t fall for this )
Here is what you do: Option A
Call your credit card and tell them about this offer you found online ( say I got an offer from citi ) sounds better than I found this
Ask them to speak to someone who has the authority to change interest rates
Ask them can you match this or what can you offer me( I’m trying to pay down my credit card )
If they say no, tell them I’ve been a customer for long time, what can you offer me ( if they lower it great and if they don’t we still have another option )
Options B:
You can either transfer to the balance trasnfer card and usually be charged 3-5% of the balance and then pay it off
If you do this cancelled the other credit card so you don’t get into double debt
If you deiced to keep the lower interest card that’s fine but pay it off and then cancell it
Avalanche and Snowball method exactly
So when it comes to paying off debt you have to treat like its on attacck on your future
Beucase it is, everyone on average is broke, and they all have debt, and these credit card companies, they want to get paid
So you have to set up for war
First:
Stop using the credit cards and stop getting into more debt
Makes no sense to try to pay off debt
As you keep adding more to the balance
Second:
Decide how much of your income you are going to put towards debt
I would run a barebone budget, sell everthign I don’t need and all extra money from my income dumb it into the credit card debt
Third:
Avalanche ( you pay the card with the highest interest rates after negotiation obviously, the balance doesn’t matter ) – this saves money mathematically
Snowball method ( pay the debt with the smallest balance, this builds momentum and makes you feel like you are making progress)
I used the avalanche method, but that’s what worked best for me
Stay out of debt (One bill or no bill )
I use the one bill method ( which is to maintain credit without going into real debt )
However I’m slowly moving towards closing down all my credti cards and removing the option of debt overall
Its up to you
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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.
