I'm always surprised when finance people talk about getting out of credit card debt they don't even mention the first step: stop charging stuff on your credit cards! If water is coming into the boat faster than you can bail it out, you got to plug the hole first, then bail.

This is a very timely topic.

I appreciate how honest she is about previous debt struggles she's had.

@turtleanton6539

5 ай бұрын

Yes

The strategy where you demonstrated the difference between paying $50 a month and $150 blew my mind! I'm inspired and a little hopeful, which is really nice because paying it off hasn't seemed very hopeful lately lol

Balance transfer cards saved me.

Veeeeery verrrry helpful! I know lots about finances but became overwhelmed with my credit card debt and kept pushing it aside. This video lays out strategies very straightforward and detailed. Thank you

I really wish society at large would make talking about credit card debt more acceptable and normalized. There's so much shame around it.

@CassieMakesArt

10 ай бұрын

So. Much. Shame. It’s so silly. Our wages haven’t kept pace with cost of living in decades and we wonder why we are all having a hard time!

Love Cindy!

Any hints on how to actually take the first step to look at your debt without so much anxiety that you don't take step 2? It seems like such a stressful step that it would be the hardest one to take. It's hard to look at your debt without taking it really personally- even if the core reasons were out of your control.

@bleuside

11 ай бұрын

I’d try reframing the anxiety as excitement to be taking control of your debt and freeing up funds for your goals. Also when it comes to taking it personally, that’s totally normal. That said, the things you bought with your credit card were things you used to fulfill some need/want, even if it was temporary. That’s nothing to be ashamed of. I just look at it as money I would’ve spent already if I were wealthier. I decide to be grateful and get as much use out of the items I got while moving forward.

@elliebakalova1239

11 ай бұрын

Try shifting the perspective in a way. Be proud of the fact that yes, you might have gotten yourself into a lot of debt but now you're this responsible, sensible person who's decided to do the right thing and you're starting a journey that will get you out of trouble. That, and also think about what would happen if you don't face it and start tackling it - it won't disappear by magic, it will only keep getting worse instead. The first advice helped me a lot with my phobia of dentists. Instead of someone who fears them to the point of absolute existential dread, I chose to believe I'm a person who's taking care of their health and as such, I need to take care of my teeth as well. And I'm proud to say that yesterday was my last appointment from a pretty long and winding road of treatment, and now I'm just scheduled for regular checkups every six months. So it does work.

@biblioholic7139

11 ай бұрын

Maybe treat yourself the way you would if it was a loved one asking for your help to tackle this step. Or treat it like a homework assignment where you think of it as just numbers in Excel, divorce the amounts from the pile of anxiety causing debt long enough to make the plan to eliminate it.

@dragoness777

4 ай бұрын

1. Remind yourself you are in control; you can't control what you need to pay but you can control when you owe something and how to manage it. 2. Give yourself 1-2 hours in a week to plan ahead. You don't need to take all of that time but make that time anyway, it's better to plan slowly and methodically with some stressful feelings over a month or two than to freak out every time you look at numbers and put it off. 3. Admit you have to make sacrifices to reach your goal, but find ways to be excited about the possible rewards 4. Over-estimate how much you need to pay back by at least 10 dollars or 5% (whichever is more reasonable, not necessarily smaller). This will give you wiggle room and help pay off your debt faster. 5. Do not use your credit card unless it's absolutely necessary or you can pay it off the entire additional balance within 3-4 months. If you need to use your credit card a lot, pay more than the minimum due amount and take advantage of your rewards. 6. Do not rely on loans to pay off your credit card. I have never done this and I think this is an awful idea unless you have literally no other option (and I bounced back from a nearly maxxed out credit card) 7. When in doubt, contact a relevant financial advisor or consult financial advice articles from credible sources. It's better to make an informed decision then to guess the right thing to do

Awesome thanks

I did the avalanche method and found it really made sense and worked for me.

I will be forever grateful to you, you changed my whole life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Mrs Maria Reyes.

@PhilipOrlick

10 ай бұрын

I'm surprised you know her. I've been making a lot of profits investing with her for a few months now.

@karenrobinson598

10 ай бұрын

Mrs Reyes changed my life because of the high profits I got from investing with her.

@jennisonspolly5120

10 ай бұрын

I'm new at this, please how can I reach her?

@ibrahimbarakat5872

10 ай бұрын

I was skeptical at first till I decided to try. Its huge returns is awesome. I can't say much

@RobertJenkins835

10 ай бұрын

She often interacts on Telegrams, using the user name written below

any reccs on balance transfers? Like which companies to go with?

But what if you’re past the point of no return? Significant CC debt coupled with a bad credit score and student loans coming back. I’ve reduced discretionary spending nearly $300/month and still can’t get out of this hole because of the interest. I can’t even get approved for a loan to consolidate! I don’t want to declare bankruptcy but that’s feeling like my only option.

@Natalie_11188

11 ай бұрын

Are you healthy/able to increase your income? If you have time and ability I would take on a side gig and throw everything at the debt to get the credit score up, and a year from now try to apply for a consolidation loan to reduce interest and finish up the debt.

@liveyalifewell

11 ай бұрын

@@Natalie_11188 i’ve been applying to place for part time work and hearing back from nobody - which is insane because i am a recruiter! i know what is expected for replying to applicants and whatnot. my goal is to put everything i’d make in that role/those roles toward the cc debt but i’m not hearing back. i’ve applied to maybe 25-30 jobs in the last 2 weeks

@juiceberry

11 ай бұрын

If you are a longtime member, you can call your credit card company and have them cap the interest rate and reduce the minimum payment for one year.

@liveyalifewell

11 ай бұрын

@@juiceberry i’ve done that - only one of my cc was willing to work with me. i feel like i’ve “done everything” but waited so long that my score is just too bad to get approved for any of the help. and i’m honestly scared to ask family for help because i don’t want them judging me lol

@smnbrgss

10 ай бұрын

You should look at getting a card called Fizz. It’s a debit card that automatically immediately pays off the purchases reports the payments to the bureaus to help improve your scores.

If you need credit to maintain your current lifestyle then you are living beyond your means and need to make hard life changes. HELOCS are on the uptick too. 2008 is getting too far in the past to be remembered. I made these mistakes last time. Not this time.

Yes😮

Graduating law school with 13k debt sounds like a dream. Did you have scholarship or someone to pay for your school?

Do you have any advice on what to do about possibly removing late payments on your credit history?

@flightlessphoenix77

10 ай бұрын

I've seen a lot of people just suggesting contacting the company to ask them to remove it. If it was a one off due to a temporary issue or a run of late payments relating to a difficult time you were going through, if you call and explain what happened they might take them off especially if your track record is otherwise pretty good. Otherwise, it's a case of just commiting to being consistent about making at least the minimum on time for a while until those old late payments don't affect your score anymore.

Chealsy Violet 💜🥰

That’s silly. Paying off highest interest rate first is ALWAYS best financial approach. Not the smallest balance, or largest.

'there is no right or wrong method to pay down debts, use the method that motivates you most' 🎯 the right method is the method you are most likely to stick to.

🙌🏽✅👍🏽

no credit cards ,no credit card debt

You can’t say discretionary spending isn’t at fault when luxury spending is at all time high and so are vehicle transactions. Inflation/greedflation is real, so is reckless spending

@acivilright

11 ай бұрын

People usually aren't buying cars as luxury items... Average person needs transportation to, you know, get to these hateful jobs where pay does not keep up with the cost of things. When used cars are going for 20k,nope not blaming someone for buying a car they may desperately need to participate in this capitalistic economy to survive. 😒

@doe-mo4mf

11 ай бұрын

greedflation?

@fishdeeck71

11 ай бұрын

@@acivilright Explain to me how the average person needs transportation to be a light truck. Good luck

@fishdeeck71

11 ай бұрын

@@doe-mo4mf Corporate induced price hikes

@violetverdict3760

11 ай бұрын

@@fishdeeck71I don’t know where you are from but the average driver doesn’t have a damn light truck. That is why it’s so obvious when they have one.

I learn so much from your show, thanks! Can you do one on how young women are idealizing the 1950s for some bizarre reason? Several fem-fluencers (who do have some great advice BUT) think movies from the ‘40s and ‘50s reflect how glamorous and feminine those decades were? And many are rejecting feminism and work cuz they want the fairy tale where a man takes care of them? That was my grandmother’s’ generation so I grew up around women who survived those times. They were TRAUMATIZED. Every one I met seemed to want to forget about those years. They were often angry alcoholics who stayed married out of a sense of duty and lack of belief in themselves. And the Boomer daughters have so many horror stories of what they and their mothers endured. Its all so horrifyingly naive! These ding dongs need a reality check. Especially since so many young WOC are getting nostalgic for an era where lynching was the unofficial past time in parts of this country. Thanks!

Reporting bots

So many fake comments..