HOW I PAID OFF $20K OF CREDIT CARD DEBT IN A YEAR | money and makeup mondays

Описание: Let's talk about how I paid off $20k of credit card debt in a year! We go over how I spiraled into debt, my biggest debt payoff tips, how budgeting and saving played a role, and how to increase your income to pay off debt ASAP! Welcome to Part 2 of Money And Makeup Mondays!

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DESCRIPTION:
Today we are talking about how I spiraled into $20k of credit card debt after I finished my undergraduate degree. We're also talking about how I changed my relationship with money and paid off all of that credit card debt in less than a year.

We go over how I learned about budgeting and money management when I was unemployed. I talk about refinancing my credit card debt and why it was the best and worst decision I made for my finances. If refinancing into a personal loan was the right choice for me and if you should do it to. I talk about my financial privileges, living in a dual-income household, and keeping my expenses low so I could pay off debt as quickly as possible.

Then we go into my biggest debt payoff tips and what I learned from paying off all of my credit card debt including:
stop spending money on you credit card while you're in debt to keep you out of the CC debt cycle and help you to stay out of credit card debt.
why establishing an emergency fund and having money in saving is so important when it comes to paying off credit card debt. I highly recommend everyone do this before they start to aim to pay off their debt
why budgeting played a huge role in me getting out of debt. How money management doesn't have to be restrictive and ways that changing my relationship with money helped me to save more and stay out of debt
whether you should use the debt avalanche or the debt snowball to get out of debt, and the importance of focusing on one debt at a time
how side hustling helped me to pay off my credit card debt ASAP. I made a few thousand dollars from selling my stuff online and driving for DoorDash on the weekend. This helped me to accelerate the debt payoff process
what to do if you can't or don't want to refinance your credit card debt and how to set up your own payments to make it easier for you to consistently put money toward your credit card debt

CHAPTERS:
0:00 intro
1:28 how I got in CC debt
10:33 how I learn about money management
11:52 my financial privileges
14:04 #1 refinancing my CC debt
18:35 #2 stop spending on CC
20:14 #3 establish an emergency fund
21:50 #4 budget
24:34 #5 debt avalanche vs snowball
26:57 #6 side hustling
32:01 #7 make your own payments
34:47 outro


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Views expressed in this video are my opinion and should not be interpreted as professional financial advice. I am not a certified financial advisor.

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