How to Start Paying Off Debt? | Strategies Explained with Pros and Cons | Your Rich BFF

Debt can be scary - there are so many strategies to help make it more manageable. This is a shame free zone, but what I don’t want you to do is avoid the topic just because it makes you uncomfortable. We all make mistakes, and whether your debt is “good” or “bad, I’m Vivian, your Rich BFF & your favorite Wall Street girly.

In this video, I'll be going over the different methods to pay off your debt with explanations of their pros and cons. Use these strategies to protect yourself during an economic recession and move towards financial freedom.

Please like, comment, and subscribe to learn more about being good with your money.

⭐️Timestamps ⭐️
0:00 Don't be embarrassed
1:23 Debt Snowball Method
2:32 Debt Avalanche Method
3:22 Debt Consolidation

💸 Was this helpful? 💸 Which ones have you tried? What were some pros and cons? Share below to help each other out! 💚 If you liked this video, please let me know by subscribing to my channel or commenting what other topics you'd like me to discuss.

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⭐️ About Me ⭐️
I am Vivian Tu, Your Rich BFF. I started my career as a Wall Street Trader before moving into Tech Business Development. During the pandemic, I was inspired to create financial literacy content to combat faulty advice and help others gain financial freedom.

In less than a year, I've grown a community of over 3M besties across the world. I have been featured as a Top Content Creator of 2022 in Forbes, Bloomberg, MSNBC, the Wall Street Journal and more.

⭐️ Resources & Links ⭐️

[nikineal]

I've been transferring balances to credit cards with 0% APR for several years. I will be credit card debt free in 2023!!

[sunstarify]

It’s really great to see some advice that isn’t judgmental and acknowledges that we haven’t all been dealt the same cards in life and that being in debt more often than not is circumstantial rather than poor money management, although a lack of financial literacy definitely also isn’t helping. Your videos are really great as they encourage people that no matter their situation, there are steps they can take to improve. Keep up the good work ❤

[hillshun]

FYI!!! If Vivians icon doesn't appear next to the reply, then it's a scammer!!! Do not text any whatsapp number!!

[fcwylbw]

THANK YOU!!!! Only my BIPOC FRIENDS GET THIS SOO YOU STATING IT IM JUST LIKE FINALLY! Finally someone that acknowledges the fact that not all of us come from $$ and it’s not that simple. That pay check to pay life is real especially when working for nonprofits and working in community and also supporting parents!

[truthseeker]

Bestie I know your busy right with your tour and all but I do miss your longer videos on YouTube just saying. Halfway through your book. Keep on rocking!

[MagneticUnicornVlogs]

Thank you for the debt repayment tips, Vivian! I can't wait to pay off all of my debt ❤️

[becomeabettergolfer]

I agree to a point. If you're already missing payments then stop paying them for a period of time and spend all your money paying off the smallest to largest as stated in the video. Most creditors won't charge off your debt for 6 months.

[shaleasmith]

Thank you so much for this. I'm currently in college and I've been doing my best to fix up my finances. Thank you so much ❤️

[cedricatmoore]

Great Video! Thanks Vivian! God Bless You!

[lskildum]

"I'm an Aries, let it go" I'm lowkey screaming.

Great tips. Avalanche method sounds great for me <3

[mariesanchez]

My husband said “did you learn this from your bff” haha

[SimplyQuintessa]

OMG! You’ve been a God Sent Sis!!!! ❤ THANK YOU!

[angieOBE]

Such GREAT Information!! 🌟…. And thank you so much for mentioning the REALITY of Socioeconomic Conditions…. VERY REAL
You are Awesome!! Keep up the Great Content !!

[BlouEntertainment]

Hi BFF,
I was thinking of Consolidating my debt. I’m dealing with high interest fees. Will consolidating my CC have an effect on my current credit limit?
Thanks for your help Chica! 😊

[maryjanesbaby]

Thank you Vivian for helping me get my life together.

[zparklezztudioz]

Such a sensible content and much valid . ❤
Do you recommend an app that can do all this sensibly for us ?

[kendrapoppino]

I’m still catching up on your video history, so I may be asking for something already touched on. Any chance you could give some tips for people who have made mistakes and already have low credit scores, or even for people with bankruptcies?

[veronicagraves]

❤Will try second step method. Thank you. VG

[vaneenusa]

Your videos are so detailed and very easy to understand. Thank you for breaking everything down so well!

[jhessikkalee]

Will you be starting a spotify podcast soon?