10 Mistakes That Can Derail Your Debt Payoff

Sponsors pay the producer of this show, The Lampo Group, LLC, advertising fees for mentioning their services or products during programming. Advertising fees are not based upon or otherwise tied to any product sale or business transacted between any consumer or sponsor. The following sponsors have paid for the programming you are viewing: Christian Healthcare Ministries

[joannegonzalez]

Thanks to the baby steps I’m debt free since yesterday, 🎉except the mortgage

[brittanyd]

I rewatch these videos to use as encouraging reminders when I feel like I’m struggling. Thank you

[joshuabrown]

You can give your time also. Charity is not just money, volunteering is important.

[elchavinha]

I've been debt free for a long time now and now I'm tackling my mortgage I got 85k left in it... people on the internet always say to not pay it off but I dream of having a paid off home! Watching these gives me reassurance

[leemason]

Doing the credit card balance transfer really helped me as moved my card to a card that was offering 22 months interest free so just done it to ensure that every payment I made was making a difference without being charged interest and ONLY done this to pay off the card quicker. Now it’s cleared I’ve closed the account and no longer have credit card debt.

[uthmansheikh]

1. Debt consolidation
2. Debt settlement
3. 401(k) loans
4. Paying off highest interest
5. Home equity line of credit (HELOC)
6. Not changing your lifestyle
7. Continuing to invest
8. Not giving
9. Credit card balance transfers
10. Waiting on someone else to pay off your debt

[justnealpatel]

Getting rid of debt is a guaranteed return. Love it!

[kimberleychapman]

Thanks to the baby steps I am out of debt except for the mortgage (and that’s soon to happen)! There’s such wisdom and common sense in the baby steps!

[Damaris]

The credit transfer helped us make real gains on one of our credit cards. We moved to a 0% interest so all of our payment went towards principal. Before that we were taking 2 steps forward and one step back with interest. If you’re intentional and stay intentional, it could be a game changer and it was more motivating.

[femininefrequencyrising]

I completed BS1 and just paid my first debt. It feels good already

[filiandgrace]

I love all the 9 advice except the balance transfers...Two banks gave me 0% interest in 18 months so I split into two my balance from a high interest one and it really really helps! Instead of paying interest we were able to keep an eye on the goal to pay my debt before the 18months end...The first one was closed and we are near in getting debt free...
We depleted our emergency funds when I got pregnant and have so many complications which I was deemed high risk and could not work. Thankfully my daughter(oh yeah, two kids and no more) is healthy and we were past that. We live below our means and we are simple family, it was just that whirlwind of chaos that got us with debt. Seeing my kids I know in my heart even though we came to this situation, I would not trade the world...Oh I am excited to shout to the world that we are debt free!

[jjfwwhlol]

I have no debt and I’m still watching this 😂

[ThinkingLikeAVIRTUOUSWoman]

The biggest take away I got from this is being accountable and doing what you have to do to get yourself out of debt. Regarding boneless transfers, I think it’s okay as long as you don’t rely on that and use it as a solution as you mentioned. I have one more credit card to pay off and the interest is ridiculous so I absolutely will be transferring it to a, zero interest card so I can pay it off quicker. This month alone I was hit with over $300 just on interest alone from that card.

[ladyboss]

I am asking God if I should continue to give while getting out of debt. I am so glad I bumped into this video and answering my question. I think God used you to answer me. Thank you.

[mattbrown]

I've balance transferred around $20k of consumer debt to 0% interest cards for a set number of months.

Assuming you've broken the habit of living off of credit cards and are now much smarter with your money, balance transfers are a great way to save thousands of dollars in interest payments for anyone that finds themselves in my shoes. Thankfully I can now say I'm credit card debt free.

One size does not fit all when it comes to personal finance but I still love what you guys do.

[sundani]

I think that what many are missing here regarding the use of a balance transfer to pay off higher interest rate card debt, is that many people who don't have discipline will then keep using the card(s) they just transferred the balance(s) from and end up with more debt. If you immediately close the old accounts or can tell yourself to leave those alone, then sure it can be a useful option.

[bwwkccv]

I have been carrying credit card dept for no reason other than I didn't want to use my savings. I never thought about how it affects my thoughts towards my debt. I am paying off everything except my student debt, which will take more time. Thanks!

[BeeCheap-uctc]

I did a 0% balance transfer and became debt free. I would've paid an additional 5K (approx) worth of interest if I didn't move the funds, and it would've taken longer to pay off due to the interests increasing the balance every month. It doesn't make sense to follow her advice by avoiding the 0% balance transfer, as long as you can pay it off before the promotional period expires.

[hoteleandoconlafamilia]

Giving is a Correct Principle. I testify of that. Being generous has blessed us tremendously. Right now we got a job that we don't have to pay neither rent nor bills in the best neighborhood and also the kids tuition in private schools. You have to live it to believe it.

[jessiemad]

We did the HELOC not once...but twice.. ended up with more debt each time. It really is a behavior problem. I feel like I need to suffer and feel the pain of paying off everything to help this tough lesson sink in.