How Do I Pay Off Debt When I Can't Afford The Minimum Payments?

So first here is how I know that this information works, I paid off around $13,000 in credit card debt in less than 6 months, so I know this is going to work for you because I’m not special.

This video is going to work for the person that owes so much money they can't afford the minimum payments which are usually 1% of the balance, interest and fees. When it's $38, its not a big deal, but when you have a few credit cards and it's like in the hundreds you start to feel it

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1. Talk to Your Creditor ( you know whats worst than someone not paying you on time, someone never paying you )

-Understand these not collateral loans, if you chose not to pay, they cant come after any of your assets ( however your credit will take a hit, and we want to pay back our debts )



First Ask for Free things:

-Explain what's going on, I cant afford these payments, I’m going to keep missing them and eventually default and potentially go into collections

-What program or offer do you guys have to help me pay back this money

-I recommend you try this with at least 3 reps if the first 2 suck ( they are going to offer you interest pause, minimum payment reductions and maybe a few more things )



Settlements: what you know they can do

-Lump-sum ( note on your score about this )

-Workout agreement ( lowering interest, pausing interest, waiving fees, and even reducing the minimum payment; however they pay close your account )

-Hardship agreement



2. Gather all the info on your debt

The worst thing on this planet is being stressed and not knowing where to get started

So you need to gather all the information before you make a plan

Here is what you want to find out



5 key questions:

-who do you owe

-how much do you owe

- how much is the interest

-what is the minimum payment

-and if you can write down what you borrowed the money for



3. Decide on a Strategy



First: Have a Budget ( Live on the essentials for awhile, Shelter, utilities, groceries and transportation, make it simple, if you don’t need it to live don’t buy it, and if you don’t need it and you own sell it )

Second : avalanche method or snowball method (method) and by when will you pay it off (goal), and set up automatic payments (habit)

Third: Get another job and use that extra money towards the debt

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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.

[FRCB]

I’ll be debt free by the end of the year. I was 30k in debt back in 2020 😁

[jsp]

CREDIT! Speaking as a former customer service agent for TRW (now Equifax), please know that Tommy is giving out very informative and helpful credit advice here. Let ‘em know Tommy!!👍🏾💰

[thatboijohnny]

Ill be debt free by march 2024 I started 42k in debt 3 months ago 😁

[poorlittlebiker]

I'm doing the snowball method, it just so happens that my smallest debts were also costing me the most in interest lol. Just one more loan and I'm done!

[veelee]

Hate how I barely found this video I’ve been feeling so stressed these last few months, I’ve been avoiding my friends cuz I’m extremely broke from all my money going to credit car payments, I should’ve called instead of avoiding, thank you for this video !!

[myrtabrowne]

Tomasito, CREDIT! I too did the most unbelievable thing of having high credit debt, many years ago, but thankfully I paid it all off and I no longer use my credit card unless it is for an emergency. I have not had any debts in years. If I can do it anyone can.

[Nathan-hwtm]

thanks man im currently in debt around 9, 000 with no job, but i know its not impossible, i can do this, thank you again, gave me peace of mind

[natedagreat]

Credit. I'm on it now! Great video, thank you! Made a lot of sense.

[juanalvarado]

This was easy to follow and very helpful! Thank you!

[samsmith]

Love your info it’s a breath of fresh air

[chellybaby]

For everyone reading this, I started a hardship program and it was the best thing that happened to me

[dresports]

Excellent advice! Snowball method does work. I paid off my credit cards by throwing the kitchen sink from smallest to highest debt.

[flozzheart]

Wow this is so insightful thank u so much 👏

[gadielperezperez]

Credit. Thank you so much for all the information. Very nice video

[mr.bridges]

Tommy this video is the bomb! It's a buffet of good info. I'm proud of you! Stay safe in Puerto Rico. ✌🏿

[ttlynn]

Credit ! Thank you for the valuable information

[ketchupalexander]

🙌 tysm- Great talk, concise and straight to the point ✌

[terrynasso]

This is great advice. Tysm. I'm choosing the snowball effect bc I hear so many financial advisors recommend it. Plus for me it takes the stress off.

[duasadaf]

That was a very helpful video, Respect !!!!

[ramblinralph]

Very Helpful information and advice. Thank you.