How to Pay off Credit Card Debt Fast (I Wish I Knew This)

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[debbiey]

I’m using zero percent cards to pay off my debt. I started with a balance of $9, 745 in February 2024 and will make the final payment in time for my birthday in September (next month). After that, I should be credit card debt free in 5 months on my last card. 🙌🙌

[TangerineTravels]

This sounds great in theory and I had the same idea in the past. However I’ve been in this position and because of my balances I was struggling to get approved for a balance transfer card. And when I finally did get approved it was only with a $4, 000 limit so it didn’t help much. That was despite having a top 25% income. And although it saved me interest, it temporarily hurt my score because I maxed out the balance transfer card to save the most interest possible. I maxed it out knowing that it would temporarily hurt my score but it was the fastest way to get my debt paid off. I think the idea that you’re going to get a $15, 000 limit when you’re already carrying a bunch of credit card debt is unrealistic.

[Manihsi]

"With a utilization rate of 75-90%, you won't be approved for any credit card that allows balance transfers."

[Richardgg]

Thanks man really helped just paid off two cards got one big 13k left to attack

[RomanVarl]

Thank you for basic Excel tutorial Ben )

[the_dukester]

Ben, you really need to let go of referring to the covid stimulus money. The last payment happened in March 2021. That's over three years ago. That money is long gone. That money did not dry up recently. This is something you bring up in a lot of your videos.

[digitalali]

one of my friend uses credit card..but hes been working since 1986 but now he has only £20 bank earns £450 a week..

[blueazulO]

Credit utilization isn’t figured out individually, it’s based on all utilization, so any percentage you pay down is a win, no matter which card

[greentechgiraffe]

Another technique is to use a debt consolidation loan like Sofi where the interest is significantly lower... then you have longer time but not a 0% interest rate of course.

That BOA one does look pretty good, but im sure those months go by fast!

Thanks for the video and good information!

[meej]

No one else on YouTube has helped more people get out of debt than Dave Ramsey, me included. Though he’d be upset since I still have a CC. Lol

[mehdiabderrahmane]

Thanks for this new interesting video Ben! 👍🏼 Can i do a balance transfer from business credit card to a other business credit ? (I know it needs to be from two different banks).
If yes it works also if it s a buisness credit from a other company that the business credit card from where i want to do the balance transfer ?

[garygretarsson]

If that was someone’s actual credit situation, they would not be approved for a balance transfer card lol no way, definitely not Bank of America. They would have to spend at least 3-6 months using one of the pay down methods first, and then waiting for the cards to report updated balances and then apply for one, get some balances moved, wait for everything to update, and try for another one. You can’t just get a balance transfer card when your utilization is that high lol this is not reality.

[chewie]

GREAT STRATEGY, I like yours the best

[deemarietorregiante]

How about using a consolation company to pay off credit cards ?

[MoneyGreenNeen]

Don’t most 0% transfer offers have a clause where they will retroactively go back and charge you interest if it isn’t paid off by the end of the 0% period? That’s very important if so

[traviselectricalservices]

What if i use 5% cash back cards on everything and then buy points when they are on sale. Would this strategy out earn the points strategy ?

[BuiltNutritionFitness]

Click “Make Payment” and then select “Full Statement Balance” 👍

[jonbrooks]

Your comment on transferring within the same bank is false is some situations. Having a Chase checking account grants the option to transfer funds directly to your checking account which is a loophole to paying off another chase card.

[goodluck-mxqr]

I asked why I was paying 29% interest and the rich only pay 2%, and he said because you are deemed high risk, so I said what are you doing here then, you should be patting yourself on the back for being correct, imagine if they took you to court, and you ask the judge to ask them why the interest was so high, then ask the judge why did they lend me the money then if they thought I would not pay it back is that not the height of stupidity, maybe because they felt they could use you like a whore to their bidding your honour, that's what it looks like to me, you will be surprised how many Judges find in your favour.

[dandawson]

Ben, seriously? How could you EVER pay interest with features like auto pay? You’re too senior to make a rookie mistake (even if just $11). lol.