A Simple Strategy To Pay Off Your Credit Card Faster
b'ARVE Error: Mode: lazyload not available (ARVE Pro not active?), switching to normal mode\\n\\n\\n\\n\\n\\n\\n\\n\\n{"@context":"http:\\\\/\\\\/schema.org\\\\/","@id":"https:\\\\/\\\\/onproperty.com.au\\\\/pay-off-credit-card-faster\\\\/#arve-youtube-s7o_ywpv6we659a0b2d05952584826852","type":"VideoObject","embedURL":"https:\\\\/\\\\/www.youtube-nocookie.com\\\\/embed\\\\/S7O_yWpV6wE?feature=oembed&iv_load_policy=3&modestbranding=1&rel=0&autohide=1&playsinline=0&autoplay=0"}\\n\\n\\n\\n\\n\\nCredit cards are easy to max out and hard to pay off. This simple strategy will help you pay off your credit card faster than you ever thought possible.\\nTranscription:\\nCredit cards can be really easy to Max out and really difficult to pay off. Having credit card debt in your life is extremely toxic, both from a financial perspective because you\'re paying so much interest as well as an emotional perspective because there\'s so many different balls you need to juggle. If you have multiple credit cards and it\'s just sucking energy and sucking finances out of your life. At one point in our life, I\'m sure you\'ve all had credit card debt and chances. I\'ve had credit card debt for quite some time, so in this episode I want to talk about how to pay off credit card debt. I\'ve used this method to successfully pay off credit card debt and myself, unfortunately due to personal circumstances, I\'m now back in credit card debt, but I\'m starting to pay it off again. Hi, I\'m Ryan from on-property helping you achieve financial freedom and yeah, we want to get rid of those credit cards.\\n\\nWe want to pay them off and we want to start building our wealth. So how do we pay off our credit cards faster? Will step number one is to stop using the card. A lot of people say in this circumstance to cut up the card and sure, if you have no self control than I do recommend you can go ahead and cut up the card for me. That wasn\'t necessary. What was necessary was to stop using the card. That means disconnected from paypal. That means no more direct debits coming out of the card and that means the card no longer lives in my wallet. It stays in a cupboard in my house and doesn\'t get used. It can be there. I feel safe, insecure, like it\'s a safety net if I ever need it, but I\'ve stopped using it completely. There\'s nothing coming off that card anymore.\\n\\nNothing\'s being added to it, so now the focus is paying it off. This is probably the most important step that you do because trying to pay off credit cards while you\'re still using credit cards is extremely confusing and it\'s just so easy to just tap that credit card and to buy something that you need even though you might not be able to afford it, so stopping using it. If you only do one tip, that\'s number one, stop using it and then slowly pay off the debt, but if you don\'t stop using it, the rest of the tips probably won\'t be very useful to you. The next step is to write down your debts from smallest to largest. Now you can pay off your credit cards in any order that you want, but paying them off from the smallest to largest is called the snowball effect, and this can be beneficial to us because it\'s emotionally good to pay off a debt, to pay off a credit card and to have it completely done, and then move on to the next one.\\n\\nLogically, it may be better to focus on the debt with the most interest, even if that\'s the largest card. Maybe you\'ve got one credit card that\'s charging you 23 percent, one that\'s charging 13 percent. Logically, it makes sense to pay off that 23 percent card first, but hey, if we were all completely logical vulcans with no emotion, that we probably never would have gotten into credit card debt in the first place. So go ahead and list them from smallest to largest, you can pay them off however you want, but it is emotional benefit to paying off those smaller debts first and working our way up to the largest. The third step is what I think really turned the tide for me to go from having a Max out credit card for years to being actually able to reduce...'