How I Paid off $20,000 of Debt in One Year | Pay off debt FAST… THIS WORKS!

Published on April 14, 2022

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I’m so happy to finally be sharing with you guys how I paid off over $20,000 in student loan debt in less than one year (While paying rent, living well, and no crazy side hustles)! This is a huge accomplishment that I am very proud of and I hope it motivates and encourages you that you can do the same! It is TOTALLY possible!! Whether its student loans, car loans, credit card debt, or anything else, the first and most important step is to start small and then build that momentum!!

Video Chapters:
3:19 My philosophy and approach to debt
4:30 How much debt I started with, where it came from
6:04 My current situation (my income & expenses)
8:35 The monthly breakdown (how I paid $20k in one year)
16:10 How I made a $5k payment
17:55 Extra streams of income, bonus money
20:35 Saving money, money saving tips

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I’m a 24 year old from Canada, living in Montreal. I work as a tech consultant and make work vlogs about life as a young professional. I also love to talk about personal finance, fashion, health, and life in general! I am always 100% honest and transparent, and love to talk about taboo subjects like anxiety, imposter syndrome, and my true thoughts on things like comparing yourself to others, money, etc. I hope you will join me on my journey through my videos!

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How To Be Debt Free In One Year

How To Be Debt Free In One Year, How I Paid off $20,000 of Debt in One Year | Pay off debt FAST… THIS WORKS!.

Why Do You Have Credit Card Debt And What Are You Going To Do About It?

Now that you know where you stand, produce a spending plan, and adhere to it. There are two types of expenses, the fixed and on-demand expenditures. There are various ways to get rid of these high rate of interest balances.

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How To Be Debt Totally Free In 5 Years

You need to consider a secured financial obligation combination loan. This doesn’t need to be an one day kind of dream for you. Make sure to examine your other locations of costs, along with your income.

Millions of Americans are in debt. Increasingly more Americans are starting to feel the weight of their debts come crushing down on them as we go into an economic downturn. If you have a small amount of financial obligation or a large amount here are some actions to help you get out of financial obligation the easy method, regardless of.

The only financial obligation negotiable is unSecured Debt. You can remove your charge card debt however we will come to that later. If the debt has actually been secured with any collateral, the lenders will not work with you. It is really essential to keep in contact with the lender in case you fall back in payments on a protected financial obligation. Work with them by all means and never ever prevent their calls. The lender has the power to repossess or position liens on your property in case you fail to make payments on a Secured Debt.

Customers with bad credit can likewise obtain these loans because there is an asset connected to the loan. By getting rid of all the financial obligations with the aid of the loans, debtor can improve the credit rating.

A fine example of this is in the real estate market. With the fall of the marketplace many people owe more on their home than its worth. This makes it bad if you are attempting to offer since you would not make a profit on your house by selling it. Getting to understand what you owe to business will get you begun on your Debt Free life. Only after you know what you owe can you make a budget to fit what you need every month. Since you still desire things and this will not be in your spending plan, following a budget is very hard at initially. Some things need to be paid every month no matter what. You still need your electrical power and gas to live in your home. You sure don’t desire to stop making your house payment. You would end up with not belonging to live and this will not assist your circumstance.

Kinds of charge account open – Charge card are called Revolving Debt. I expect it’s due to the fact that of those minimum payments that are due with no genuine plan for payoff. The financial obligation just keeps revolving month after month. The more revolving debt you have the lower your score will be. Nevertheless, all of these credit cards may not be reported precisely. Something as simple as an incorrect credit line could be hurting you. Chances are you can challenge these items while fixing your credit and increase your rating. Credit repair can assist tidy up these mistakes.

One payment versus many payments: The average resident of the U.S.A. pays 11 different creditors monthly. Making one single payment is much easier than determining who ought to earn money how much and when. This makes managing your financial resources a lot easier.

There is a substantial misconception that credit is the only way to get the things we desire and require out of life. People are over costs and living beyond their means. I’m not saying that you should not want good things, however you shouldn’t offer your soul to get them. $10,000 in credit card debt might easily a 10-15 year responsibility if you enable it to be. I desire you to see in your mind’s eyeborrowing $100.00 however paying back $1000.00 sounds crazy right? Well that’s why you require a debt free option.

If the loan goes bad, the lender has some type of recourse: he can foreclose on the house. The month-to-month payment amount differs with use. This is the last in the list of 7 clear suggestions on how to be debt-free.

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