Starting a Debt Free Journey

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Today I am sharing step by step what we did to start our debt free journey. In January of 2020, my husband and I started working on paying off $369,000 of student loan debt, credit card debt, and a car loan, and we paid off $62,000 in our first year. And these are the exact steps we took to get started! If you’re thinking of starting a debt free journey, I hope you find this video informative!

*My Etsy Shop: https://www.etsy.com/shop/lomillsfinance

*Here is my SoFi affiliate link if you want lower your interest rate, pay down your debt faster with me and get a $300 CREDIT towards your loan: https://www.sofi.com/share/1333184

*My favorite financial books:
The Simple Path to Wealth by JL Collins: https://amzn.to/2KggZPy
You are a Badass at Making Money by Jen Sincero: https://amzn.to/37YNgTa

*Equipment I Use:
Camera: https://amzn.to/3ctJHIz
Tripods: https://amzn.to/36yTA3X & https://amzn.to/2NXaKSw
Editing: iMovie & Canva https://partner.canva.com/c/2662344/647168/10068
Music: https://www.epidemicsound.com/referral/ezds0j/

Watch my other popular videos from this series here:
We owe $324,103 | Our Student Loan Debt Disaster: https://youtu.be/1VDwTFRp1Nw
What is our income with $300,000+ of student loans?: https://youtu.be/vseDJN57lUo
December 2020 Debt Payoff Update: https://youtu.be/9_UAtDYoe4A
December 2020 Net Worth Update: https://youtu.be/PcJBcWqcw-8

Thanks for watching!

xo,
Lo

**This video is not financial or legal advice. This is just me sharing my own experience with my debt and finances.

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For business inquires: lomills1017@gmail.com

FTC: This video is not sponsored. Some affiliate links are used, from which I earn a commission. This helps support and improve my channel. If you would like to support me, thank you, otherwise please feel free to search anything mentioned in Google. Thanks so much!

How Can I Debt Free, Starting a Debt Free Journey.

I Have Debt – Settlement Pros And Cons

However, all your complicated credit card calculations will concern an end. It can be thought about a type of liquidation personal bankruptcy. Be honest, be responsive and be prepared to deal with the lending institution’s choices.

Starting a Debt Free Journey, Find most shared high definition online streaming videos relevant with How Can I Debt Free.

Pointers For Picking A Quality Debt Relief Program

You ought to consider a protected financial obligation consolidation loan. This does not need to be a sooner or later sort of dream for you. Make sure to examine your other areas of spending, as well as your income.

So, you are trying to find a financial obligation management business. Let us first get some fundamentals right. You might have seen advertisements about secured financial obligation consolidation and unsecured financial obligation consolidation. In a protected debt consolidation the transaction is backed by a security. So when you go for a secured financial obligation consolidation you do not collect extra financial obligation.

The 2nd thing that a financial obligation settlement company will take a look at is how much unSecured Debt you currently have. In many cases, you will qualify if you owe over $10,000 dollars in financial obligation. They will rule out Secured Debt because secured debt can not be settled. Since the creditor of financial obligation always has the alternative of reclaiming the product utilized as collateral and auctioning it off to gather that debt, this is. This, naturally, isn’t the case with unsecured financial obligations.

Sometimes, financial obligation can get away from us. This is the time to buckle down and attempt to get a plan that can assist you lastly get away from the financial obligation cycle that has the potential to bankrupt a lot of American Families.

You can likewise discuss your specific chapter of bankruptcy options with your lawyer. There is a huge difference between Chapter 7 and Chapter 13. You need to select your bankruptcy sensibly or else you will never ever end up being Debt Free. Or even worse, you might discover yourself on the course to being financial obligation complimentary that is more painful than should be the case. As soon as again, if you do not have a clear concept of how the bankruptcy laws work, you will not have the ability to successfully select the right chapter of bankruptcy to submit.

Kinds of credit accounts open – Charge card are called Revolving Debt. I expect it’s because of those minimum payments that are due with no genuine prepare for reward. The debt just keeps revolving month after month. The more revolving financial obligation you have the lower your rating will be. However, all of these credit cards might not be reported precisely. Something as basic as an incorrect credit limitation could be injuring you. Possibilities are you can contest these products while repairing your credit and increase your rating. Credit repair work can help clean up these mistakes.

Here is a simple example of the impact that interest has on the rate of an item. If you buy a product for $100 on credit with a 10% rates of interest over one year, the real expense of the purchase is $110. Therefore, you have actually simply increased the cost of the item you purchased by 10%. The result is that you pay excessive for the convenience of not spending for it today.

The truth is you are paying more every month to each revolving debt as you pay one off completely. This permits you to pay the financial obligations of in a timely manner without defaulting on one financial obligation. , if you are doubtful about the procedure attempt it for six months and see if it works for you..

One example is turning $5,000 of charge card financial obligation into a home equity credit line. A bunch of lending institutions is offered online and offline, though processing online is preferred.

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