Debts dirty secret

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Here’s the Video Transcript:

ladies and gents just want to say hey what’s up I’m going to take a few moments to give you some information I think would be beneficial this is in relation to debt and how to get out of it faster so just give me a few minutes don’t turn off yet don’t turn it off yet I know I know I know but just as a quick quick testimonial queek a quick testimony by the grace of God my wife and I we were able to pay off over twenty thousand dollars worth of school loans we extinguish five loans last year from the start of January and 13 to the close of December and 13 matter of fact who made the last payment in December 26 2013 and we’re working on our final school loan with the the Department of us whoever they are they were alone that’s that’s what we move and last so the fact of the matter is that we’ve learned a few things I think I be beneficial to people and just want to get the information out there anything that I can do to help people i’m all for one of the things i think we need to understand first and foremost is interest let’s think of interest as the engine and the principal is the gasoline so without any principal interest can’t be except the existing because you know it won’t go anywhere doesn’t have anything to multiply off of so when we get the principal out of the way of course interest won’t exist anymore another way to put it you can say over the course of 30 days interest is accruing on your principal so think of it as 30 hurdles to get through before you can get to your principal so any time you can shorten your entry cycle whether it is seven days with is you know 15 days kind of like a biweekly thing so once a week or bi-weekly if you can make payments in that fashion versus waiting 30 days to make a payment your ability for your dollar to go about further and recent principal is a lot better I was frustrated my wife was frustrated because here we were making payment to our federal loans and like ninety-nine percent of it was going to interest and we might have a couple of dollars that might scratch the surface of the principal and was getting really frustrated I don’t necessarily have the time because of other obligations whether it be church and other things that I’m interested in to commit to a second job just to dump loads of money on it but what I do recommend is that you can be proactive in your current situation here’s what I mean so let’s say your current loan payment is two hundred dollars whether it be four of us a car house student loans if you take that same payment and divided by the number of weeks in a month which is typically for now there’s a couple of outliers out there but usually over four weeks and you let’s say put fifty dollars each weeks over four weeks you put fifty dollars that’s still two hundred dollars we haven’t increased it at all but fifty dollars every seven days versus two hundred dollars every 30 days you have shortened the interest cycle in enabling your dollars to go further they can go and get more of that principle pay for and lessen the effect of interest now you this is information that you may not have explore what you’re learning institution so you’re not going to go ask some questions as to how many payments you can make in a month because each one varies i started making daily payments because i was i was excited when we came up with this theory or discovery rather so with that said find out how many pages you can make in a month and it still count toward you completing your financial obligation and with that said if they allow you to make four payments or if they allow you to make eight payments a month take advantage of that and make those interest cycles as convinced as possible because once you do that you enable your dollars to go a lot further think of it this way for each dollar that you free in principle pay off the principal for each dollar you pay off in the principal that’s one less dollar that can be multiplied by the interest so anytime you can take opportunity to pay that principal down you have a really good chance of getting out of debt a lot faster combine that with budgeting which is what we did combine that with Thurmond lump sums of money so it might be a tax return coming down the pike if you can apply that to the loan as well you have now utilized the number of different things that are accessible at your fingertips to be able to pay off the loan in a much faster fashion so I want it I want to give you some hope I want to tell you that it is possible we definitely have a testimony about what god is able to do and how he is able to give you a plan that would really work with your situation what you have going on and I just want to give you some hope I said pat you on the back so you can do it you can make it and let me know if you got a better idea I’m willing to try it out I got plenty of time to practice so let me know what you got as far as your ideas and we’ll take it from there I would go when I catch you on the next

Read More: Everything you need to know about Balance Transfers, and paying off debt (Pt.3)

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