How To Get Out Of Credit Card Debt Fast & Change Your Financial Future


Here’s the Video Transcript:


hi there so if you’re watching this video it may be because you’re in a little bit of credit card debt or maybe you’re in a lot of credit card debt and it may be just to one credit card provider or it may be to multiple credit card providers well I’m here to tell you it doesn’t need to be like that you are perfectly capable of getting out of credit card debt all by yourself and getting out of credit card debt for good and I’m going to show you exactly how to do it as efficiently as effectively as possible but not just that I’m going to show you how credit card debt and also going to help you create some really healthy informed and happy financial habits in your life where you’re not paying off debt but you’re actually creating and building wealth you are creating savings you are achieving your personal financial goals you’re investing your maybe even building up passive income streams the point is that choice is yours when your credit card debt free so to get you started straight away listen up step one is to make a list of everybody that you owe money to and exactly how much I want you to write it down in a list exciting with a person that you’re at least amount of money to all the way down to the bottom of the might person you are the most amount of money to now this is the time where you get on your internet banking check your statements call the credit card company even make that awkward uncomfortable but very important and necessary phone call to family and friends find out exactly how much you owe and who – this is where we get to really understand your financial responsibilities and your friends will produce is we’re going to start with a top person on that list debt number two is to live off cash from this point on everything you pay for and what you pay for in cold hard cash or your ATM debit savings card you are not to use any credit cards from this point forward deka battery is to set minimum payment plans for each of those debts even the smallest one at the top of the list whether it be one dollar per month that you contribute toward that debt it does matter make sure you have minimum repayment plans in place for each of those deaths now this means that we’ve quarantine the debt is not going to get any bigger you’re servicing the interest at the very least and it also helps reduce the risk of any penalties fees or fines step number four is to do a budget you need to know exactly what is your cost of living how much money you need to survive I want you to write down every single living expense from rent to food to petrol to movies to take away it doesn’t matter it needs to be written down you need to know your true cost of living now she’s never done it before don’t freak out it’s okay I’m here to help just head to the sugar model website subscribe and you’ll get a complimentary budget which will help you go through this process and when you’re doing your budget don’t forget to enter in those minimum payment plans that we did in the step before step 5 is to now review that budget I want you to take your time going through each individual expense and questioning whether you love value use and appreciate each one of those is it something that you can maybe temporarily cut down on or cut out completely is it something you can go out for a period of time or indefinitely I want you to try and look at ways of finding savings within your existing living expenses now every time you come up with some savings where every $1 $10 $100 or $1,000 or $10,000 I want you to take that money and I want you to repay it towards the top person on that list and I want you to continuously do that every time you have some extra money until that person is completely paid off and out of your life of your financial responsibilities and liabilities now my reason for recommending paying off the person with the smallest debt first comes down to efficiency and building momentum when you are trying to repay debt particularly large amounts of debt or debts towards a variety of different people it’s a lot like juggling balls it’s really hard and if you or we can just take one of those balls out there it’s going to be that little bit easier for you to cope now the quickest and fastest way of getting one of those balls out is getting one of those people off the list by targeting the person with a small amount of debt that’s going to make it so much quicker and easier to pay that person off you’re going to start to feel really good you feel that momentum and you’re going to see there’s light at the end of the tunnel and see the progress as you work down that list I want you to continue on this formula every time you have spend money I want your pet for next session I list do not move on to that list of the person below until the first person at the top of the list has been paid off in school I want you to also look at that list morning and night I do not want you to forget I want you to be completely dedicated and committed to the journey of debt reduction we time you cross a debt off the list I want you to feel really good about yourself because you are learning some really valuable lessons about painful responsibilities and financial priorities lessons that are going to stay with you for good now whilst you’re making some progress I also want to add in another step if you can I want you to set up a separate savings account and start putting little bits of money in there when you can now I’m recommending this because this is going to be your new financial security your new financial net so when something happens out of the blue for example a dental work or you know a car praying or a parking sign you are not leaning towards a credit card again and repeating history you’ve actually now got savings in place to help fix the situation and you’re going to feel so much more responsible mature in paying these things off in cash but you’re creating new empowering financial habits and for yourself then the final step as you’re working down that list of people you are remaining to and getting back on top of things and feeling empowered and motivated in control I want you to be open to the lessons that life is trying to tell you learn about why you got into that credit card debt in the first place understand what the triggers were I want you to create new healthy strong financial habits they’re going to stop those things or identify when you’re in a danger zone and your financial future or funchal situation may be jeopardized avoided become a financial superwoman or Superman I want you to use money in a more educated empowered informed way and then when that day comes where you make your last and final credit card or payment and you were completely critical get free I want you to give yourself a massive pat on the back and realize that if you wanted to you have created these amazing painful habits that you can now channel and direct to now creating some savings or maybe even building up an investment portfolio or maybe you use it time to think about your personal central goals and what you would like to build and achieve for yourself you can use this exact same formula of creating and finding savings in your existing cash flow so now channel and drift towards much more exciting things for yourself if you would like to learn more about these things what tips and tricks and things that you can do to build fit for wealth and independence for yourself make sure you subscribe to my channel sugar mama TV because because every Monday I publish a video about wealth about money about cash flow about debt about investing about passive income about retirement so these are all things going to help create a much happier and financially freeing an independent central features for yourself and for your family and I would also like to use this opportunity to introduce you to the thousand dollar project now I will put in the description link below the playlist and all the information about the thousand dollar project which is essentially where I share with you and show you how I myself and finding ways to save and earn extra money in my life beyond the limitations of my salary and I’m using that money to invest and build a passive income stream that is going to charity is an incredibly inspiring story where people around the world are following along and I would like to invite you to join us so now that you finish watching this video I want you to make that commitment to paying off your credit card debt for good make those phone calls find out exactly who you owe and start that list and start progressing through your list of being debt-free and I will see you next week for money Monday


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