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Autopay, is it Very good or Undesirable? | Financial debt Free of charge Journey | Financial debt Snowball





Hey beloved ones! Here’s my choose on the very good and not-so-very good of autopay. It’s a mellow, talkative just one lol! #teachingmoment 😊 Thank you for viewing! xoxo

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I’d enjoy to listen to if you are financial debt-totally free or on a financial debt-totally free journey! Remember to make sure to remark 😊

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Disclaimer: I’m no economic specialist. These are my personalized thoughts based on a confirmed method.
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#autopay #debtsnowball #debtfreejourney

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6 comments

  1. I know you said you weren't interested in doing a balance transfer but that Discover is terrible. Balance transfers usually have a fee anywhere from 3-5% of the transaction so you are taking an immediate hit of a lot added on, but if the transfer will get you to 0% you can get the debt down faster. For example (trying to use your approximate numbers) there is a $4500 balance on Discover. You do a balance transfer to another card at 0% for 12 months but there is a 4% fee. The fee would instantly add on $180 to your debt, but if $75 of your $100 payment is going to new interest charges then you would ultimately be charged over $180 anyway in about 2.5 months, but then $0 would be going to interest afterwards.

    Now, as Dave Ramsey says, Balance Transfers are not for people who don't change their behavior about paying debt. You have already proven you are serious about this journey and have done it for close to a year I think. Just a thought. Love your videos!

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  2. Great points. The majority of my bills are on autopay. Like you said though, you still need to be paying attention to your finances.

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  3. This is a wonderful video! It is SO important to keep up with your debts and they want to make it feel like nothing so you stay in debt as long as possible. You also run the risk of them taking too much out. I've seen this happen to my parents too many times for me to feel comfortable. I have a couple of small regular bills that automatically come out of my bank. As for other, big things, I will either pay them myself, or like for my student loan payments, it comes out automatically but I have a separate account that I use for those withdrawals. And of course, I constantly check my accounts – at least every couple of days!

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  4. Another great vid

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  5. I am 100% auto pay lol got to love it.

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  6. There are tons of people who need this information. Great video!

    Reply

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