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What&#39s The Fastest Way To Spend Off Credit card debt?





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Credit card debt is a person of our minimum beloved factors to speak about, and which is a person of the principal explanations it is so difficult to pay back them off. BUT scientists have figured out how to rewire your brain to choose on the debt monster.

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Two Cents was made by Katie Graham, Andrew Matthews, Philip Olson CFP® and Julia Lorenz-Olson and is brought to you by PBS Electronic Studios. We love dropping some knowledge on all factors private finance and supporting you make greater cash choices.

Two Cents is hosted by Philip Olson, CFP® and Julia Lorenz-Olson
Directors: Katie Graham & Andrew Matthews
Composed by: Andrew Matthews & Julia Lorenz-Olson
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21 comments

  1. Hi all
    It could be horrible approach but debts are also different in accessibility of reuse. For example if you repay your credit card you can easilly use it if you need it. If you repay your bank loan it will not be so easy to reuse that. There are advices that you should have 1-5 wages as a pillow accessible in case of emergency. So if you are paying your student debt you should use part of gap to make or maintain that pillar but if you are repaing credit card you can use whole gap for it and use the credit card money in case of emergency. What do you think about that?

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  2. I love this

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  3. now im confused as to which of my two debts to pay first…
    my credit card has $1500 to go..
    my car loan has$14000 to go..
    my tax return is coming soon and ill be getting around $2000 plus a $1000 i have in savings..
    the 1000 is for my credit card..
    and the tax return for my car loan..

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  4. You are making a LOT of assumptions about my brain.

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  5. What was yalls majors in college?

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  6. Humans are to intestinal to pay off debt logically so have to use a less efficient method to her there and yet we still think capitalism is reasonable though it is based on the idea of rational actors which clearly isn't reality!!

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  7. Soooo, i did the reverse snowball effect by by minimum payment instead of total balance. Highest minimum payment got paid first with an extra payment on it, then the smaller ones. I don’t have a lot of debt so this reverse snowball also was aligned as the most rewarding to me to pay off vs the least rewarding. Once I paid off my car, I was so happy and everything else after that was easy because none of my other debt was as expensive per month as my car note. Then I could hit my next two debts simultaneously and be done in a year.

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  8. These guys are like the modern age Body break! lol I mean the guy has even got a stash.

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  9. Fastest way to get out of debt is to not get into one. Simple, don't buy what you can't afford.

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  10. Hearing that *BEEP is also funny when sensored fills you with determination.

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  11. After an accident I ran into debts , little little monsters compounding into a stampede of bullies…

    Unknowingly i was using , The snow ball approach, but knowingly Increasing my income and frugal living has been helpful… 1-2 months left And everything will be settled… 48 months of ups and downs really gives mental fatigue

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  12. You guys should do UK 🇬🇧 guys you'd be awesome 👍

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  13. I am 300000 debt in medical debt

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  14. Why would you hope for a mixture of both?! Being capable of widening the gap purely with an increased income is obviously better!

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  15. I paid all my debt off, for a better credit score…but once I paid it off, not much credit score difference, I realized just make more money the credit comes when you have more spending power and build your credit.

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  16. Omg like dave Ramsey's approach awesome ! Plus it really works! Im almost done ❤

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  17. I love your videos you two! Have you heard of the Changed App or one similar to it? It allows student loan holders to use the change they already spend on every day purchase to put towards paying student loans. I’ve paid $100 using it already! I’m not sponsored btw.

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  18. Thank you very much – this is my first time here.

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  19. set them big tittays free. yoooj jugs

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  20. Can we just say that bad game designers do this, because it's not something we respect

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  21. With the snowball method, that 22% interest loan is going to grow so fast you will never get rid of it while pursuing that 0% interest loan.

    Instead of snowballing, you'd be far better off consolidating into a lower interest loan.

    Reply

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