How To Pay Off 10k In Credit Card Debt | In 12 Months

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I’ll show you how to pay off 10k in credit card debt in 12 months. However, the same techniques I’m going to give you here, you can use to pay off more debt in more time if anything.
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1. Find the Extra Cash by Budgeting
- Most people think it's going to take forever to payoff debt
- Because they only have $100 or $200 extra dollars a month to pay it
- But the truth is, you have to cut cost
Baseline Budget:
- Shelter: 33% or less
- Utilities: light, gas, water, internet, and phone bill ( no more than $30 for a phone bill and no more than $60 for home internet ) cut the cable at all cost
- Groceries: $200 per person max $250 per person ( eat at home)
- Transportation: paid off car, insurance, gas and maintenance
- Fun: 5-10% of your budget for your wants
- Health Insurance
Sum it all up and Minus it from your Income:
- If you make $3000 and spend $2000 you have $1000 for paying of debt
- Everything that is not on your list, you want to cut it off
2. Get Extra Cash by Selling it
- This is the most fun part
- But it is also the most embarrassing part
- I went from having 23 pairs of sneakers to 9
- For me, it was a big deal beucase my sneaker said how cool I was
But the point is this:
- Open up a facebook marketplace account, craigslist account, and eBay accounts
- And everything you don’t need and has some value, sell it
- Use that money to pay off debt ( but keep watching beucase I haven't shown you how to pay it off yet )
So if you earn an extra $500 bucks that’s awesome
3. Make Extra Cash by Hustling
- Most people say, I don’t have time
- You do
- You sleep 8, you work 8 and you eat, shower, and travel for about 3 a day: that’s 19 hours
- You can grab eh remainder 5 hours and get a side gig earning a minimum of $15 an hour
How much cash is that ?
- Let's say you did Uber for 5 hours a day
- That’s $375 a week at $15 dollars an hour rate
- And $1500 a month
4. Payoff the Debt | 2 Options ( avalanche and Snowball ) and How to organize it
- Now it is time to payoff debt, now that you have money to do it
- You have two ways, one way I did it and the other way I recommend
I did it via the Avalanche method: It saves you more money, but it is harder on the Mind ( so I don’t recommend it )
- You organize your debt from higher interest rate to lower interest rate
- You pay the minimum on all the debt
- And use all the extra money to pay the debt with the higher interest rate
The snowball method ( I recommend this) it builds momentum and gets you to pump
- You organize your debt from smallest to largest
- And pay the minimum on the debt
- But pay the debt with the smallest balance
The pros and cons are simple:
- One says you have money but it can take time to see progress
- The other you can see progress clearly and that keeps motivated
- I would recommend the snowball method
5. Once Debt free what Next
The first time I got debt-free, I kept the cards open
- And eventually got back into debt
- The last time around I made a decision to never be in debt ever again
So what I did was this:
- I paid off all the debt
- Close all my credit card account
- And I just don’t borrow money
The only exception: is to buy a property and even then I have specific rules
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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

Опубликовано:

20 июл 2024

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Комментарии : 132

@user-oj1xf7ii9h 6 месяцев назад

I only have $1860 left coming from 16,000

@nomessnostress Месяц назад

Good job!

@AngelLopez-sm5nt 10 дней назад

How long it take

@shadynumbers8561 Месяц назад

Coming in from a 150k, finally eliminated it down to just credit cards and loans. Here we go!

@sharonjenkins8388 Месяц назад

I paid off my $12,000 in 2 months because the interest were too high and then I use the snowball method for my remaining 15 cards . I only have one card left which is going to be paid of by the end of this month . I will be debt free . Thank you Lord 😊

@tamikamckoy2951 Месяц назад

Is there an example video you can share?

@sharonjenkins8388 17 дней назад

@traybern I use the Dave Ramsey snowball method and now I am debt free in 2 years .I was $52,000 in debt .It really works .

@Manihsi 5 дней назад

"What was your income at the time that enabled you to pay it off in just 2 months?"

@Manihsi 5 дней назад

Can you explain it?

@klt3065 5 месяцев назад

I am not understanding how these content creators who promote financial tips are suggesting to live in a home that cost 25-33% percentage of their monthly income. Has anyone looked at the true cost of rent these days. Without living in a war zone hood and especially since Covid, the cost of renting as become extremely expensive. My landlord just hit me with another yearly increase putting emphasis on maintenance costs, property taxes, and overall market trends. I have just started my budget and my goal is to get out of debt and own my own home.

@realestateplugtv 5 месяцев назад

this is why owning makes such a huge difference in financial freedom. I highly suggest connecting with a Realtor in your area and asking them about down payment assistance. Here in Charlotte, NC, I've been able to get a client in a home with 100% assistance and they are living in a home that is right at 30% of their income

@smartfinds2020 2 месяца назад

I moved out of NY and love it. Average rent her is 700-850. Not in a bad area. I am in a town in Ohio.

@Kevinnnnnnnnnnnnnnnnnnnn Месяц назад

Get a higher paying job if not you can not afford it comfortably

@Clarkbar79 22 дня назад

I had 60k in debt and had to move to the hood but i was fine. No kids and single. Roach spray extra lock on door and grind it out. It was bad but everytime i think about using a credit card i think about that apt lol. I will never go back to that hood shit. Im a home owner now.

@realestateplugtv 5 месяцев назад

I was with you until you said you closed your credit card accounts. Closing accounts HURTS your credit and takes even longer to build it back up than just leaving the accounts open and cutting the cards up. Credit is about understanding how to manage it. You can get debt free using credit if you do it right. It's about discipline. Instead of telling folks close their accounts, say "I chose to close my accounts because I'm not disciplined enough to manage it." Folks go into credit card debt because they don't truly understand credit and that is unfortunate because credit can definitely help you more than hurt you when you use it correctly.

@dmeyer1227 Месяц назад

Hurts your credit after 10 years. Closing a card in good standings doesn't hurt much at all.

@slimbae926 28 дней назад

@@dmeyer1227 Closing a card in good standing DOES hurt your credit. I totally agree with @realestateplugtv.

@slimbae926 28 дней назад

You are absolutely correct!

@sojourneroftheland 8 месяцев назад

Totally agree, the snowball method feels like youre getting somewhere, which to me is more important. Eventually I just switched out to putting everything on one LOC. I can see it all in one place. I drew a "thermometer" with the original debt at the bottom and zero at the top...so when my thermometer is fully red I have hit my debt reduction goal. Half way up the thermometer! The videos are great. Most people have heard a message like yours at least once. I believe its the repetition that helps people to stay consistent. Thank you for the continuous uploads👍🏽

@phyliciamurray422 Месяц назад

I’m doing the avalanche method, and it helped that I did a balance transfer for some of my debt.

@carolinag8943 6 месяцев назад

I hve a plan by the end of the year to be half way out of debt going to hve to get my partner on board to make it into our goal bc I can see he hates the payments but he’s always lived on the mindset that you need debt to live a successful life. I miss when we weren’t stressed and had our little 1999 cars cash and actually had extra money to leave in our bank accounts 😢

@yaboiavery5986 8 месяцев назад

Your consistency in here is inspiring. You deserve more views my guy

@ViridianandSpice Месяц назад

Great video!! This got me thinking about my own finances. Thank you😊

@lthomas512 Месяц назад

I forgot about the snowball method. I used it before to pay down my debit. This time i owe$4,000. But only have about $400-$500 free a month after tightening up on the budget. Thank you for the refresher

@bran9730 8 месяцев назад

I owe a decent amount , too embarrassed to say, but I'm going to sell my stuff. I love selling things! Going to use the snowball method. I will need about 2 years. Thank you for sharing, so doable!

@AnnaAtl Месяц назад

Me too. I have alot of clothing that is beautiful but doesn't fit and I'd rather be debt free. I have 11k in credit card debt plus about 16k in student loans.

@KarinaRamirez74 6 месяцев назад

I will try the snowball method next month. This month I did avalanche.

@zataviacalhoun3951 5 месяцев назад

def the snowball method, it's most realistic for me.

@fitzgeraldyuhskunt 6 месяцев назад

I will use the snow ball method

@nph136 Месяц назад

Snowball method seems like the best method.

@Steelcity43 Месяц назад

A year into my payoff journey I began with 41k no I’m at 13k 4 more months and I’m done. Salary began at 45k now 100k.

@TommyBryson Месяц назад

That’s awesome !!!

@Shabraden010 11 дней назад

Damn that’s what’s up

@dreqos8592 3 месяца назад

Man I don’t know how people have 10k+ debt ….. mine totals around 3500 and feel like I’m drowning …. Constantly trying to survive to get to the next bill

@homerozuna4049 8 месяцев назад

Snowball effect 😊

@slimbae926 28 дней назад

I use the snowball method and it really helps. I was able to pay off 2 cards this month. I have one more with 0% interest until 2/2025.

@TommyBryson 28 дней назад

Close them out would be my recommendation once you’re done

@cw3166 6 месяцев назад

What jobs can you do from home to earn extra income? New to your channel. Thank you!

@aspinaki 8 месяцев назад

This is why I subscribed you. Credit Card is evil once you understand it.

@cheriebenjamin0315 Месяц назад

No it’s not. The evil is bad money habits.

@ImGerald Месяц назад

@@cheriebenjamin0315you’re 100% correct

@karmenwashington605 Месяц назад

No it's not at all!! You just have to pay the entire balance off.

@kendregab7328 6 месяцев назад

I owe a bit over 30k in credit card debt. I plan on using snowball method. I estimate it will take me about 2 years or so to pay it all off. I have a car loan of 13k left but the APR is low at 4.5%. I almost have enough to pay off my smallest credit card of 4.5k. The highest is 17.5 k. I have 3 credit cards. I'm also trying to save for a wedding in a few years so I'm dividing my money between making a 1k emergency fund( almost fully funded), pay down debt and saving for wedding. We don't want to take out a loan for wedding so we're willing to wait and save more. If anyone can send me some motivation I'd really appreciate that right now. Cheers to anyone pay down debt! We can do this 💪 🙌 🤗

@user-ot7ln4fy7y 4 месяца назад

To Kendra…Bless your heart! You’re halfway there by having a plan! Best of luck to you. I know you’re going to “get it done!”🙏😁❤️

@heryace9825 4 месяца назад

Tommy, are you back in puerto rico?

@susanhardin5182 Месяц назад

The Ramsey snowball method has been proven to work. It's not easy, but it works

@sharonjenkins8388 Месяц назад

I love it - it works for me .I paid off over $50,000 in less than 2 years .I did a lot of overtime and sacrifice a few things .

@inthewend07 8 месяцев назад

I thought you were going to talk about the hot trend called "velocity banking" 🤭

@sojourneroftheland 8 месяцев назад

Ha ha, looked into that once. Hot trend is all it is. A new way to get somewhere inefficiently. Using debt to pay down debt may work for some, but aint for me either😏

@CraigBarrettEsquire 7 дней назад

How about not getting into consumer debt in the first place? People need to address the source of the issue: why are they willing to spend money they don't have to purchase things they don't need and has no value. There is a psychological issue that needs to be addressed.

@maleekabanks6556 6 месяцев назад

Snow ball for me, this is so rough😫

@namelessellin3528 8 месяцев назад

You can also combine the two methods for your convenience. Luckily I'm debt free!!!!

@djames9582 26 дней назад

Snowball! 6 months remaining.

@TommyBryson 26 дней назад

Let’s goooooo

@tedrush3401 Месяц назад

Paid off 19,825 since January 19th sold 2 cars and worked 80+ hour weeks for the past two years

@johnnybarrera9612 11 дней назад

I currently owe 20k in credit cards. But I really want to pay it off before this year ends. I’m actually looking for a second job to pay this off and once I’m free I’ll go back to one job and never make the same mistake of spending like madman on stupid shit.

@EnchantedAnn 2 месяца назад

The avalanche method Im not there yet on closing the account completly cuz im worried my 13years of credit would mean no history

@BigReege Месяц назад

Probably going to use the avalanche method.

@actoocold-_- 8 месяцев назад

I owe about $3300 at the moment my job pays 17 and is letting me work overtime. I want to take advantage of this and hopefully pay it off by the end of the year or beginning of new year

@sojourneroftheland 8 месяцев назад

Very doable you got this!

@WanderingOutsideGuy 3 месяца назад

Ive been doing this since october '23, i was able to get OT at work that is more than a side hussle. So far ive paid 20k in debt in 5 months. I didnt think about the selling stuff i dont use much. Now its all got to go.

@surajajith8798 2 месяца назад

Going to try snowball

@Chosenkid444 Месяц назад

🔥🔥

@labarronmckinney5202 4 месяца назад

just stared my snowball last month been sick so got Dr. bills and such about 26k in the hole and about 23 k on a car, but it's going to be alright I feel because I could have been in my grave!! I was debt free besides the car, so I can't wait to be there (debt free) again ! In a good spot, my house is paid for already1 God is good 💞

@vanflowers6829 8 месяцев назад

I'm currently in the process of trying to get rid of my credit card debt and build up my savings. Which one should I give more attention to?

@jonsmith9728 8 месяцев назад

throw some cash to the side for emergencies, then have at that debt

@cheriebenjamin0315 Месяц назад

Save at least $1000-2000 for an emergency. $1000 should be your minimum no matter what. Depending where you live (like say NY or CA), having $2000 saved is a better bet.

@cheriebenjamin0315 Месяц назад

You can do both if it won’t overwhelm you. Focus on one card to put any extra in addition to the minimum that you can to pay it off and roll that down to the next. If you can start with setting aside $25-50 a month at minimum for your emergency fund. If you can do more, great.

@andreaamplified Месяц назад

Velocity Banking, keep the cards open.

@albad.jimenez5136 2 месяца назад

Hi! I paid off a loan and that money I will pay more money to my AE card.I owe $14,000.

@kb8978 7 месяцев назад

How much of that 5 hours can I hustle while having 3 kids under 8 years old? Sounds sarcastic, but serious question.

@sonjashabazz9097 Месяц назад

Snowball for sure

@pyesign Месяц назад

Team Snowball

@who_else_but_dee2821 8 дней назад

I have 6k in saving and I’m 14k in the hole in debt I’m thinking about bitting the bullet and just putting that whole 6k and pay my debt…..any other suggestions

@1hunterdale 6 месяцев назад

Should just used credit card as checking account. You wouldn't have done all other crazy stuff

@MeolaTony-rp7gg 8 месяцев назад

This is one of my favorite channel Thank you for breaking it down!! Am glad I can still ☺️ smile at my crypto portfolio of $70, 000 made from my weekly trade.

@PureteLloyd 8 месяцев назад

After watching so many videos on RU-vid about trading I was still making losses until Mrs Susan Marie Alessio, started managing my investments and from then I have been making good profit

@EdlineFadazai 8 месяцев назад

Wow I thought people don't know her. I have been trading with her for 4 months now, I don't have much to say about her but I'll advice newbies to place their trades under her services

@MichaelThomas-bh4gj 8 месяцев назад

Mrs SUSAN MARIE ALESSIO, is the best expert trader I have seen her technical analysis skills are topnotch, she has an uncanny ability to read market trends and make accurate predictions for maximum profits.

@GolebaoneSelebatso 8 месяцев назад

I thought I’m the only one that knows her well I guess her good heart and strategy speaks for her now

@EvaCano-en4bs 8 месяцев назад

This sounds so good and I'd like to be making weekly profits too, is there any way I can speak with her?

@waterbaby7808 Месяц назад

Snowball!

@thefunfam1433 6 месяцев назад

Most people work more than 8 hours in one job

@lisasumler-jones2227 Месяц назад

Snowball 10k

@agglad2230 Месяц назад

wow msm is strong on this media, you will never be able to pay off your stuff with this suggestion

@dmeyer1227 Месяц назад

If you got all this CC debt, you probably weren't to responsible with your money.

@TommyBryson 29 дней назад

lol paid off all in full and never paid interest. Not a good game to play. Not the amount, it’s the practice

@joannaterry2855 29 дней назад

Snowballing… about 40,000

@TommyBryson 29 дней назад

What’s your timeline for payoff ?

@MsJones-mc9gq 20 дней назад

Where are you living to pay the low rent.. 😮

@TommyBryson 20 дней назад

I live in Dominican Republic now

@fuzzyslippers4349 8 месяцев назад

Tommy, should I file bankruptcy if I stopped paying my credit cards , and the amount is around 10k?? Or should I try to pay that off

@TommyBryson 8 месяцев назад

If it’s at collection, I would try to negotiate and pay 25-50cents on the dollar; if the bank still has it, create a payment plan. It’s the right thing to do.

@fuzzyslippers4349 8 месяцев назад

You are right. It is the right thing to do. Holy Spirit is working crazy through you. I didn’t even get the notification. I randomly wanted to check right now to see if you responded to me. And you just did. ✝️🙏🏾 I will try to negotiate with them. I was afraid of the consequences of bankruptcy , especially bc I would like to own a home. But I had a rough year and want to fix everything now that I have some $ . God bless you brother

@AshFx86 4 месяца назад

@@fuzzyslippers4349did you manage to pay them $1 a month? Or any negotiation bro?

@betterbusiness5867 Месяц назад

Avalanche I owe $8k

@Shabaee2626 5 месяцев назад

I'm just going to file chapter 7 bankruptcy and then have my bankruptcy deleted from my credit file. Boom no more debt 🎉

@josezepeda-op7sc 3 месяца назад

Your joking right lol

@Shabaee2626 3 месяца назад

@josezepeda-op7sc absolutely not. Already did it and had it deleted from my credit report. My credit score jumped 80 pts and still climbing and I'm debt free. They can get away with all that high interest, I turned the tables on em.

@Shabaee2626 3 месяца назад

@josezepeda-op7sc not sure what happened to my comment but absolutely not. I already did it and had my bankruptcy removed from my report. Score jumped 80 pts and still climbing.

@godsnotdonewithyouyet6955 3 месяца назад

How did you remove bankruptcy from your report?@@Shabaee2626

@BamaPoka 6 дней назад

Guess he doesn't have kids

@melissacooper4001 8 месяцев назад

Smash

@cheriebenjamin0315 Месяц назад

These are good tips but it’s really all dependent upon someone’s actual life. To just continuously spew out the same old advice instead of teaching someone how to tailor financial to their actual life and responsibilities is not helpful.