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Debt Consolidation: The [CORRECT WAY] To Do It | Debt Consolidation Credit Cards

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There are so many companies out there on the internet vying for your attention online every single day, many who want to sell you their product. This includes debt consolidation companies. As it turns out, there are a lot of ways to do debt consolidation but only ONE WAY to do it CORRECTLY.

Debt Snowball Method: https://youtu.be/KWp7ZjD6AD8
Debt Avalanche Method: https://youtu.be/d3H2ODyQo0I

Before you can even THINK about utilizing debt consolidation, you MUST make a few commitments/promises to yourself:

1. Remember that you are in DEBT! The Focus is GETTING OUT!
2. Cut up your existing Credit Cards!
3. You MUST use a WRITTEN BUDGET!

You are in debt! That is why we are even talking about Debt consolidation at all. You need to make a commitment to NOT use your existing credit cards AT ALL while you pay off your credit card debt. Your focus needs to be 100% on paying off your existing debt as quickly as possible. On this same note, you MUST HAVE a written budget to do debt consolidation the right way. You need to be in control of your finances each and every month to make sure your income is being used efficiently and you have extra money left over each month to pay off debt.

The 1st step to completing debt consolidation the right way is to utilize a debt consolidation credit card that has (2) characteristics:

– The debt consolidation credit card MUST have a 0.00% interest rate period of at least 12 months but longer is definitely preferred.
– the debt consolidation credit card MUST have a $0.00 balance transfer fee

There are a lot of credit cards out there that offer a 0.00% interest rate period of 12-18 months, but very few credit cards out there also offer a $0.00 balance transfer fee. Most credit cards will have a balance transfer fee of $10 or 5% of the outstanding balance whichever is higher. As you can imagine, this could end up being a very significant amount of money depending on how much debt you have to consolidate.

The only credit card that I could find that meets these requirements is the American Express EveryDay Credit Card. This card currently offers a 0.00% interest rate for the 1st 18 months after the credit card is opened and it also offers a $0.00 balance transfer fee for every balance transfer completed during the first 60 days after the account is opened.

Some things to consider before opening and using this credit card are:

– How much debt do I need to consolidate?
– Will I be able to pay off this debt during the first 18 months?

After you have utilized the American Express EveryDay loan consolidation credit card, the next best option would be to utilize a debt consolidation personal from a company like Marcus by Goldman Sachs or Discover. Both of these companies offer excellent options for fixed-rate low interest rate unsecured personal loans that you can utilize to pay off your high-interest credit card debt. A debt consolidation personal loan will allow you to have one payment instead of multiple payments with an interest rate lower than your credit cards.

Here are the takeaways:

1. START with a WRITTEN BUDGET for your personal finances
2. Cut up your existing credit cards to avoid additional debt
3. START with the American Express EveryDay card then utilize a personal loan

My name is JOE and I am just your AVERAGE JOE ON MONEY. This channel talks about ALL THINGS personal finance that help people like YOU and I, the Average Joe, learn the fundamental principles of money and win with our finances. Whether it is learning how to budget, saving money for retirement, investing, paying off debt, and all things in between, I have you covered here on the Average Joe on Money YouTube channel.

Thanks for watching the Debt Consolidation: The [CORRECT WAY] To Do It | Debt Consolidation Credit Cards video!

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Robert Dunfee

23 Comments

  1. vegan cherry
    July 13, 2021 at 10:29 pm

    what you want… starts at 9:50

  2. Whizz™ 🍁
    July 13, 2021 at 10:29 pm

    Nice video appreciated

  3. Jessica Johnston
    July 13, 2021 at 10:29 pm

    I am sorry, but your voice and energy trigger my anxiety… It would help if you spoke a little slower and didn't raise your voice so often, but I sometimes raise my voice when I am excited, so I can somewhat understand. I couldn't watch the whole video due to anxiety tho.

    Edit: Nice Star Wars shirt! ⭐💫

  4. Wyatt Cerri
    July 13, 2021 at 10:29 pm

    I haven’t done anything hardcore yet but I did pay off my phone using a normal credit card, it was right under $1000 remaining. When I get it unlocked I can switch to a cheaper, prepaid plan to be able to spend less for service and I can also pay it off in large chunks instead of $40/month like the installment plan was. My APR is 21.99% but it won’t be on there for long because my monthly expenses are around $500 and I can still find ways to cut that down.

  5. Kalikid98
    July 13, 2021 at 10:29 pm

    Does anyone know if any of this is possible (especially the personal loan method) for a student entering med school? I am entering optometry school (more debt i know) in the fall and have 15k of credit card debt 😭. Any advice? I will NOT be able to work during school due to rigorous schedule.

  6. garrett gleave
    July 13, 2021 at 10:29 pm

    At 2:50 was mentioned to destroy credit cards. I'm pretty sure some credit accounts will automatically close your account within 6 months to one year of inactivity. Closed accounts are no good because it erases you're available credit from that account and could raise your credit utilization ratio. High amount of available credit plus low credit utilization are a big factor of your credit score. Best practice would be to show a lot of restraint and self control to only make small purchases on each of your Credit Cards once every 6 months or so, and to pay off the full amount at or before each billing date.

  7. Carolynn Dougherty
    July 13, 2021 at 10:29 pm

    BECU is another credit card that does 0% interest and 0% debt transfer…. So long as you don't have one yet otherwise they only give you the difference of what you've already been been approved for. Meaning if you have a $5k card and wanna go with them again if you qualify for $10k you only will get the other $5k

  8. JuanC P
    July 13, 2021 at 10:29 pm

    Lefty power my friend! We’re the smarty ones 😂 great great video thanks for all this information ✅

  9. Kailee Lynn
    July 13, 2021 at 10:29 pm

    I was reminded I was in debt within 1 minute… we are dealing with a genius here people

  10. dubstronaut
    July 13, 2021 at 10:29 pm

    I'm here because i got an email today from Discover offering me a personal loan that can be used for debt consolidation. I'm happy to see the Discover personal loan listed as a good method "when used the right way"! Right now I'm determining how much interest I'll pay if I continue personally managing my debt the same way I've always done, versus if I take the Discover personal loan.

  11. Sean Savage
    July 13, 2021 at 10:29 pm

    So I called to look into the Amex Everyday CC, it appears that balance transfers are no longer allowed. Any new cc debt consolidation card ideas?

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  15. Jo Chanel
    July 13, 2021 at 10:29 pm

    What about the Citi
    Diamond Preferred Card? Is this a good card?

  16. pocket change
    July 13, 2021 at 10:29 pm

    i've decided not to consolidate and apply the snowball method

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  20. David Criss
    July 13, 2021 at 10:29 pm

    Thank you for the informative video and information!
    I've been using 0% balance transfers for many years in order to manage our debt, which works great if you pay off the balance or transfer any remaining balance before the 0% interest expires, but due to COVID-19, those balance transfer offers are apparently no longer being offered to existing cardholders. However, I spoke with Bank of America last night at 800-421-2110 and they told me that I could immediately apply for a new BankAmericard credit card, which has no annual fee, and it includes a 0% balance transfer offer for 15 months with a 0% balance transfer fee. I couldn't find that credit card on their website, but I did find a reference to it here: https://www.creditkarma.com/credit-cards/i/balance-transfer-cards-bank-of-america
    I don't work for any of those companies, and I'm not trying to trick anyone into anything. I'm just responding to your request to share any other balance transfer offers that also has a 0% balance transfer fee, which is very rare in my experience. Now I just need to decide if I should apply for my first ever debt consolidation loan, before they stop offering them as well, or to apply for yet more credit cards, which I instinctively want to avoid.

    I hope this helps someone as of June 13, 2020!

    David

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  22. Nick Scuderi - RealLife Money
    July 13, 2021 at 10:29 pm

    Hey Joe! Saw one of your comments and wanted to stop by! Very interesting topic indeed especially with the mounds of debt out there! It’s scary how most might hurt rather than help us 😱 keep it going my man! 🙌

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