The Personal Finance Podcast - How to Pay Off $10,000 in Credit Card Debt in Less Than 1 Year

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Starting point is 00:00:56 Find your advisor at IG Private Wealth.com. On this episode of the Personal Finance Podcast, how to pay off $10,000 of credit card debt in less than a year. What's up, everybody, and welcome to the Personal Finance Podcast. I'm your host, Andrew Founder of MasterMoney.com. And today on the Personal Finance Podcast, we're going to be diving into how to pay off $10,000 of credit card debt in less than a year. If you guys have any questions, make sure you join the Master Money newsletter by going to mastermoney.co slash newsletter. And don't forget to follow us on Apple Podcasts, Spotify,

Starting point is 00:01:51 YouTube, or whatever podcast player, you love listening to this podcast on it. If you want to help out the show, consider leaving a five-star rating and review on Apple Podcast, Spotify, or your favorite podcast player. Now today, we're going to be doing something very tactical. I'm going to actually give you a tactical episode on how to step by step go through and pay off $10,000 or more of credit card debt in less than a year. And so when we go through these tactics, I'm literally going to take you through exactly what I would do in your situation. Now, this is a very aggressive strategy. And this strategy is going to be something that you will need to make sure that you can actually achieve this if you're going to go after this.

Starting point is 00:02:29 Because we're going to go through a scenario where I think you can truly, truly benefit from this. Now, one big thing I want most people to know out there is that credit card debt is a pants on fire emergency when it comes to building wealth. If you have credit card debt and you are sitting at this point in time right now, you're saying to yourself, I have $10,000 with a credit card debt. I don't know what to do about this. The interest rates are super high. I got to figure out what I need to do next. You need to understand that this is your big priority.

Starting point is 00:02:57 So we have a bunch of steps and we map these out in Master Money Academy and other places as well. But one of the biggest things we want you to do is early on. I want you to make sure and ensure that you are going to first have one month of expenses saved up in an emergency fund. And so before you do this whatsoever, you need to have one month of expenses in that emergency fund to protect yourself. So nothing derails you from being able to complete this mission. Because when you are on this mission and when you are trying to pay off this target, if an emergency pops up, I do not want it to interrupt your specific goal. So first, you need to make sure, and this is the order, that you have that one month emergency fund in place before we even start diving into this.

Starting point is 00:03:42 then you can start paying off this high interest debt. So pretty much there is not a credit card in existence that does not have high interest debt. And so I'm going to show you today how we're going to fix that first, the high interest for a short period of time, then we're going to pay it off quicker. Now, why do we want to do this? Number one is you need to do this for your family or for your future self. This is so important to make sure that you get credit card debt paid off. Because if this gets worse or if you continue to decide to go deeper into debt,

Starting point is 00:04:08 you are then deciding to reward your current self instead of your future self. We define financial discipline as someone who is willing to reward their future self instead of their current self. And so when you can reward your future self, that is when you are financially disciplined. You're putting your extra dollars towards your future. And this is changing your future for life. Do this for your kids. And if you don't have kids yet, do it for your future kids. Because nobody wants to be bored into a family that's in credit card debt. They will struggle their entire life. Do this for the next generation. Part of the reason why we have this podcast, part of the reason why we talk about this stuff is to teach you how to build generational wealth.

Starting point is 00:04:47 And if you are not willing to take the steps to get rid of debt that is crippling you every single month from being able to invest your dollars so that you can retire, then there is no reason in this entire world why you should even be trying to build wealth. Because building wealth means that you need to take action on things like this. Credit card debt is absolutely a crippling thing to your finances. And the moment you realize that, the moment the light bulb goes off, the more motivated you are going to be to pay off this debt. And I need you to understand that up front as we go through this. If you do not learn how to pay debt off, it is very hard to retire, especially with credit card debt, because credit card debt just has these high, high interest rates

Starting point is 00:05:30 that can destroy you. You also want to do this for people. of mind. If you are anxious, if you are worried, if you are stressed about money, this is going to be a situation where you will sleep so much better at night when you get your credit card debt paid off. When you get this done, when you get it over with and when you get it behind you. And then do it is for your goals. I know you have money goals and your money goals may not be about money. They may be about your freedom. They may be about, I want my time back. I don't want to sit in this cubicle anymore. I don't want to work behind this cash register anymore. I don't want to be bagging these groceries anymore. I don't want to work in this office anymore. I don't want to be doing this

Starting point is 00:06:07 blue collar job anymore. Instead, I want freedom. I want to spend time with my family. I want to spend energy with my family. That, my friends, is what you need to focus on. What is the outcome that you want? Because money is a tool that is going to allow you to get that outcome. Money is the bridge that get you across that river. And so once you realize this, that money is just a tool, it is just a tool. It is just a tool to get you what you want out of life. That is when everything is going to change for you. That is when all the stress is going to melt away. The anxiety is going to melt away. You're going to be motivated to learn more because you want to understand how to conquer this debt. And so I encourage every single one of you to make sure that you do this. But also do this for your confidence.

Starting point is 00:06:50 It's pretty hard to be confident with money and also be in credit card debt unless you really don't understand how credit card debt works. And so getting this done is really important because otherwise this credit card debt is going to suck away your ability to be able to invest your extra dollars. And if you can't invest your extra dollars, you can't get your time back. And your most valuable asset is your time. Your time is what you need in order to enjoy this life. And so you need to make sure that you are focusing on this. And the last reason to do this is because debt is a thief. debt is a thief in the night that is stealing away your retirement every single month. You're paying at 15, 20, 25, 30% interest rate.

Starting point is 00:07:29 You are working with compound interest and it's going backwards. It is going the wrong direction. And it is stealing your money every month, every single month. And so take control of your finances. Take that back for you, your family, your kids, your future. Your future self is going to thank you for paying off. this credit card debt. And so when we go through these tactics, I want you to think about that stuff. I want you to think about your why. I want you to understand why you're doing this. I want you to

Starting point is 00:07:59 know why you're doing this. Because if you don't write that down, you're going to quit halfway through. And we don't quit. As wealth builders here, we do not quit. And so this is going to be a huge, huge turning point for you. This should be the light ball moment for you. It is time to pay off this credit card debt. It is time to get rid of it once and for all. And this is the time. Right now, this is the time. Okay. So we're going to get started here. But first, let's talk about why credit card debt is so bad. All right. So the main reason why credit card debt is absolutely terrible is because of these interest rates. So credit cards typically hover around 20 to 25% interest rates, which means that if you carry a balance, your debt is growing faster than almost any other investment can

Starting point is 00:08:44 ever beat, including for a lot of folks owning a business. It's like running on a treadmill, and that treadmill just keeps speeding up over and over and over again. So just imagine for a second that you're getting through life, and you're going through life on a nice, easy pace, a nice, easy jog. But you find out, oh, I can go out and I can utilize this thing called a credit card. You go swipe that credit card. Well, all of a sudden, the treadmill starts to get a little faster. Now you've got to go to a light jog. Okay? And as time goes on, because you keep swiping that credit card but you're not paying it off, that treadmill is going to go so fast that you're not going to be able to keep up anymore and you're going to go flying off. And this is why so many people

Starting point is 00:09:23 in this country get themselves into financial trouble is credit card debt. I cannot stand credit card debt. I despise credit card debt. It is absolutely terrible that we are not educated about this. And you may not have been educated about this. And that is something we're going to solve right now. Because these interest rates are going to absolutely destroy your finances if you are not careful. and so making sure you understand that is number one. Two, minimum payments with credit card debt can lead to a lifetime of debt if you're not careful. We want to make sure we aggressively pay this down. I'm going to teach you how to do that today, but we're going to get aggressive with credit card debt.

Starting point is 00:09:56 We're not going to let it continue to grow. We're not going to let it be in our life for 20 to 30 years. No, no, no, no, no, no. We're going to do this in a year and we're going to get it done. Three, is it steals your future. Your future every month is being robbed by this credit card debt. meaning those extra payments that you could be putting towards investments so that you could have financial freedom, those extra payments that you could be putting towards a down payment on your

Starting point is 00:10:19 house or that you could be taking that vacation with. Instead, you may have decided, okay, for this vacation, I'm going to swipe the card again. Who cares? I'm already in credit card dead anyway. It's not a big deal. Oh, it's a huge deal, my friend. And so realizing that early on is going to be very, very important, do not go deeper into debt. So if you have a credit card right now and you are thinking about this. Take the scissors out and let's get to slice it. We've got to get rid of that credit card first, so we do not swipe it again.

Starting point is 00:10:48 Also, it kills your cash flow. So it is very hard to budget when you have high debt payments. And so the reality is we are going to figure out how to do this correctly for you so that you can get this paid off quicker. Plus the stress and anxiety. This is one of the biggest reasons why we want to get rid of credit card debt is because money is there to reduce your stress and anxiety. The problem is, people that go deeper in, deeper into debt, just rise their cortisol levels when it comes to money.

Starting point is 00:11:14 They are absolutely destroying the psychology that is around money. So we teach a lot of money psychology here. The reason why we teach a lot of money psychology here is because 90% of building wealth is what is in your noggin. It is understanding that this is all psychology. It is your behavior. It is how you act. It has nothing to do with all of your head knowledge. Instead is how you act.

Starting point is 00:11:36 your psychology is everything when it comes to money. And so you need to make sure that as time goes on, you are doing things that reduces your stress and anxiety around money so that you do not have the stress and anxiety. Why? Because that means if you have stress and if you have anxiety, you're going to make poor decisions around money. And we don't want that to happen.

Starting point is 00:11:55 And once you're in debt, a lot of people feel like there's something called the debt trap, meaning they just are in this cycle where they are going to pay off a little bit of debt, then they're going to extend the debt a little bit more. And they're going to pay off a little more debt, then they're going to start swiping the card a little bit more. And so they get into this cycle that just never, ever, ever ends because of these high interest rates. And understanding how impactful

Starting point is 00:12:17 that can be is really, really important. So let's get into the tactics. We're going to get into the tactics on how to pay off $10,000 in credit card debt in less than one year. And we're going to do that next. I remember when I needed to hire someone fast, but finding the right person quickly felt impossible. And if you've ever been there, you know how stressful this can be. That's where Indeed comes in. When it comes to hiring, Indeed is all you need. Instead of struggling to get your job post noticed, Indeed's sponsor jobs help you stand out and hire faster. Your post jumps up to the top of the page, making sure it reaches the right candidates. And it makes a huge difference. Sponsored jobs on Indeed get 45% more applications than non-sponsored ones. And there's no need to wait any longer.

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Starting point is 00:15:21 All right, so as we get into these tactics, I want you to understand one other thing, is that let's say, for example, that you had a 20% interest rate on a credit card. And when you looked at that credit card, you said, okay, well, I'm going to buy something for $100 in that credit card. And it takes you 10 years to pay off that credit card. So that original purchase that you made at that 20% interest rate is going to overall, over the course of that 10 years, cost you $619 for every $100 that you do not pay down, each $100 is going to cost you $619. That means in interest, you paid $519.70. That, my friends, is what the cost of holding onto this debt is going to be and why you have to pay it off. Every $500 is going to cost you $3,000.

Starting point is 00:16:02 $95. You pay $2,595.85 in $87 in interest. Every $1,000 is going to cost you $6,191. Every $2,000 is going to cost you $12,383. Every $5,000 that you have on credit card debt is going to cost you $30,958 over the course of 10 years. Absolutely astonishing. And here's the big one, the $10,000 we're trying to get paid off. that would cost you $61,917 over the course of 10 years if you do not pay it off now. My friends, this is a Pants on Fire emergency because you'd be paying $51,000 for something that costs you $10,000 or a collection of items that cost you $10,000. Now, if you're the type of person that is using credit card debt because you want to go shopping for a couple of shirts, if those shirts are worth an additional $51,000 to you, for some of you out there who are big shoppers, it's worth. a Birken bag to you. Is that the case? If not, let's get this thing paid off. I'm going to show you

Starting point is 00:17:07 how here now. So the way that this plan is going to work, the way that we are going to do this is you need to be willing to get tactical about this. You need to be willing to dive deep, dig in your heels, and be able to pay off this debt. This is strategic and this is tactical. Okay. So if you got about $10,000 in credit card debt, I'm using this as an easy round example because a lot of people out there when we talk to them and say, how much credit card debt do you have? They'll say, thousand, 10,000, 15,000, 20,000. It's somewhere in that range, typically. So we're going to use a nice even round number with $10,000. You can follow these steps with no matter how much debt that you have. So I want you to understand that up front, okay? And here's what we're going to do. We're going to pay this

Starting point is 00:17:46 off in a year and we're going to be done with it for good. So step one is we are going to find a zero interest balance transfer card. We're going to get tactical and aggressive with this. And so because we're getting aggressive with this, you need to make sure that you can pay this off in that time frame. So I want you to apply for a 0% APR balance transfer card. Okay. It needs to have at least 15 months of no interest, but the longer the time horizon that you can get with no interest, the better off you will be because that gives you cushion. If you can get 18 months, great. If you can get 24 months, great. But try to find one with the longest time horizon. Discover has them. City has them. Wells Fargo has some, but I wouldn't really recommend them. And so all of those different

Starting point is 00:18:25 banks are going to have what are called balanced transfer cards. What is a balanced transfer card? Well, let's talk about that. What it means is that you take a balance from a credit order. Sometimes you can combine a couple different cards, and you take those balances and you roll it over to this card. And it is going to have a 0% interest rate. I don't want it to have a 2% interest rate. I don't want it to have a 4% interest rate.

Starting point is 00:18:44 I want it to have a 0% interest rate. Okay. Now, when you roll this over with the 0% interest rate, what we are essentially doing is saying, okay, in the next 18 to 24 months, I am going to be. pay this off. Otherwise, you're going to get what is called an interest bomb hitting you. If you do not pay it off by that time frame, a big all interest bomb is going to hit you. And now you're back to square one once again. In fact, you're going to be in a worse position. And so because of this, we want to make sure that we have zero percent interest on our balance. And so when we do that,

Starting point is 00:19:18 that means we can pay this card off faster because we're not accruing interest every single month. We're not trying to pay off this big all interest bill. Instead, we are moving it over to this zero balance card. It is very, very important to understand that you want a zero percent interest rate. So typically, when you transfer over to these cards, they're going to charge you a fee to do so. So you're actually going to add on to your balance, which sounds counterintuitive. It is not because the interest is going to cost you way more than what this balance

Starting point is 00:19:45 transfer would cost. So typically it's like right around 500 bucks, somewhere in that range is what they will typically charge for you to take your value and move it over there. So this is where they make their money up front, is a you do pay it off, they make $500 off of you and they're happy. But you're going to be happy too because you're going to be paying a lot less in interest. And so looking for the best one out there is going to be the first starting point. Number two and step two here is we're going to cut out the temptation.

Starting point is 00:20:11 I don't care if you have a credit card from 1995 that's still going on. I want you to take that credit card. I want you to cut it up. I don't care how many cards you have, all of them are gone. Every single one. So you need to take out the old scissors. If you don't have scissors, head on down to your local. Walmart or Dollar Tree. Pick yourself up a nice sharp pair of kitchen scissors, and we're going to

Starting point is 00:20:30 chop those cards up. And we're going to throw those cards in the trash. We're going to get rid of them for good because right now our goal is fixed on one specific thing. We're going to get this paid off. We're going to do this together. And so we're going to make sure that tactically we can get this down because the goal of this isn't to free up more spending room so you can do this again. Instead, the goal is to be debt-free forever when it comes to this high-interest debt. So that is step two is, again, I want you to take out these credit cards. I want you to chop them up, put them in the shredder, get rid of them as fast as you possibly can. All right.

Starting point is 00:21:07 Step three is we're going to set up the monthly payment. So we are going to figure out, well, how much can I pay to ensure that I actually pay off this debt? Well, that's very easy math. If we want to pay it off in 12 months or one year, we're going to take it. take the balance, which is $10,500, and we're going to divide that by $12 for 12 payments. Okay. So over that time frame, because we have no interest, we don't have to worry about the interest right now, so it's an easy calculation. So we are going to pay $875 per month if we want to pay off this $10,500 over the course of 12 months. Now, if you want to pay it off in under a year,

Starting point is 00:21:44 you're just going to change the formula. If you want to pay it off in six months, you're going to divide $10,500 divided by $6. If you want to pay it off in 14 months, then you're going to divide 10,500, divided by 14. It's a very simple, simple formula. But at a minimum, you're going to need at least $700 per month if you opened a 15-month card. Because what I want you to realize here is that if you have a 15-month card, your very minimum that you need to be paying off every month is that $700 so you don't get hit with an interest bomb. Very, very important.

Starting point is 00:22:15 If you are going to do this strategy, you need to be confident that you can make these payments. Now, where are you going to find this money? be saying to yourself, well, I'm not confident I can make these payments. I don't make enough money to make those payments. Well, let's talk about finding money. We can find money within your budget, and we can do this in a way that allows you to get this debt paid off. Okay? So when you have high interest debt, and I am not one to say this much, in fact, I want you spending more money on things that you love. But in this scenario, because we are in an emergency situation, the red lights are going off left and right, we need to make sure that we are doing everything in

Starting point is 00:22:51 our power to get this paid off. Fun times are going to be reduced this year, and that's okay, because for your future, you can have as much fun as you possibly can based on setting up these parameters. So $875 a month, if you're in credit card debt, may sound like a big number. But here's where the magic happens. Here's what I want you to understand. You may not have that much sitting around. We're going to find this money in your budget, and we're going to create cash flow within your budget. How are we going to do that? One is we're going to cut expenses. So you may have known that is coming. We're going to talk about that here at a second. So cutting expenses is the first easy way to do this. We're going to look for low hanging fruit first. So we're going to find money

Starting point is 00:23:29 by cutting expenses and cutting unused subscriptions, for example. So in Master Money Academy, we have members in there. And one of the big steps that we have on our wealth builders journey is learning how to reduce some of your expenses if you want to. And so we teach people in a very detailed way how to find money. And when they go and find money, what they're looking to do is reduce the cost of some of this low hanging fruit. We just had somebody, for example, that went through their subscriptions, they canceled $175 a month of subscriptions in Master Money Academy. Why? Because they knew this does not bring me value. So if you have Netflix, Amazon, Hulu, you also have cable TV, you also have Paramount, you have Peacock, you have all the

Starting point is 00:24:08 things. My friends, it's time to reduce it down to only one per month, the one that you watch, everything else goes, okay? Because the reason for this is because all the rest of it is going to go towards your debt. That is the low-hanging fruit number one. Any subscription that you're looking at, I don't care if you have Spotify and Apple Music, get rid of one. We need to make sure that we are attacking this debt as much as we possibly can't. Two is you need to negotiate your bills.

Starting point is 00:24:34 What do I mean by that? You can call up the internet company. You can call up the cable company. You can call up the insurance companies, your car insurance, your house insurance. Every insurance company that's out there, and you need to start negotiating your bills. And Master Money Academy, we teach you how to aggressively negotiate your

Starting point is 00:24:51 bills. And so this is something that you really, really need to make sure that you are doing. You're calling up those companies, negotiating your bills down to save some extra money. So canceling on unused subscriptions can save you about $100. Starting to negotiate your bills can save you $1,400,000. Dining out is the third one. You need to reduce your dining out by at least 50% if you're doing it a lot. And if you're not really doing it much, then there may not be a lot of room here, but we need to cut it out as much as we possibly can. Eating out is a luxury. And when you're in credit card debt, It is a luxury that you cannot afford.

Starting point is 00:25:21 And typically, I would not say this, but I want you to understand how impactful credit card debt is. After your credit card debt is paid off and you have the money and the cash sitting in your banking account, I want you to ball out when you dine out. I want you to dine out as much as you possibly can. Head on down to your local steakhouse and you just go get yourself a nice big old ribeye. But right now, we're focused on one thing only and trying to pay this off. And then the last thing is I would just try to figure out other ways to cut back. if you have them. So if you know there are certain things that you spend too much money, you got too many Amazon packages just frivolously landing at your door, you walk into Target and spend

Starting point is 00:25:57 $100 every single time. No, when you go shopping, you're getting tactical because everything else needs to go towards your debt. The faster you pay this debt off, the more you can have some flexibility and some breathing room within your budget and you can start to pursue financial freedom. Okay, that's number one. Number two is we're going to increase our income. How are we going to do that? Well, first is typically I am not a big proponent of like doing DoorDash or Instacart or Uber, but if you're on a fine line where you cannot have enough money to pay this off, then we need some debt jobs. So debt jobs are jobs that you can do for a short period of time to pay off your debt. And so Instacart is great, delivering groceries for Walmart,

Starting point is 00:26:32 delivering groceries for Target, being able to do something where you get tipped and make extra money. If you can make $200 extra a week, that means you have enough money every single month to pay down this payment, this $875. So all we need is $220 every single week in order to pay this off extra. And so picking up those side hustles, if you can do Doordash, Uber Eats, Instacart, all those different things are really, really going to help you. Also, if you have skills, like let's say for example, you're really good at coding, or you have a great voice for voiceover, or you're really good at proofreading, or you are really great at math and you can tutor. Then utilizing tools like Upwork or Fiverr, those are going to be really beneficial for you.

Starting point is 00:27:13 The third one, and this is a big one for a lot of people, is up front, I want you to find every single thing in your house that you do not use anymore. And I want you to sell it on either Facebook marketplace or offer up or eBay. eBay is the hidden gym that most people don't use right now. And I have sold a lot of things as of recent on eBay they don't use anymore. And it is a place where you can sell a lot more. Even if you have polo shirts or old clothes or kids clothes, you can sell it on eBay. And you're going to sell it. I promise you. And this is something where I don't care how much you get for it. You need to get something for it. Don't feel shame. Don't feel weird about this. I have no shame around this at all. I'll sell something for $5 on Facebook Marketplace. And you need to make sure that you're doing that

Starting point is 00:27:59 because every extra dollar that you can collect can go towards your debt to get that debt paid off even faster. And then lastly, you can do things like rent out. If you have a lot of tools or you have a lot of gear or you have even a spare room, you can start to rent that out to get your debt paid down. If you are living in a two-bedroom apartment and you're a single person, then rent out the other bedroom to a friend. These are going to be ways that you can increase your income so that they can go towards your debt payment. Again, remember, all of this is temporary. All of this is short term, but we got to make sure that we are getting rid of this pants on fire emergency. Next is we're going to talk about windfalls and bonuses, tax refunds, or anything that comes in like a bonus from work.

Starting point is 00:28:38 Throw it at your debt. Get rid of that debt as fast as possible. Once the debt's paid off, we can do the 50-50 rule. But right now, we need to get rid of that debt. Also, any cashback or credit card rewards that you have already made based on having that credit card, put them towards that debt. Don't save them up for your next vacation. They need to go towards that debt paying down that debt. And then any extra income, side gig money or anything else, goes straight towards those payments so that you can get this paid off. Again, I told you, we're getting tactical.

Starting point is 00:29:05 We are laser focused on this. And this may not be fun, but it is necessary. And that is what happens when you go into debt. Because when you dig yourself a hole, the biggest thing you need to do is stop digging and start filling back in that hole. And so we're filling back in that hole right now. Next, we're going to get to step five. All right, step five is we're going to lock in. We're going to stay locked into this and we're going to make sure we keep ourselves motivated. And so one is making sure that you make automatic payments each month so you never miss.

Starting point is 00:29:36 So these payments need to be automatic. And if you don't have enough money in your account, you need to make it to where I'm going to make these automatic payments and I'm going to find a way to get enough of my checking account to ensure I can make those payments. You're going to pick up the extra jobs. Maybe you're going to pick up the extra shifts. You're going to go out and try to make enough money in order to make this extra payment. If you're someone who your entire life,

Starting point is 00:29:56 you have not been making a lot of money. There's a lot of money out there to be made. And once you have your back against the wall like you do in this situation, that is when you're going to be the most creative. And so trying to find ways to do this is really, really important. Every extra dollar you find, again, throwing it at the balance.

Starting point is 00:30:11 Stay locked in. You're going to get three or four months down the line and be like, this is exhausting. How am I going to continue to do this over the course of the next year? It is so important to make sure you stay focused. Otherwise, all the work you are doing is for nothing. And if it's for nothing, you're going to start at square one. And at some point in time, you're going to have to pay this debt off.

Starting point is 00:30:28 Remember the numbers again. $10,000 in credit card debt, not paid off over the course of 10 years, is $61,000. And in fact, let's find out because some people take 20 years to pay it off. Let's find out how much it would cost over the course of 20 years. $10,000 on a credit card over the course of 20 years with a 20% interest rate is about $383,000. You can't afford not to do this. And if you really, really want to know about 30 years, this is why people never get out of debt because they're making these payments over and over and over again with this high interest

Starting point is 00:31:01 debt is $2.2 million for 30 years. My friends, it is so important to stay locked in. I cannot stress this enough. Okay, so next thing is the interest bomb will be hitting if you do not pay off the 0% APR by the expiration. And so you need to make sure you were watching this deadline because this is a tactic where if you get yourself into a situation, this is why we want you to have that one month of emergency fund set up, because if you get yourself in a situation where you can have issues coming up, we need to make sure that we have a plan to pay this off. And so if that happens, you may need to

Starting point is 00:31:36 roll the remaining balance into another balance transfer card if you can. That is tactic number one. Is if you get close enough, you need to try to roll it into another transfer card if you're eligible. but you need to find out first if you are eligible, and then if not, then you're going to go from there. The bottom line, though, is getting this $10,000 gone or whatever the number is, if it's 15, if it's 20, if it's seven, if it's three, if it's five, we need to get this gone as fast as we possibly can so that we can start to pursue financial independence. And that is my ultimate goal for every single one of you is we want you to achieve financial freedom and we want you to do it in a way where it is fast, it is quick, so that you can spend more time,

Starting point is 00:32:15 energy and money doing the things that you love. And that, my friends, is the ultimate goal of this podcast and everything that we talked about. So this is a more tactical episode. If you love tactical stuff, make sure you get ready for Master Money Academy, which is launching for everybody else in October. Our beta group is absolutely amazing. And they have been so wonderful thus far. So make sure you get ready for that because we have a lot of tactical lessons and things that we are doing every single week talking through this in Master Money Academy. So it is the ultimate place to get your financial transformation. And that is something I want each and every single one of you to be looking out for. So again, thank you so much for being here. Thank you so much for investing your time and

Starting point is 00:32:54 energy and yourself. If you are going to follow this plan, I want to hear about it. I want you to let me know. And we will get the ball rolling on this and really, really excited for each and every single one of you to work on paying down this $10,000 in credit card debt. Again, thank you so much for being here. And we will see you on the next episode. hour, 15 minutes. Sounds like Ojo time. Let's play. Feel the fun with Play Ojo.

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The Personal Finance Podcast - How to Pay Off $10,000 in Credit Card Debt in Less Than 1 Year

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