10 Mistakes That Can Derail Your Debt Payoff

Thanks to the baby steps I’m debt free since yesterday, 🎉except the mortgage

I rewatch these videos to use as encouraging reminders when I feel like I’m struggling. Thank you

I've been debt free for a long time now and now I'm tackling my mortgage I got 85k left in it... people on the internet always say to not pay it off but I dream of having a paid off home! Watching these gives me reassurance

You can give your time also. Charity is not just money, volunteering is important.

Doing the credit card balance transfer really helped me as moved my card to a card that was offering 22 months interest free so just done it to ensure that every payment I made was making a difference without being charged interest and ONLY done this to pay off the card quicker. Now it’s cleared I’ve closed the account and no longer have credit card debt.

1. Debt consolidation 2. Debt settlement 3. 401(k) loans 4. Paying off highest interest 5. Home equity line of credit (HELOC) 6. Not changing your lifestyle 7. Continuing to invest 8. Not giving 9. Credit card balance transfers 10. Waiting on someone else to pay off your debt

Getting rid of debt is a guaranteed return. Love it!

The credit transfer helped us make real gains on one of our credit cards. We moved to a 0% interest so all of our payment went towards principal. Before that we were taking 2 steps forward and one step back with interest. If you’re intentional and stay intentional, it could be a game changer and it was more motivating.

Avoid emotional spending

Thanks to the baby steps I am out of debt except for the mortgage (and that’s soon to happen)! There’s such wisdom and common sense in the baby steps!

I have no debt and I’m still watching this 😂

I completed BS1 and just paid my first debt. It feels good already

I’ve done the debt consolidation and the balance transfers, but it didn’t help. I’m doing the debt snow right now and it’s working. I paid off $1,750 of credit card debt this week.

I have been carrying credit card dept for no reason other than I didn't want to use my savings. I never thought about how it affects my thoughts towards my debt. I am paying off everything except my student debt, which will take more time. Thanks!

I love all the 9 advice except the balance transfers...Two banks gave me 0% interest in 18 months so I split into two my balance from a high interest one and it really really helps! Instead of paying interest we were able to keep an eye on the goal to pay my debt before the 18months end...The first one was closed and we are near in getting debt free... We depleted our emergency funds when I got pregnant and have so many complications which I was deemed high risk and could not work. Thankfully my daughter(oh yeah,two kids and no more) is healthy and we were past that. We live below our means and we are simple family, it was just that whirlwind of chaos that got us with debt. Seeing my kids I know in my heart even though we came to this situation, I would not trade the world...Oh I am excited to shout to the world that we are debt free!

I've balance transferred around $20k of consumer debt to 0% interest cards for a set number of months. Assuming you've broken the habit of living off of credit cards and are now much smarter with your money, balance transfers are a great way to save thousands of dollars in interest payments for anyone that finds themselves in my shoes. Thankfully I can now say I'm credit card debt free. One size does not fit all when it comes to personal finance but I still love what you guys do.

My dad is recommending Debt settlement, but I have had bad experiences with two different companies - one just took my money and the other one told us that we needed a new bank. I did do two 401K loans and they did help me out and I paid them back before I left the company, but I agree about it being a bad idea. Love your videos :)

thank you so much for addressing these . There have been 3 or 4 that I have actually considered before and I am glad I chose not to after hearing your views. Thanks Rachel!

I am asking God if I should continue to give while getting out of debt. I am so glad I bumped into this video and answering my question. I think God used you to answer me. Thank you.

I did a 0% balance transfer and became debt free. I would've paid an additional 5K (approx) worth of interest if I didn't move the funds, and it would've taken longer to pay off due to the interests increasing the balance every month. It doesn't make sense to follow her advice by avoiding the 0% balance transfer, as long as you can pay it off before the promotional period expires.