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How to get rid of credit card debt FAST

hey guys hope you're having a good day

I'm really excited about the video today

pretty much all the videos that I've

made in the past have kind of led up to

this one video because I think what I'm

about to share can save so much money I

mean tens of thousands of dollars and I

know this because I've already been

doing this ever since I've worked at a

financial institution so I'm really

excited and what we're going to talk

about today is collateralizing debt and

that may sound like a super fancy term

but it's essentially a way of saying hey

let's pay off our credit card debt

really quickly build up our credit score

really quickly and save a lot of money

really quickly so it's all good stuff

and it's really really easy to do so

super pumped about this so if you guys

ever seen those like those

advertisements for you know five tricks

to pay off credit cards faster or one

secret the banks don't want you to know

about

I don't ever watch that stuff so I have

no clue what they're talking about maybe

this is it but this is my version of

that this is my secret of paying off

credit card debt quick or lowering your

interest rate quick on your credit card

debt okay so the whole thing about this

video is that credit cards personal

loans lines of credit they are all

called unsecured debt and therefore the

interest rate is normally pretty high

okay whereas like a house or a car

there's something backing up that loan

like a car title or the deed to the

house and that makes those interest

rates lower because there's less risk to

the bank there's something real about

that debt so a lot of people find

themselves you know they've got their

car loan at let's say 3% and they've got

their credit card at 15%

okay ones obviously a lot lower and ones

a lot higher and the thing is most

people just go on for their entire lives

paying the debt as it is well what I try

to do every single day at work in order

to save people as much money as I can is

I let them know this why have credit

card debt if you have a vehicle loan

that's at 3% okay because what a lot of

banks will do is they will transfer

that debt off of the credit card and on

to the car loan okay this can happen

when you refinance it can happen when

you are buying a car there's so many

opportunities to do this people need to

start taking advantage of this because

this will save so much money okay so the

way it works is this let's say you've

got a car loan that you have financed

somewhere right and let's pretend that

you owed $10,000 on it right and maybe

it's worth $15,000 you know maybe you've

had this car loan for a couple of years

and you've had a chance to build equity

okay and then you've also got this

$3,000 credit card debt and it's at 15%

well what you can do is say look Bank I

would actually like to add $3,000 to my

car loan I want to increase the size of

my car loan right and whenever they're

adding money to your car loan they're

going to put that same dollar amount

into your savings or your checking

account

okay and what you do with that money is

you just go pay off your credit card

simple as that so your credit card goes

from like you owe $3,000 to you owe

nothing okay your your car loan says all

right I went from $10,000 owed to

$13,000 owed but now you're $13,000

worth of debt is all at a car loan

interest rate you don't have to worry

about that 50 percent credit card

anymore it's done so you save money

because your interest rate went down and

more than likely your credit score is

going to go up because of your capacity

ratio and if you don't know what that is

check out the last video that I made

about credit cards and how they affect

your credit but your credit score will

go up because of this and to a lot of

you guys this may be like that doesn't

seem like that big of a deal but it's

huge I mean it is in saying I mean

literally this year alone we've probably

done hundreds of thousands of dollars

with loans I know and I bet because of

all this we've probably saved at least

$50,000 for people okay and to me that's

not small money and guys take advantage

of this if you think you've got equity

in the vehicle but you also have some

unsecured debt try and transfer it over

honestly guys this

so easy to do and can have such a big

impact okay so what I'm going to do is

share one that I've done recently and

you can see kind of how this stuff works

okay so this member that I recently

helped out had a major credit card and

it was at sixty three hundred dollars

and it was at fifteen percent

all right so her balance was sixty three

hundred rate was 15 percent

she also had a loan of 69 hundred

dollars and the interest rate was at six

point nine percent all right and she

paid between both of these this credit

card in this loan

she paid four hundred and fifty dollars

per month now she keeps these loans

exactly as they're set up now the math

on it says that it will take thirty five

months to pay off and in the end she

will pay what two thousand five hundred

eighteen dollars and sixty eight cents

all right that's what it's set up as

right now so I was talking to this

member and it turns out that she owns

her car free and clear all right so

she's got these debts but they're

unsecured right but you've got her car

paid off so we talked about saying why

not take out a loan against the value of

your vehicle pay down all of those other

debts down to zero now you only have one

payment to make and the interest rate

should be a lot less okay and here's how

the math on that worked out so now she

has one auto loan for thirteen thousand

two hundred dollars right the total of

both those other two previous loans she

kept the monthly payment the same okay

she said you know what I want to pay

this off as fast as possible let's keep

the monthly payment the same I'll keep

paying 450 so because her interest rate

went down so much

she's shorten the term length from

thirty five months to only thirty months

and the total interest it went to two

hundred and fifty eight dollars and six

cents all right that's how much money

she saved okay she went from two

thousand five hundred eighteen sixty

eight cents to two hundred fifty eight

dollars and six cents she didn't pay

anything to do this it wasn't

complicated it's already finished and

she just saved that money so that's what

I wanted to share with you guys today

it's so simple please look into this and

what I'm going to start doing like I

said earlier is I'm gonna start sharing

some of these success stories and I'm

going to use real-world numbers from

what I've helped people out with and

show you how much money they say by

doing this and as always if you've got

any questions comment below get in touch

with me I'd be happy to go over

everything with you and if you guys

already know about this

you know comment below and show us how

much money you saved because of this

because I want this to catch on this is

what I want to do to help people save

money so thank you so much for watching

guys take care and have a good day hey

guys thanks again for watching this

video I hope you learned something new

from it and you were able to strengthen

your financial position I'm gonna keep

coming out with more videos so please

stay tuned but go ahead and like

subscribe comment and have a good day