So first here is how I know that this information works, I paid off around $13,000 in credit card debt in less than 6 months, so I know this is going to work for you because I’m not special.

This video is going to work for the person that owes so much money they can't afford the minimum payments which are usually 1% of the balance, interest and fees. When it's $38, its not a big deal, but when you have a few credit cards and it's like in the hundreds you start to feel it

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1. Talk to Your Creditor ( you know whats worst than someone not paying you on time, someone never paying you )

Understand these not collateral loans, if you chose not to pay, they cant come after any of your assets ( however your credit will take a hit, and we want to pay back our debts )



First Ask for Free things:

Explain what's going on, I cant afford these payments, I’m going to keep missing them and eventually default and potentially go into collections

What program or offer do you guys have to help me pay back this money

I recommend you try this with at least 3 reps if the first 2 suck ( they are going to offer you interest pause, minimum payment reductions and maybe a few more things )



Settlements: what you know they can do

Lumpsum ( note on your score about this )

Workout agreement ( lowering interest, pausing interest, waiving fees, and even reducing the minimum payment; however they pay close your account )

Hardship agreement



2. Gather all the info on your debt

The worst thing on this planet is being stressed and not knowing where to get started

So you need to gather all the information before you make a plan

Here is what you want to find out



5 key questions:

who do you owe

how much do you owe

how much is the interest

what is the minimum payment

and if you can write down what you borrowed the money for



3. Decide on a Strategy



First: Have a Budget ( Live on the essentials for awhile, Shelter, utilities, groceries and transportation, make it simple, if you don’t need it to live don’t buy it, and if you don’t need it and you own sell it )

Second : avalanche method or snowball method (method) and by when will you pay it off (goal), and set up automatic payments (habit)

Third: Get another job and use that extra money towards the debt

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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.