I want to be very clear in this video, people that borrow money without the intention to pay it back, are thief’s they are criminals. One thing is you borrowed, and things got out of hand and now you don’t know how you are going to pay it back, and another is you never planned on paying it back.

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1. The Problem with Maxing out your Credit Card
The biggest problem is not how its going to affect your credit score
That’s just something banks say to scare you into paying them back
Its like your parents telling you, if you don’t eat your vegetables you don’t get to play Xbox tonight or something ( for me it was if you eat, we go somewhere )

But the Real Threat: is your Personal Financial Future
Interest is going to destroy you ( 1824 percent usually )
The average credit card balance according to CNBC is about $6,000 dollars
And this video is just talking about credit cards, what about your car payments, your student loans and everything else huh

But lets run the numbers: at 18% interest rate
You’ll be paying about 150 dollars a month
For about 24 years if you pay the minimum
My point is, I know you probably will pay more than the minimum, but paying some so much interest is going to handicap you financially

2. What to do to Avoid this
Stop using the card
Close down the card
Payoff the card

Keeping debt is like staying in a toxic relationship because of the benefits it brings
Most people pay off debt, and keep the tools that got them in debt, still available
And then I a few months or years they go right back into massive debt
The best thing you can do, is just stop borrowing money and take a little longer to get the things you want

How can you pay it off:
Start by creating a budget and using the surplus cash to pay the debt from the smallest to the biggest
It's that simple, pay the minimum on all the cards
And use the extra cash to pay extra to the one with the lowest balance
This is called the snowball method

Ps. You could also get a job, to help pay it off faster

3. What I do
After maxing out my credit cards not once or twice but more times than I can currently remember
I closed every single of them down
But Tommy what about when you want to do normal things in life

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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.