488: How to Pay Off Credit Card Debt FAST ($30K+ in 1 Year!)

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 5 January 2024

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

Today, we’re going to show you how to pay off credit card debt FAST. It isn’t glamorous, and it won’t be easy, but if you can do it, an entire world of wealth-building, opportunity, and financial freedom awaits. So, if you’ve gotthousands in credit card and consumer debt and are tired of feeling shackled to failing finances, get ready to take some notes—this is what it takes to become debt-free! Brittney Reynolds found herself like many Americans: out of money, maxed out on credit cards, living well above her means, and having no financial independence. She was going on vacations she couldn’t afford, renting in a high-cost-of-living area, seeing her debt climb with every swipe, but realizing too late how much of a problem it was. By the time Brittney faced reality, her credit card debt had ballooned to $36,000. But, instead of ignoring it, she made some drastic life changes. Now, only a few months into her debt payoff journey, Brittney has already paid off $12,000 in credit card debt, with plans to be entirely debt-free by the start of the summer. How will she pay off such a massive amount of debt in under a year? Stick around to hear her strategy; if you’re in a situation like her, you too could be debt-free faster than you think! In This Episode We Cover How to pay off credit card debt FAST, no matter how big your balance is Building wealth as a complete beginner and how to invest when starting from zero The simple ways that we overspend without even realizing it How not having enough savings can leave you vulnerable in life One move that will help Brittney pay off her debt in record time Whether to invest, save, do both, or neither while paying off debt And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment How to Pay Down Bad Debt—Fast Click here to check the full show notes: https://www.biggerpockets.com/blog/money-488 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to the BiggerPockets Money Podcast, my dear listeners and happy, happy new year.
0:05.0	Today we are talking to Brittany Reynolds, who is a Tiktaker, and has been documenting her journey of paying off over $36,000 in credit card debt.
0:16.2	We're going to learn about the decisions that Britt made to pay off that debt super quickly,
0:20.5	and we're doing it today and we're excited to talk about this topic because Americans recently eclipsed 1.08 trillion dollars in credit card debt.
0:29.4	And we think that the BiggerPockets Money Podcast. My name is Mindy Jensen and with me as always is my new year, new
0:45.7	him co-host Scott Trench. Thanks Mindy, great to be here with my New Year Resolute co-host
0:51.4	Mindy Jensen. I think that kind of works. It kind of works. It's a new year. It's
0:54.8	brand new. Welcome to 2024. Brittany Reynolds, welcome to the BiggerPockets
0:59.9	Money Podcast. I am so excited to talk to you today. Thank you. I'm so excited to talk to you today.
1:03.0	Thank you. I'm so excited to chat with you guys as well.
1:05.0	So Brittany, let's jump right into this.
1:08.0	When did you get your first credit cards?
1:10.0	Yeah, I got my first credit card, which was a Wells Fargo card when I was, I think just out of college, so like 2017.
1:20.0	How did you find it? Were they on campus?
1:22.0	How did I find it? That's a great question.
1:24.1	My honestly already had my Wells Fargo checking and I was like sure I'll just do this one I guess like I didn't put a single a
1:31.9	single thought into it I was like that sounds great how big of a credit limit were you extended in your early 20s I think it started at about 1500 and then just like kept increasing and increasing not necessarily with the chase card but I signed up for a travel card or with the Wells Fargo. I signed up for a travel card with Chase was where it all really went
1:55.8	downhill. Did you sign up for the travel card for the travel reward so you can earn points and then travel
2:01.6	for free? Yeah, I signed up. I was like, great, I surely can spend like $4,000 in the first like three months
2:08.3	and get the X amount of points. That's awesome.
2:12.0	Oh yeah, it's super easy to spend 4,000 dollars. Now did you pay it off right away?
2:16.0	No I honestly don't think there was ever a time in my credit card journey like up until now as I'm paying it off where I was actively paying it off. I was just
	...

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