Pay Off Your Credit Card Debt FAST (Bonus)

Financial Feminist

Her First $100K

Self-improvement, Education, How To, Business

4.7 • 6.2K Ratings

🗓️ 14 August 2025

⏱️ 7 minutes

🔗️ Recording | iTunes | RSS

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Summary

Check to see if you qualify for debt consolidation with our partner –– no impact to your credit score (terms apply): www.herfirst100k.com/payoff If you’re drowning in credit card debt, this is your lifeline. I’m sharing the five strategies that can help you pay it off by the end of this year — and stay out of it for good. From slashing your interest rate to my favorite debt consolidation tool, these steps can save you thousands and give you your financial freedom back. Read transcripts, learn more about our guests and sponsors, and get more resources at https://herfirst100k.com/financial-feminist-show-notes/pay-off-credit-card-debt-fast/ Looking for accountability, live coaching, and deeper financial education? Check out our exclusive community! Join the $100K Club: https://herfirst100k.com/100k-pod Our favorite travel and cash-back credit cards, plus other financial resources: https://herfirst100k.com/tools Not sure where to start on your financial journey? Take our FREE money personality quiz! https://herfirst100k.com/quiz Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This video can help you pay off your credit card debt by the end of this year.
0:07.9	Hi, I'm Tori. I've helped over 5 million women be better with money. And today, we're talking
0:12.8	about credit card debt, how to get out of it, how to stay out of it, and the five tools that
0:17.1	you need in order to sustainably pay off your debt in a way that doesn't make you hate
0:21.6	your life. First, I got to explain how credit card debt works because it's very unique compared
0:25.7	to the other kinds of debt. And it's probably what's keeping you in that cycle is not understanding
0:30.7	how it works. Just like every other kind of debt, credit card debt is made up of two different things.
0:36.4	Your principal and the interest. Your principal is the
0:38.9	original amount of money you took out. So if you put $1,000 in a credit card and didn't pay it off,
0:43.8	that's your principal, that $1,000. The interest is what it's charging you to be in debt. It's the
0:49.7	cost of putting money on the credit card and not paying it off. The first reason that credit card debt
0:56.0	is different is that interest rates are really, really high. The average student loan rate in the
1:01.5	country right now is anywhere from like four to seven percent. The average mortgage right now is
1:06.9	six to seven percent. But the average credit card is 22% interest. So we're seeing interest rates that start
1:14.4	at 15% for credit cards and go all the way up to 30% interest. This is why credit card debt
1:21.0	feels like you're drowning is because the interest rate is so high. The second reason credit card
1:25.5	debt is different is that it compounds,
1:28.2	meaning that your interest earns interest, earns interest. Another reason why you're trying to dig
1:32.5	yourself out of the hole, but the sand keeps falling in. And the final reason credit card debt is
1:37.6	different than other kinds of debt is it not only compounds, it compounds daily. So not only is your
1:43.5	interest earning interest, but every day you stay
1:46.0	in credit card debt, it gets harder to get out of. So that's why you need to take action on your
	...

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