How I Paid off $22,000 of Credit Card Debt


Hi, it’s LaTisha from YoungFinances.com. Today,
I’m talking about how I paid off over $22,000 of credit card debt. Yes, I did that. Mm-hmm.
I’m that girl. I paid off that debt, yeah. Here’s how I paid off my $22,000 worth of
credit card debt. It took me three years and a lot of discipline, but I did it. And here’s
how I did it. Step one, I went to an all-cash budget. That means, just cash. And if you
watch my video on why you should use cash, you’ll understand why this is so important.
So everything that I paid for I was able to handle with my paycheck. Step two was separating my needs from my wants.
For example, I used to go to the store and buy clothes. I’m a shopper. Even if there
wasn’t anything that I needed, I would just go to a mall just to buy something. You look good, girl. Mm-hmm. I had to learn how to stop emotional spending
and separate my needs from my wants. I decided to evaluate everything that I was buying.
So if I went to the store, for example, and I saw something that I really wanted, but
that’s not what I went to the store for, then I wasn’t allowed to buy it right then. That
eliminated all of my impulse shopping, which turned out to be, most of my spending was
impulse shopping. So I have the dress, which was the very first
item that I purchased with my credit card, and I’ll go grab it right now. So wait one
second. So I have the first item that I ever bought with a credit card. It’s this dress,
and I bought it for $10 at Dillard’s. And I still have it. I kept it because I decided
that I would keep this dress until I paid off all of my credit card debt. Now that I’ve
paid it all off, I can get rid of it. At least now, I know that I’ve finally paid
that first dollar off, and it feels really good. Once I eliminated my need to impulse
shop or eliminated my urge to impulse shop, then I started really evaluating my purchases.
So I separated my needs, and I separated my wants. Once I figured out how to separate
my needs and my wants, I was ready for step three. I decided to go with a credit counseling service.
They were able to contact my creditors, negotiate the interest rates, and figure out a payment
plan, so that I could pay one payment. All I had to do was make one payment to them,
and they sent those payments out to my creditors. So I was able to stay on track. I started
in August of 2011, and I finally paid off all of my credit card debt in September of
2014. So three years and about one month, I was able to pay off all of my credit card
debt, and I know you can do it too. Do you have any debt pay-off stories? I would
love to hear them. If you have, please leave them in the comment box below. Fill up that
comment box. Tell me about if you’re paying off debt, if you have paid off debt, if you
would like some help, and you can always contact me either here on YouTube, or you can send
me an email at [email protected] Make sure you head over to YoungFinances.com
because I’ve got more great information on paying off debt, keeping it down, and building
a great credit score and credit history. So check it out. In the meantime, it’s time for
me to go hang out with my all-cash budget. So click the Subscribe button, give it a thumbs-up
if you’ve liked it, and I’ll see you next time. Okay, bye.

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100 thoughts on “How I Paid off $22,000 of Credit Card Debt

  1. I think lending people money put me in debt..so from this point on I'm not giving up a dime.I'm working 2 jobs to get out of this mass.

  2. I think lending people money put me in debt..so from this point on I'm not giving up a dime.I'm working 2 jobs to get out of this mass.

  3. I have paid off in the last year close to 12,000 with another $4000 to go

    One secret…One example, One Card….$2200 total minimum monthly payment $38
    I paid the minimum payment every week the advantage to this is that when you get your
    next months bill it usually will say Amount Due $0…but continue with the minimum payments weekly…
    because if you do the credit card company can only charge you interest on the balance

    I also found it to bite the bullet, and make it hurt …once down to $500 I split the payment up
    to two payments of $250 each….did it hurt, like less food or a movie night? Yes, however
    the card(s) are paid off…

    Going to all cash for items you NEED or WANT is a great idea…

  4. I just paid off my Capitol one card. I owed 10,400 this time last year. Just wrote them a check for 1200. Last payment. Living on a cash budget is the most important part of it.

  5. Any fool who pays that debt the cartel and banks thank you for your service. They will reward you with a credit card that has 20% lol

  6. I want to know what company did you use because it's alot of scams out there . I also want to know if I have to include all of my debt . I want to be able to keep some of my cards .

  7. @Latisha Styles I paid off my $500 balance Discover student credit card. Should I keep a balance and pay it each month to build my credit or should I cancel the card and cut it up. I would like your opinion, thanks.

  8. credit card its only good for the ones who know how to use it… if you dont have enough knowledge about money dont use credit for the love of god!!!

  9. Nice to see a DMP success story! I was in a DMP too in 2011 for debt less than yours but after 14 months into it, I stopped paying. One o my biggest regret ever. Had I kept up with the program, I'm debt free now. My monthly payment to the DMP was about 400 inclusive of the small fee to the credit counseling company. Now I'm debating whether to enroll into a DMP again or let's the debt fall off my credit report.

  10. I have successfully eliminated my personal loan and credit card debt. I tell everyone to get a credit card with 0% balance transfer for at least 12 months. My favorite cards are chase freedom and discover it. By using balance transfer promotions I was able to eliminate credit. Also on my personal loan I paid double my minimum balance. I hope this helps anybody that is reading. I still have a way to go. Oh by the way La tisha Great video I hope you do more on this topic!

  11. I am currently $16,000 in the whole, but have payment plan. I have a 3 credit cards-one with $10,163, one with $3,208, and one with $3146.57. All have 0% APR, although the last one mentioned has the 0% running out in April. My plan is to pay off the last one first, then the second, then the first. If I stick to my payment plans, I will them all paid off just in time before the 0$ APR runs out. I have been taking my lunch to work 4 out of 5 days a week, and have stopped any useless spending.

  12. hello which credit counseling did u use. I found one and it ripped me off. I canceled and would like to look for a real one. please let me know thanks.

  13. Very encouraging video. A couple days ago Best buy called me to collect $349 because I owe $3000 and missed 2 payments. I asked if they could lower that payment so they transfered me to a different office. long story short, they canceled my account and lowered my interest rate to %9, my payments are $71 for 36 months. I actually didn't they did that.

  14. this is how i did it. i won. my total was 60,000. hah, this is the formula: DO NOT GIVE THEM A CENT. simple.

  15. Hello did your credit score go down after contacting credit counseling ? Or did they just call the credit card companies to just arrange a payment ?

  16. my debt 2013 $6000.00 dollars in the hole so I went to credit counselling in 2013 finished the debt in 2014. That was becausemy job gave me a package for losing my job of 22 years. I got $14000.00 before taxes. I was left with $10,000.00 and I paid $3000.00 that was left. I also found a job right away and pays very well too. $22.57 per hour. I am only casual workerI only work 8 days for two weeks. But it's a start. I started not long after I lost my other job.  Now I have two credit cards but manage them well. I avoid impulse shopping and stick  with cash.

  17. Thanks for the inspirational video! I'm in a similar situation and have just committed a budget each month to pay off my credit cards- should be done in two years :-/ Are you still debt free? Please tell me you are!!! So hard…

  18. create your own cash flow dont rely on credit anymore…save weekly, to have more every month.
    Start small see if you can do it, eventually if you can put more away it gets easier and easier.
    Don't think about tomorrow, think a yr from now.
    how much would you like to have in a yr from now, say you want $5000 next year, wouldn't that be nice? i need to save 100 every week for 52 weeks.

    $20 x 4 = $80, start small
    $50 x 4 = $200, dont forget
    $75 x 4 = $300, be strong
    $100x 4 = $400, this is fkn easy.

    would you look at that, what the hell did i need a credit card for… i work, i make money, i pay shit off with my money.

  19. thank you so much i found your video by mistake researching something else . but you have giving me a better inside on what to look foward on .. your new video debt free of 22,000 dollars
    now im trying to invest in places but dont know how ! or what compnies or what to do !
    can u hjelp me

  20. Hi,La'tishaThis is Tonya Brown. I am wondering,why many people are not focusing on focus groups,online studies and webcam studies. I know you are in finance professional. Let me tell you,that focus groups,online studies. Many of these focus group,pay you,50.00- 500.00. The webcam studies,can pay 100.00. l was doing this without a job,seriously,started SAVING,really saving,in 10 months over $1,000 doing absolutely,nothing😎😎😎. Now,l have a part time job,including these studies. I have saved,6, 993.12+.😘😘😘👏👏👏👏.

  21. first of all, how in the world people get in debt over $10k and more? now if you have a credit card and you just using it because they give you a credit limit of $25k or more, and you want to go shop and spree…then you shouldn't have a credit card at all. credit cards were made to built peoples credit and to help them in case of a emergency. so for example if you got a $10k limit in a credit card, just because you have a $10k limit on a credit card does not mean you can use it. you can only use, less then 30% which will be $3k and if you spend those $3k you have to paid it in full or not use the credit card at all, untill is been paid out. by the way my credit score is 810

  22. What she says, going in the store. Getting what you need, then looking at something else. Is very true to everybody including me. Just buy what's important a necessity. To work or anything its important not extra fancy, entertainment, games or so on. Your not missing out, it can wait. Your not dying this isn't torture it's learning how to take care of yourself instead mommy or daddy help pay it off fast. Nobody not twistin your arm to buy shit. So be very CAREFUL !!!!

  23. Great vlog! I do have debt..5k left on a 401k loan..I did manage to payoff one of my 3 rental properties last year..the positive income is being snowballed into savings to pay off another rental property within the next 22 months..then repeat and payoff the last one. I had the same experience as you when it came to what I call recreational spending..then I came to my senses and became thankful for what I have which included my health and all the great people in my life.

  24. Thanks for sharing. I am also currently in debt, but only about $150 LOL. I don't use credit card, only cash. It's safer

  25. Amazingly, in 2016, the average credit card debt in America was $16,748. So your debt was nothing out of the ordinary. But paying it off was exceptional!

  26. i had credit card debts, student loan, car payment, and mortgage. started with the smallest CC n paid it off. it took about 2 years but all CC debt is gone. my student loan was $65 a month but after i paid off CC bills i paid $350 to $400 a month until it was gone. after that i refinanced my mortgage turning it into a 15 year rather than a 30. i have less than 2 years on the car now and i am sending in a double payment. debt sucks! im almost free tho. keep at it people dont let the greedy CC companies and banks win.

  27. Hello, were your credit cards open when you did this or were they closed. Can you apply these same rules if your credit cards are not in collections yet?

  28. I have ONE credit card and pay off the full balance each month. I see people with 10 or more credit cards and thousands and thousands of debt. It blows my mind!

  29. i got 1 credit card its 7500 max and i just got approved for a jeep cherokee srt but i decided i think paying of credit card first will be option 1!i pay 167 intrest a month so this is gonna be hard to catch up but i think i can do it latisha i asked if i can get my intrest rate lowered but they cant!

  30. Hi, thank you for your advises.. just curious where and how you contact a credit counseling company? Do they charge any amount of dollar for your payment ? I’m very curious about it. Thank you so much

  31. I paid my credit card debit completely within a week, with a debt settlement company , they gave me and account number and routing number to pay my balance you guys should try it . i paid 7800$ approximately

  32. Young Finances – Latisha Styles I have 3,761.42 in credit card debt from three card, I am tired of the monthly payments, how can I get from beneath this debt????

  33. I’ve been on a cash budget my whole life because no one will approve me for a line of credit 😂😂 lucky me right 😩 I wish I could go to the mall and just buy shit just because

  34. I have seen lot of comment in the past few days claiming they can help you pay off your debt and when you contact them, all they tell you is pay for fee, guest what guys. I have someone in the FICO office who is ready to clear up all your credit card debt without any upfront fee. Contact Mr Peter on +1 713 706 0591 and thank me later..

  35. OMG…. I got clear off my credit debt and increase my credit score by the help of JOHNCOREY102 on IG. Am happy like heave smile on me !!!

  36. I got increase my credit score to 6780$ by the help of JOHNCOREY102 on Instagram.. And also clear off my credit loan debt.. +1 985 284 4372 … Am happy oohhh

  37. Cristal Ramirez I've been in debts for a while now and almost lost my car and house due to my loan and credit card debts, ruma_telecom11 on !g helped me clear my debts and funded my account, the dude is Awesome

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