Hi there! You new here? We love that you found our little corner of the web. Here at Debt Free Guys, we’re all about helping people experience the freedom of becoming debt free! Would you love to feel that relief? After reading our article below, see how we can help you more here.
Pay off credit card debt fast . . . like super-fast
Morris paid off $2,250 in their first year. Nathan paid off $60,000 in total, Adrianna and Rachelle paid off $22,000 and Fred paid off over $21,000! See what they did below so you can pay off your credit card debt fast, too. Start paying off credit card debt today with the free 7-Step Credit Card Debt Slasher here.
Learn how to slay your debt this year:
What you’ll find here:
- What’s the best way to pay off credit card debt?
- What’s the quickest way to pay off credit card debt?
- How do I pay off my credit card with no money?
- Refinancing your debt and the Debt Lasso Method
- Should I keep your credit cards while paying off credit card debt?
- How do I choose which credit card to pay off first?
- How do I budget while paying off credit card debt?
- Basic steps and strategies for starting to pay off debt
- Meet people who’ve used the Debt Lass Method to pay off credit card debt
- Other credit card payment methods
What’s the best way to pay off credit card debt?
You’ve heard of the Avalanche and Snowball methods for paying off debt, but neither of those methods will help you pay your credit card debt off as fast, save you as much money and improve your credit score by as much as what you’re about to learn.
This trifecta, becoming debt free fast, saving money and improving your credit score, is why what you’re about to learn is the best way to pay off credit card debt. Fast.
To be fair, the Avalanche and Snowball methods are good systems that have helped millions of people become debt free. So, yay.
But, there’s a better and faster way to pay off credit card debt.
Our personal financial problem was debt. For us, it was specifically credit card debt. More specifically, $51,000 in credit card debt. To make ourselves feel better. To make ourselves look better than we felt. To make you think better about us than we thought about ourselves.
By the time we committed to becoming debt free, we had 15 years of combined experience in financial services (nice shoes, cobbler kiddos!) and knew something about money despite what our bank accounts said.
We also tried several times, together and individually, to pay off our debt and we learned from those experiences. We knew we could come up a better way to pay off our credit card debt – better being faster.
And, we did.
This could be you
I really believe now that my husband and I – we will have an enjoyable retirement in Florida, and we won’t have to wait until I’m 75. – Fred N
We’re more prepared for emergencies than we have been in a long time. I don’t like having to pay this bill [sump pump repair], but we now have the money to do. We’re less stressed. – Karen D
My husband and I have spent the last four months traveling in the southern United States. We’ve never had this much freedom. We couldn’t have done that if you didn’t help us pay off all our debt. – Claudia P
What’s the quickest way to pay off credit card debt?
When we crunched the numbers using both the Avalanche and Snowball methods to pay off our $51,000 in credit card debt, we estimated it would take us between eight to 10 years to become debt free.
Yikes! Who’s that patient? Not us.
So, we looked at all the variables, created a ton of spreadsheets and worked a calculator like an accountant. That’s when we realized what was making it so hard to become debt free, to simply pay off our credit card debt.
What was making it so hard? The stupid high-interest rates.
We calculated that we were paying upwards of $10,000 a year in credit card interest payments with rates as high as 21%. So, we asked ourselves, “how can we reduce or eliminate this variable?”
Ten-thousand dollars is a few nice vacations a year. It’s 400 $25 bottles of wine a year or 33 pairs of $300 jeans.
Or, $700/year of positive interest at 7%.
Or, a $9,700 invested at 7% for 10 years.
Paying off our credit card debt would give us a $10,000 raise. WTF would you do if your boss gave you a $10,000 raise?! If you’re like us, you’d have a fancy dinner with good wine and book a vacation to Puerto Vallarta (Blue Chairs, anyone?).
That’s when it hit us! The lightbulbs twinkled and the choir sang. That’s when the Debt Lasso Method was born.
With our self-created Debt Lasso Method, we figured we’d cut five to seven years off what it would take with the Snowball or Avalanche methods to pay off our debt and, rather, pay it off in three years.
It turns out, we paid it ($51,000) off in two and a half years.
That’s why the Debt Lasso Method is the fastest way to pay off credit card debt.
Hear what we told Rachael Ray about the Debt Lasso Method:
So, how do you pay off your credit card debt with no money? You probably noticed, as we did, that most of the money you send each month toward your credit card goes towards your credit card interest and not the amount of credit you’re actually using – your principal.
Credit card interest rates compound on themselves and this “reverse savings and investing” make it harder to become debt free. That’s why you can send payment after payment month after month year after year, and you barely make a dent in your debt.
This is why most people think they need to make, find or steal more money to pay off their credit card debt faster when, in reality, they simply need to put 100% of the money they’re sending to their credit cards and any extra money they have toward their principal (not their credit card interest).
This is how you can pay off your credit card debt with no more money than you’re already sending toward them now. This is why it makes a whole hell of a lot of sense to use the Debt Lasso Method to pay off your credit card debt over every other method you’ll find on the interwebs.
Refinancing your debt and the Debt Lasso Method
The Debt Lasso Method with the Credit Card Pay Off Plan wrangles your interest rates down as low as possible, ideally to 0%, to the fewest locations as possible, ideally 1.
Negotiating a lower interest rate on existing debt is possible, but you’re more likely to get Trump and Pelosi to skip onto the White House lawn holding hands than to get a bank to agree to a 0% interest rate – won’t happen.
That’s why the second and most productive step with the Debt Lasso for credit cards is using 0% interest rate credit card promotions.
So, first, we contacted all our credit card companies and asked them to please lower our interest rates. Some agreed, even if it took some convincing.
Be friendly. Ask the rep how they’re doing and share your story (don’t just ask for a freebie). For us, it helped that our payment histories and credit scores were good. The only thing holding us down were our debt/income ratios.
The Debt Lasso works best with a better credit score, which we cover in the Credit Card Pay Off Plan
Next, we used 0% interest rate credit card with no annual fees promotions. When we found these kinds of offers, we’d calculate the cost of the balance transfer. This meant reading a lot of fine print and understanding what we read.
Most 0% interest rate credit card promotions last between six and 18 months. The longer the better. Longer terms reduce your net expenses.
Then, we hustled to pay off as much of our credit card debt as fast as we could. When one card was paid off, we put more money towards our remaining debt and repeated this until we were debt free.
Go here to get more details about the Debt Lasso Method here. Then, for help using the Debt Lasso Method correctly and to get your credit score over 750, save more money than with any other credit card pay off plan and pay off your debt faster than with any other credit card pay off plan, sign up for the Credit Card Pay Off Plan here.
Refinancing your auto loan and the Debt Lasso Method
There are many reasons to refinance your car loan. The biggest is if today’s rates are lower than your current rate. Another is if your credit score has increased since you took out your last loan.
As with the credit card debt above, refinance your auto loan to a lower rate. In this case, don’t increase the time you have to pay off your debt. That’ll only increase your next costs. Keep the duration low.
Then, send 100% of any savings any extra money you have toward your auto loan principal. This, too, will help you pay off your car faster, save you money in the long-term and improve your credit score.
Refinancing your mortgage and the Debt Lasso Method
Refinancing your mortgage makes sense under certain conditions. People too often refinance mortgage debt and lower their month-to-month payments, then wind up paying more because of extended terms or the number of years they have to pay off their mortgage. Likewise, refinance fees can make refinancing your debt for a mortgage cost-prohibitive.
Only refinance your debt for a mortgage if the refinance fees make sense and you can keep your term between 10 or 15 years.
If you do a cash-out refi to consolidate debt, keep a loan to value on your property below 80%. Without at least 20% equity in your property, you’ll pay Private Mortgage Insurance. That’ll cost 0.05% to 1.00% of your loan.
For a $300,000 mortgage, that’s $1,500 to $3,000 more in payments a year. Not worth it.
As with using the Debt Lasso Method for paying off credit card debt, using it for paying off mortgage debt will help you pay off your mortgage faster, save you money over the long term and improve your credit score. You’ll 10X this if you put 100% of any savings from your refi and any extra money toward your mortgage principal.
Is the Debt Lasso just debt consolidation or refinancing credit card debt?
No and no.
A lot of people have asked us, is the Debt Lasso Method just debt consolidation or refinancing? We remind them that anyone can do a debt consolidation or refi, but neither includes the process of actually paying their debt off because they don’t include the four other steps in the entire Debt Lasso Method, all of which are:
- Commit to stop using your credit cards
- Commit to paying more than the minimum monthly payment each month
- Immediately trim or pay off any cards that can be paid within a month or two months
- Lasso your debt into as few locations as possible with the lowest interest rates possible
- Automate credit card payments focusing on paying more than the minimum on your credit card with the highest interest rate
- Make sure you never miss a payment and adjust your payments as you pay off credit cards
Without these additional steps, people give up because they think that paying off their debt isn’t working for them. So, the Debt Lasso Method is more than just debt consolidation or refinancing and the Credit Card Pay Off Plan is more than just a course.
The fine print (the tiny stuff) of the Debt Lasso Method
There are two things to keep in mind when using the Debt Lasso Method to refinance any debt.
First, read the fine print of any offer you consider. Understand what happens if you miss or are late on a payment, what could cause you to no longer qualify for the promo and what your interest rate will be after the promotion ends.
Second, regularly opening and closing loans will cause your credit score to drop. We both kept our credit cards with the longest histories open with $0 balances to minimize this risk. More on that below.
Should I keep your credit cards while paying off credit card debt?
As with everything personal finance, it depends.
It always makes sense to keep open the oldest, none retail credit card you have. That’s because it’s your credit card with the longest history, and your credit history makes up 15% of your credit score.
In nearly every case, it makes sense to close all your retail credit cards. They’re typically expensive and have little value.
For all your other credit cards, it may make sense to keep them open; it may make sense to close them. Personally, we closed all our other remaining credit cards because we didn’t want the temptation to use them.
Closing your credit cards will increase your credit utilization, the amount of credit you’re using relative to the amount of credit you have available to you, but you’ll be paying off your credit card debt fast with the Debt Lasso Method. So, this adverse consequence will be negligible in a short time.
If you’re concerned about any drop in your credit score, the Credit Card Pay Off Plan will fix that for you.
How do I choose which credit card to pay off first?
Did you know that Americans paid $104 billion in credit card fees in 2018 (the latest year the data’s available), and that number keeps rising year after year? Did you also know that queer parents with one child under age 18 have 20% more credit card debt than their straight peers?
Credit card debt is keeping people from living their best lives, increasing anxiety and exacerbating mental health issues.
Okay, you’ve made the commitment to pay off all your credit cards. You want them done and gone. Then, what? You’ve got several credit cards with different balances and different interest rates – though all high-interest rates.
How do you pick which card to pay off first, then second, then third and (well – we could go on and on because some peeps have 20+ cards)?
For most, wanting and even deciding to pay off their credit cards isn’t the problem. It’s picking which method to use to pay off their credit cards and deciding which credit card to pay off first. Then, sticking with that strategy until all their credit card is $0.
You’ve picked the Debt Lasso Method because you’re smart. But even though you’ve lassoed your credit card debt to as few locations as possible with the lowest interest rates as possible, you still have more than one card and some credit cards with interest rates.
What credit card do you pay off first?
First, if you can pay off any card in 1-2 payments, do it (the Snowball Method). Then, if you have a high credit score, do the Debt Lasso Method, keeping your minimum total payment consistent.
If you have a low credit score, again, the Credit Card Pay Off Plan will fix that for you.
Secondly and finally, make minimum payments on all your credit cards focusing on sending any extra money and savings toward your credit card with the highest interest rate (the Avalanche Method). As you pay off each credit card, send the minimum payment to all your credit cards and then all extra money and the extra payment from your previous credit card to the credit card with the next highest interest rate.
Continue this until you’re debt free. For more detailed help and to ensure you start becoming debt free in 2022, sign up for the Credit Card Pay Off Plan here.
How do I budget while paying off credit card debt?
Budgeting and paying off credit card debt aren’t mutually exclusive.
In fact, paying off your credit card debt is very closely tied with having a good budget. The clearer you are with where your money comes from and where it’s going, the more you’ll be able to lower your expenses and the more money you’ll be able to put toward your credit cards.
But what budget should you use? There are just so many.
There are so many budgets, and any budget is better than no budget. We prefer the Dynamic Budget, included in the Credit Card Pay Off Plan, we created for ourselves because it was easier to adjust for fluctuations in our income and fluctuating increases in payments to our credit cards.
Basic steps and strategies for starting to pay off debt
So far, we’ve talked about the quantitative steps for how to pay off credit card debt fast, but we haven’t talked about qualitative steps to take to pay off credit card debt super-fast. That’s important, too.
1. Adopt the mindset to pay off credit card debt (for good)
Designer clothes. Grand vacations. Homes in the choicest of neighborhoods. Happy hours that were many many hours. Sound familiar?
Some say it’s the “gay lifestyle.” A while back, a young man asked in an FB group, “Why’s it so expensive to be gay?” We know what he’s talking about because we felt the same.
Maybe you do, too?
Keeping up with gay money was making us two unhappy homos. We were the gay-cliché of looking fabulous but living fabulously broke – like those shacking up four boys in a two-bedroom apartment in L.A. while driving Beemers and Audis.
Sound familiar? Yeah. Us, too.
One night sitting on the dining room floor of our basement apartment, we said “Enough!” We were depressed and pissed because our debt was keeping us from the life we wanted – the life we pretended we had.
We tried to fix it before, but the fixing never worked. We couldn’t live that way anymore and knew something had to change.
We had to change. Maybe you want something different, too?
The first step for any change is changing your mind. There’s a big difference between wishing for change, believing you can change and taking action to change.
Unless you change your brain, nothing changes, and you’ll stay in debt or go into debt again.
2. Have the vision to become debt free
Many of us can’t imagine a life without debt. Whether it’s student loan debt, credit cards or medical bills. Debt’s a constant, but it doesn’t have to be.
When we got real about our $51,000 of credit card debt, we had to picture what a debt free life looked like. For example, with the $10,000 a year in credit card interest payments we were making, we started envisioning using that $10,000 to max out our IRA accounts and travel to Australia and New Zealand.
It was FUN daydreaming. We talked about taking real vacations, ones that didn’t cause a credit card hangover. We talked about moving out of our basement apartment and buying a condo.
What’s your debt free life look like?
3. Get friendly with the Benjis
As Macklemore sang, “Only got $20 in my pocket, I’m, I’m, I’m hunting. This is f*cking awesome.”
You can have a lot of fun when you know where the f*ck your money’s coming from and where it’s going. Knowing where you are and where you want to be with your money, gives you a roadmap to make it happen.
When we chose to become debt free, we needed that roadmap, otherwise, Sunday Funday poppin’ bottles at happy hour and feeding that Amazon addiction would stay the path of least resistance – especially when Mr. Visa and Madam Master Card never said “No.”
What brings you true joy, rather than temporary happiness? What makes you smile days and weeks later?
Keeping track of all that is easier when you only spend cash.
4. Get ready. Get set. Go!
Where the hell are you financially? If you’ve read this far, you may know. But, as we all know, an idea ain’t worth jack if you don’t act.
How many times have you thought of a great business idea only to see someone else turn your idea into reality and then make bank? It’s happened to us.
Getting real with your money (how much you have with the life you have relative to how much you need for the life you want) is a good motivator to acting.
So, do something.
5. Have the audacity to do it
Think of your last amazing, first date. How did it happen? We’re not talking logistics.
Rather, who asked who? Which of you had the courage to ask the other out? After that date, though, weren’t you happy? (insert mischievous grin).
The same goes for your money. It’s not a marriage. So, take a simple step to become debt free? Your wallet, your husband – future husband – will thank you. Cuz there ain’t no thing sexier than a man with his shit together. That shit includes your money.
Speaking of your main man, did you know that couples (both boyz and gurlz) who talk about money have better sex?
Meet people who’ve used the Debt Lass Method to pay off credit card debt
Because of the Credit Card Pay Off Plan, we’ve now paid off $60,000 in debt since February 2019. – Nathan E
I’ve paid off over $21,000 in credit card debt with the help of the Credit Card Pay Off Plan even while paying for my wedding and honeymoon. – Fred N
The Debt Free Guys’ Credit Card Pay Off Plan helped me realize my financial self-care is as important as other self-care for myself and our community. – Michael C
Because of the Debt Free Guys, my husband and I started our personal finance journey. With all the tips they provide, we eliminated our credit card debt in less than a year. – Claudia P
It’s easy to keep swiping the card without paying attention to the consequences. With the Debt Free Guys, we found the help we truly needed to get us back on track. – Brandon & Alex B
Shout out to the Debt Free Guys who are saving me $150/month in interest [with their Debt Lasso Method]. I look forward to being out of consumer debt much faster . . . total savings will be about $2,250. – M Morris
The Debt Free Guys bring a different financial perspective regarding the LGBTQ community that other financial advisors don’t. They have made me seriously think about my finances and how I spend my money. – Joe P
We’ve paid off $14,000 in credit card debt since starting the Credit Card Pay Off Plan earlier this year. – Karen & Dave D
I’m paying off $578 in credit card debt a month because of the Credit Card Pay Off Plan. – Jeanette
How 3 gay men got into credit card debt and then paid off their credit card debt
In Experian’s 2018 LGBTQ Money Survey, the 25-34 demo ID’d ‘paying off debt’ as their #1 money concern. We can relate because that’s how old we were when we were stressing about our $51,000 in credit card debt.
But why do so many of us in the queer community (and the rest of the world) overspend, using high-interest credit cards to keep up with Mr. & Mr. Jones? And what can we do to pay off credit card debt once and for all?
Kerrie Roberts from Experian, one of the big three credit-reporting agencies joined us on Queer Money® to share his experience with credit card debt and how it mirrored ours.
Like many students today, Kerrie got a credit card in college and used it most to pay for going out and doing this with his friends. Kerrie, like us, naively saw his credit card as free money.
Kerrie liked how paying for his friends’ drinks made them, he thought, see him as generous and kind. As we’ve shared many times, we made the same mistake because of low self-esteem and self-worth from growing up in times and places when it wasn’t okay to be gay.
Kerrie, also, used his credit cards as a way to win over his straight friends and prove he was as good as they are. Ditto.
Kerrie sought validation from the queer community with the things he bought. Ditto.
Eventually, he acquired so much credit card debt that he struggled to make minimum payments. All of this landed Kerrie on The Suze Orman Show, where he came out of the financial closet on national television.
Getting out of debt ultimately came down to 3 things:
- Getting conscious about his spending
- Stopping his spending to impress others
- Picking a plan to pay off his debt
And, we’re here to tell you that the best plan today to pay off your credit card debt forever is the Credit Card Pay Off Plan, which you can learn more about here.
How Nathan and his husband paid off their credit card debt
As Nathan, a follower of the Debt Lasso Method, shares, his first step in fixing his finances was developing an awareness of how and why he spent the way he did.
Nathan’s income dropped when his husband joined the military, but their spending didn’t – they continued to spend as if they were still making $125,000 a year.
By then, he had a lifetime of creating a habit of covering the bill for friends at restaurants and bars, which added to his debt. This exponentially increased when he and his husband’s household income dropped. Like a good gay, Nathan picked up the travel bug and often traveled to see friends and family despite not having the money.
As is common in the queer community, Nathan’s self-worth was tied to his net worth or, rather, the appearance of his net worth. He thought he had to look successful to have friends.We’re in a moment where we’ve got to make a decision. If we don’t take care of this debt now, this will follow us continuously. - Nathan EvansClick To Tweet
Nathan was inspired to fix his finances when his husband was transferred to Japan and their expenses also – finally – dropped. That’s when he signed up to join the Credit Card Pay Off Plan, which walks people walk through the Debt Lasso Method.
Nathan feels the best part of the course is the weekly video calls. As of the time of this recording, Nathan paid off over $21,000 in credit card debt. Nathan has since paid off over $60,000 in debt. His and his husband’s current goal is saving for their retirement, resuming travel and living their current lifestyle – on cash.
Hear more about Nathan’s debt free journey on this Queer Money®:
Fred and Rich threw a wedding, had a honeymoon and still paid off $15,000
According to CNBC, 75% of Americans are winging it with their money. So was Fred Norrell until he joined the Credit Card Pay Off Plan to become debt free. Now he’s on the path to the early retirement of his dreams in Fort Lauderdale.
Fred always thought that when he earned more, he’d pay off his debt. Yet, with every raise and promotion, his debt and lifestyle grew. Not knowing what to do, he signed up for the Credit Card Pay Off Plan and dove headfirst into the first assignment . . . 12-month Spending Analysis.
It blew his mind!
Fred’s a fun guy. He likes helping his friends and husband have a good time. So, he’d often volunteer to pay for the fun with buying rounds of drinks and covering dinner tabs. He was stunned (a la Blanche Devereaux) when he totaled all his bar bills, restaurant tabs and coffee shop receipts for the previous 12 months.
Then, he totaled his vacation expenses and the money he spent furnishing his new vacation home. Ouch!When I looked at my years’ worth of spending, I was in shock. When I added it all up, it was insane. – Fred NorrellClick To Tweet
He was spending unconsciously while simultaneously keeping up with Mr. & Mr. Jones. But even as he was realizing this, he and Rich had already put down money down to get married and go on a honeymoon.
Even so, they enjoyed both and still paid off $15,000 in credit card debt.
Like many who are a part of the Credit Card Pay Off Plan, Fred gets a ton of value with the weekly video calls. He calls them his “money therapy.”
Fred and Rich dream of retiring from their high-stress jobs to their vacation home in Fort Lauderdale. Thanks to the Credit Card Pay Off Plan and the Debt Lasso Method for showing them how to pay off credit card debt fast, their dream gets closer every day.
Hear more about Fred (and Rich’s) story here:
Why the Debt Lasso Method’s the best method for everyone to pay off credit card debt
In case you were wondering if the Debt Lasso only works for gay couples, think again. Jeanette is a single woman living in the heart of New York City, and it’s helping her pay off credit card debt.
Jeanette was in a dark place one year ago when it came to her money. Today, her outlook has taken a 180, and she’s confident she can and will succeed in her financial life.
When Jeanette joined the Credit Card Pay Off Plan and started with the Debt Lasso Method, she had $60K,000 in credit card debt. She had taken out a personal loan of $30,000 to help pay off credit cards, then acquired twice that much. On Queer Money®, she described her scarcity mindset, which contributed to her money problem.I went from feeling inept to feeling confident and hopeful that I will be able to pay off my debt. – JeanetteClick To Tweet
One instance was when she felt guilted to spend beyond her means for her sister’s wedding. As the maid of honor, Jeanette was responsible for throwing a couple of parties, including the wedding shower. She felt that spending was necessary to “be a good sister,” despite putting her at financial risk.
Now, with the Debt Lasso Method through the Credit Card Pay Off Plan and the recurring weekly video calls, Jeanette estimates she’ll pay off her debt within the next four years. Her goal when she’s done with her debt is to become hyper-focused on investing for her long-term future.
Hear more of the tips Jeanette’s using to quickly pay off credit card debt:
Credit card debt knows no age and can still be paid off fast
Karen and Dave were struggling. Unplanned expenses forced the couple to max out several credit cards, and they weren’t sure how to fix that. That’s when they came across the Credit Card Pay Off Plan and chose to invest in their future by paying off credit card debt today.The reason that we took the Credit Card Pay Off Course was we realized we were struggling to figure out what we needed to do. – Karen DeeterClick To Tweet
Karen’s working full- and part-time and had credit card debt that was costing her $700 a month, $8,400 a year on credit card interest alone! Dave’s retired and struggled with three different loans and debt on five different credit cards. As of the time of this interview, Karen’s monthly interest payments were down to $500 and Dave paid off two loans and three credit cards.
Karen and Dave’s story is unique, in part, because of their age and because they acquired most of their debt helping to care for their adult children with disabilities and other relatives. Eventually, their altruism (and other unconscious spending) caught up with them.
From the progress they’ve made with the Debt Lasso Method within the Credit Card Pay Off Plan, the retirement of their dream is more a reality than ever – they want to buy a trailer and travel the country. Very soon, they’ll be on their way.
Hear all of Karen & Dave’s steps for paying off credit card debt fast:
The Debt Lasso Method has been the fastest way to pay off credit card debt longer than you know
Long before the Credit Card Pay Off Plan was made available to the public, the Debt Lasso Method was becoming the method of choice for how to pay off credit card debt fast.
Adrianna and Rachelle paid off 30-40% of their credit card debt within the first 3 months!
Other credit card payment methods
While the Debt Lasso Method is the best way for most people to pay off credit card debt, it’s not the only way. Everyone’s situation’s unique. There are tools for everyone.
Depending on your situation, some of the following options may be more helpful than the Debt Lasso Method to pay off your credit card debt.
1. Debt consolidation
The benefit of debt consolidation to pay off credit card debt is that you, hopefully, transfer all your credit card debt to one lender – similar to the Debt Lasso Method. Also like the Debt Lasso Method, you’ll go with the loan with the lowest rate you can find.
Unlike the Debt Lasso Method, however, you won’t find a 0%-interest rate loan no matter how good your credit score is. Finally, while origination fees may be comparable to credit card transfer fees, your consolidation company may tack on other, not-so-obvious, fees.
Regardless, this may still speed up you becoming debt free.
2. Debt settlement
If you simply can’t afford to pay back what you owe on your credit cards but aren’t quite ready to apply for bankruptcy, debt settlement may be a solution – though not inconsequential.
With a debt settlement, you’ll pay back a percentage of what you owe – ideally an amount you can afford – and your lenders discharge the rest.
Like bankruptcy, a settlement will appear on your credit report and can hurt your credit score. Likewise, in certain situations, you may have to pay income taxes on the amount discharged, as your state and the federal government will see this as income.
3. Personal loans
The crux of the Debt Lasso Method rests on getting 0%-interest rate credit card offers. That’s not always accessible to people. The Debt Lasso Method can still be done with lower, not necessarily zero, personal interest loans.
If 0%-interest rate credit card offers aren’t available to you now, click here to find our recommendations for finding lower-cost personal interest loans.
Filing for bankruptcy is usually the last resort for most people. But, while it’s not the best experience in the world, it’s not the worst either. There are different kinds of bankruptcies, including Chapter 7, Chapter 11 and Chapter 13.
If you’re going to file for bankruptcy, do it right. Click here to find our recommendations for filing for bankruptcy.
5. Credit counseling
A credit counselor is a professional, usually certified one, who helps you reduced your high-interest debt. If needed, they’ll put you on a debt management program. There’s for-profit counseling and non-profit counseling.
For-profit counseling charges you a fee, usually monthly. Non-profit counseling doesn’t charge a fee. In either case, you’ll continue to pay back your lenders, including any recurring interest, agreed to in any negotiations.
This service is great for anyone who needs some handholding, especially with non-revolving debt, such as mortgages, HELOCs, auto loans and personal loans.
6. Debt Free Guys’ Queer Money 1:1 Coaching
Yes, we offer one-on-one money coaching.
We can guide you step-by-step through the Debt Lasso Method if you’re looking to pay off your credit card debt fast, save yourself money and improve your credit score.
We also offer general personal finance coaching if credit card debt isn’t your sole thing or your thing, at all. And, if you don’t know what your thing is, we’ll help you figure that out and create a plan to reach it.
7. Credit Card Pay Off Plan
The Credit Card Pay Off Plan, which includes the Debt Lasso Method, Spending Analysis, Spending Reduction, the Dynamic Budget and more to pay off your debt fast and take your financial life from stressful to enjoyable, is available to everyone.
We mean, we put everything we learned while paying off our debt, from the Debt Lasso to budgeting to improving our credit scores all in this single, easy-to-follow plan.
If you’re a lone rider and want to go it solo . . .
If you want the Credit Card Pay Off Plan and to join the group who’s paid off over $500,000 in credit card debt to date . . .
If you want the Credit Card Pay Off Plan, the group support and one-on-one coaching with us, personally, we’d personally love it. Click here to sign up today.
See what we told CNBC about the Debt Lasso Method: