Do you have one credit card do you have two credit cards do you have five do you have a tv that you pay on insurance or you have a phone on insurance or laptop for insurance and their percentage apis are so alarming you realize that what you get as per what goes to your account by the time they take up their interest is little or nothing which means that they are

Ripping you off so to say i mean they want to gain but then they what they are gaining is so so much that what is going back to what you owe them is so so little and you’re looking for a way to go about this a way to avoid this a smarter way to pay your debt off before you drown this video is definitely for you and i hope you stay tuned hi guys welcome back to my

Channel my name is oliver kola kimball i’m a nurse i’m a vlogger on this channel i talk about money nursing lifestyle every fun thing if it’s something i interest you please please please subscribe it’s entirely free to do so pop the notification button on that way you will know each time i put up a new video so this video is just like a quick follow-up of one

That i did and some days ago talking about how the best way to build your credit report so speaking of credit reports and how to build it and the 16 or 17 things if not 19 things i talked about in that last video there are some themes that you will pick up from there that would actually inform other parts of your financial life apart from a credit report only

Like say one of the things i talked about i talked about consolidation of death and with regards consolidation of debt which is one of the points i mentioned in that video the best way to have peace of mind with your debt say you have credit cards you have um some things you bought on credit like your phone your laptop your tv and stuff is to check with your bank

If you can apply for a loan so this is something that has been tested and trusted for instance with your aqua credit card it might be 24.99 or 24.9 if you are following your zero percent period or it might be 34.9 it might be 19.9 so imagine if you have credit cards that each time you make payments of 76 pounds 56 pounds goes towards interest and just 20 pounds

Goes towards the 2500 that you’re owing or the 1400 pounds that you’re owing so imagine when exactly will you you know get to the end of paying that debt and you have like three of them you have your tv you bought on insurance you have your chair you probably have your phone as well your laptop and they are all generating interest the least percentage apr you say

9.9 or nine and you’d actually add me get that oftentimes i start from 24.99 and stop apr so if you have four credit cards and you pay 70 something per month for each of them excuse me and then um like i said earlier just 20 pounds as an example goes because you will that’s i mean it’s not even an example it’s something that i’ve experienced myself where you then

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Realize that just 20 pounds when you ring up the bank or the credit card and provider to say okay you guys have deducted some something from my account how much has gone towards the one thousand four hundred and i’m owing you or whatever that i’m oweing you you realize that just 35 pounds or just 20 pounds you’ll be surprised with that just 10 pounds went towards

What they are owing you the bulk of the money you’ve paid that money has gone towards interest so the best and best and best way is to consolidate this debt and i will run you through it and the advantages of you know doing that doing that method as against paying each credit card per month now i’ve got someone watching somewhere that is wondering oh i don’t have

A credit card why would i have a credit card why would i buy things on buy now pay later or something like that i’d rather pay cash and carry you need to remind yourself if you’ve watched my videos true and true on this channel i talked about the importances of buying our pay later where it’s a way i mean like getting credit cards getting things on finance it’s

Just a way to show your credibility especially if you have plans to buy a bigger car in the uk or buy a house in the uk and then you want to show that indeed you can buy now and then pay later you know you have to build your reputation build your credibility by buying little things on buy now pay later i mean you can use your own method i will run through all of

Those things i’ve talked about in other videos if you’re interested i’ll put links of the other videos in the description box about um credit score credit reports reasons to have a credit card and things like that speaking of customization what you can do is especially if you’ve been using a particular bank account for a long time not the one you’ve just newly

Opened you then go to the personal loan option you click on it and you check if you’re able to borrow all of what you are owing as debts here and they put everything together the good thing about the system or that system is that you’re able to check if you’re eligible it tells you how many percentage apr they’ll be charging you and then it tells you it gives you

The option to put in how many years you’d like to pay for and then it tells you what your interest is depending on number of years you have chosen as a typical example as you can see on the screen i’ve put in say i want to borrow 10 000 pounds let’s say that is what would cover all the debts that i have as an example and then it tells me that the percentage api

Would be four point nine percent i mean that is ridiculously low check with anybody check with any banking person that is really closing though and then i can consolidate everything together borrow this money as a lump sum pay all of these credit cards back and then be able to you know now face it as one debt that’s all ideas face all of the death as one and then

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With how much percentage just 4.9 that’s that’s the old essence of this video and why i’m encouraging someone that out there who thinks oh my god i am sinking i’m drowning i don’t know what i’m doing i made all of this money i’m paying it’s not even going towards what i’m always this video is for you it tells you if you’re likely you’re less likely you’re likely

Whatever english they want to speak they’ll tell you even before you apply in applying it ask you how much you end you want to make sure you put in your monthly salary any extras that you do let’s say everything amounts to say two thousand five hundred or seventeen amounts to say four five after every also in the month do you understand and then they’ll ask you

Other questions now this money drops in your accounts immediately meaning that you can call your halifax credit card provider or go online and pay on your app pay them off pay that one off at the end of the day everything will sit together as one debt it is still your debts my brother you owed that money you used it for whatever you used it for you’ve got to pay

It i mean we cannot take that one away we’ve got to face the truth so that being said and knowing also with the knowledge that you have to pay off the whole essence of this video is not to say that a waitress kept paying it off no i’m not a final pack it is you still paying it off when it’s smarter way in a less um bodies way if there’s any english like that in a

Way that you don’t feel like you’re drowning in a smarter way so to see so that is um how you go about it but there are some things to note with regards to doing this you want to make sure that you do not borrow what you do not need remember that you are paying you know um interest on this and you may you may be using for something that you don’t need and that is

You owe in on top of owing so try to avoid it if you can’t the point to note is if for whatever reason you borrow any amounts that you think oh i don’t need it now i’m sorry i think i burped what i shouldn’t borrow but there’s a way to pay back that extra 500 that you think you do not leave it sat in your account this is the reason pay it back in as an extra payment

What it does is that it reduces your loan term so the way you put in 60 years um 60 months which is currently five years your return in that amount would not change the amount you mean what you’ll be returning to them per month but the system recalculated and addressed things in such a way that it then reduces your um number of years to pay the money another point

To note for lloyd’s bank i don’t know if it applies or cuts across all of the van so correct me if you know better is if you’re choosing one to five years as zero to 16 months you will get the same percentage apr it makes much or better sense to just choose between zero to 60 months now if somebody decides to choose 12 months it would mean they’ll be paying more

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Per month as you’d assume jonathan because we’re dividing 10 000 pounds by 12 months as against somebody who they are still within the same interest period as an interest and cup or bracket interest brackets i mean i think that’s a word so and the person chooses 16 months whether you choose 60 months in or you choose um 12 months or you choose 6 months for the

Same 10 000 pounds you will still pay 4.9 percent apr as part of my example the only time your interest rate will change is when you leave that bracket of 0 to 60 months of payback period so once you go to the 61st month you then switches your interest rates becomes higher because obviously you’ll be paying way way way lesser than somebody that chose 60 months or

That shows five months or for six months or whatever so that’s the reason so the last point to know before i stop this video now is for lying back i don’t know about other banks when you decide to pay everything so you just hit a jackpot when somebody just dashed you ten thousand oh you see fifty thousand on the ground if you see such please call me and he decides

You wanna pay it off and what then happens at the end of the day is that you’ll be trapped a 58-day interest period because i mean nobody wants to do a business and not gain i mean you need to check now so yeah it would mean they are not getting at all from you so the charger if you say today interest rate as a way to just show that they have gained which i will

Not blame any one of them for this is the trick here if you have the old um what’s it called two thousand five hundred pounds that you bought from them now or ten thousand pounds bro from them do not pay everything at once pay ninth house on now do not stand and then give it a month or two months then hit them the remaining and balanced jonathan that way you will

Avoid the 58-day interest period and i think that’s all i have for you for this video with regards to consolidating your debt i really hope you’ve got value for your time i really hope you picked it with you know too please if indeed you did help smash the like button it just helps with my um youtube algorithm subscribe to my channel and recommend this channel or

This video to somebody until we see you next time take care of yourself if you go any video requests please please and please put it in the comment section i will do that video for you i’ll do this thinking and the finding and the sourcing of information for you i’ll sit in front of this camera and i will make it happen for you i hope you enjoyed this video so we

See again my name is oliver cola take care of yourself bye you

Transcribed from video
HOW I PAID OFF MY £10,000 CREDIT CARD DEBT INTEREST FREE|CREDIT CARD FREE|#debt #creditcard #money By Olubukola TV