With a credit card there is alway a possibility of someone (sitting in some cubical) to simply push a button and cut it off. (without any notice) - It's a lot harder to do that with cash.
Chakakhanian I was just in Walgreens about an hour ago about to buy a million hair products that I did not need nor could I afford just because they were on sale. I then I thought about what you said about there ALWAYS being a sale and I put them back. Thanks for sharing those words of wisdom! ♥
I wa trying for months when I turned 18 to establish credit. That Dec. I got info on the mail from capital one and first financial bank about their cards. Not really knowing what I'm doing I fill them out. Around the same time I had applied for one with my bank and got approved. Long story short: 18y/o + 3 credit cards + gas hike = credit card debt
At 9:41 You spoke to me. I have one credit card, that I had applied online for it BOA student CC, which is currently maxed out due to me making small purchase and paying some of my bills. I graduated last year & with not having a job, my CCard become my comfort zone.
I am in the processing of starting my 1st job in my career felid. So within two months I want to pay off my CCard debit of over $2K.
Now my biggest stress is my college loans. Trying to figure out how these loan works.
@CurlyTrini87 Well, some positive things about student loans and depending on your income, you can claim them on taxes. Plus the interest rates are so low, maybe you can double up on the principle payment.
When i get tempted i listen to Dave Ramsey. He's like a financial father. Also love hearing people tell how they have worked hard to get out & stay out of debt.
Thanks 4 sharing a very sensitive topic. College credit cards caught me up too. Had to learn how credit works. Thank God 4 knowledge. Cash advances are like loansharking. Lol
Thanks for sharing, my stroy is very similar to yours. i didn't understand what credit was all about and went crazy in my 20's. Thank God I finally leaned. 2012 Is my year to clear my debt.
!!!! Don"t close your accounts b?c it has a very negative affect on your score and report. I learned this the hard way. So cut them up but don"t close.!!!!
I had a really good sociology teacher in college who taught us about what a scam credit cards are. I have never had a credit card (I'm 42) and it has not prevented me from buying two homes and three cars. I spend what I have. If I don't have I don't buy. Simple. I respect my money and make sure I can cover my basics and have some fun money. I don't do the impulse buying behavior.
Thank you so so much for being transparent and sharing your story! Your story is very inspiring! Especially since you are paying down your debt and still able to to take awesome vacations! You're living proof that it can be done!!
Killed me how they r so rude to u during that stressful time. Trying to make a payment..arrangements ...u get str8t attitude from them. I am 36... trying to get a house now. Ive been told I should get another one and building credit. I just can't get wit an annual fee...pay u for the privilege of using ur card...whatever! And I didn't know that about 0 Apr so thank u. Thanks for sharing! !! Loooove ur hair: )
@msjelly360 No problem! I am going to be good and not 'discourage' you from purchasing a home- that's another video...once I finally get away from mine! Thank YOU for watching and commenting! :)
I remember that...the tables set up at the colleges. Mad cuz I wasn't getting approved then got one for "emergencies and gas"..LOL.. riiight! Finally paid off mervyns ... target..Sears...capital one...years back. A relief. A trip tho cuz what I paid wasn't even what I owed..all that interest! And sometimes its better dealing directly with the companies cuz the credit consolidation companies take a percentage and give everyone else the remainder.
Does anyone follow Michelle Singletary? She writes about financial issues for the Washington Post and now she is on a day time show, The Revolution or something like that, giving advise on finances, she is great.
I'm still trying to break that cycle at 42 but I'm in a totally different mindset now. Unfortunately, I'm also now paying $4K to Cap One from a joint acct that I added my daughter on, and then she lost her mind. I'm convinced that's the only reason she went crazy after and charged thousands in 1 month after having the card for years. Keep the videos coming, even after you are out of debt, to keep us motivated. I'm working on my day off because of debt.
This video was so timely. My husband and I are in the process of paying off our credit card bills so we can use that money to save for my boys college education. Thanks so much for being so honest about your situation. Sometimes its hard to look in the mirror and really admit the issue you have with credit cards.
For optimum credit, the sweet spot is 3 credit cards from major Banks, like Wells Fargo or Bank of America .Keep a low balance, make very small purchases. Pay off at the end of the month. Your credit score will rise. Close all of your department store credit cards. They drop your credit score.
Realistic depiction of how we often tumble into the debt trap. We are notgenerally taught at a young age HOW to handle debt and how it impacts our future. Thanks for sharing
"I am tired of working to pay bills. It's time for me to start paying myself." That's a profound statement. At a living debt-free class, an instructor hit home with me when he said, "If you didn't have debt, you wouldn't worry about making $100K a year. You'd be able to survive on less because you don't have the stress of needing more." Then he showed a comparison of someone making $30K with no debt vs. someone making $100K w/debt. The person making $30K was actually richer. It was eye opening.
@wynneks I really don't know much about leasing cars, but car payments can be a necessary evil at times since many people don't have thousands upon thousands of dollars to pay outright cash on a car. When I had a car payment, I financed it for 3 years (it was a used car), but I paid it off months before the 3 years came around. I believe if you have extra to put toward the payment principle, you should and that's how I got out of car payment debt :)
That's exactly what me and my husband are doing now.... Oh yeah and I feel you on the whole get credit and pay it off just to get more. Yeah had to learn that the hard way. Now we're cutting them down while not getting more. That's all I want is 1 major one too.... That's all a person needs you know:) definitely agree!!!!!!!
Girl girl girl! My problem was acting like it was free money. I am wiser now but I am still feeling the effects. I don't have much debt at the moment and I'm like you just one major CC and I'm good. And like you it started out with deparment store cards. Girl the other day I was at Dillards buying som cologne for my husband and the Rep was trying her hardest to get me to reactivate my Dillards card for a free gift. Girl I wasn't temped at all. I said sorry not interested and paid in cash!
This definitely encourages me to work harder at eliminating my debt. Thanks your sharing!! Congrats to u....Loved it when you said it's time to start PAYING MYSELF!!!!
With a credit card there is alway a possibility of someone (sitting in some cubical) to simply push a button and cut it off. (without any notice) - It's a lot harder to do that with cash.
IBMeddling 6 days ago
Chakakhanian I was just in Walgreens about an hour ago about to buy a million hair products that I did not need nor could I afford just because they were on sale. I then I thought about what you said about there ALWAYS being a sale and I put them back. Thanks for sharing those words of wisdom! ♥
mroger25 2 weeks ago
@mroger25 Glad I can help. I have to tell myself those words often.
ChakaKhanian 2 weeks ago
I wa trying for months when I turned 18 to establish credit. That Dec. I got info on the mail from capital one and first financial bank about their cards. Not really knowing what I'm doing I fill them out. Around the same time I had applied for one with my bank and got approved. Long story short: 18y/o + 3 credit cards + gas hike = credit card debt
urumor 3 weeks ago
@urumor Just concentrate on only using ONE credit card for for real emergencies. Stay encouraged.
ChakaKhanian 2 weeks ago
At 9:41 You spoke to me. I have one credit card, that I had applied online for it BOA student CC, which is currently maxed out due to me making small purchase and paying some of my bills. I graduated last year & with not having a job, my CCard become my comfort zone.
I am in the processing of starting my 1st job in my career felid. So within two months I want to pay off my CCard debit of over $2K.
Now my biggest stress is my college loans. Trying to figure out how these loan works.
CurlyTrini87 4 weeks ago in playlist More videos from ChakaKhanian
@CurlyTrini87 Well, some positive things about student loans and depending on your income, you can claim them on taxes. Plus the interest rates are so low, maybe you can double up on the principle payment.
ChakaKhanian 4 weeks ago
Modesty is recognizing your limitations. Thats a beautiful thing.
I just cut up a few cards. Thank you.
thecasablancalily 4 weeks ago
Ps the 5.00 savings plan vid is not avail 4 mobile. Not sure if this was on purpose.
2Persistent2 1 month ago
@2Persistent2 Hey! I am still understanding things about youtube so, creating my videos for mobile use was an oversight. Where can I find this?
ChakaKhanian 1 month ago
When i get tempted i listen to Dave Ramsey. He's like a financial father. Also love hearing people tell how they have worked hard to get out & stay out of debt.
2Persistent2 1 month ago
Thanks 4 sharing a very sensitive topic. College credit cards caught me up too. Had to learn how credit works. Thank God 4 knowledge. Cash advances are like loansharking. Lol
2Persistent2 1 month ago
Thanks for sharing, my stroy is very similar to yours. i didn't understand what credit was all about and went crazy in my 20's. Thank God I finally leaned. 2012 Is my year to clear my debt.
CamrysCar 1 month ago
!!!! Don"t close your accounts b?c it has a very negative affect on your score and report. I learned this the hard way. So cut them up but don"t close.!!!!
LaShonyaPG 1 month ago
I had a really good sociology teacher in college who taught us about what a scam credit cards are. I have never had a credit card (I'm 42) and it has not prevented me from buying two homes and three cars. I spend what I have. If I don't have I don't buy. Simple. I respect my money and make sure I can cover my basics and have some fun money. I don't do the impulse buying behavior.
iamsillywarm 1 month ago
People get in lots of trouble trying to live larger than their paycheck. We need to learn that material things don't bring happiness.
iamsillywarm 1 month ago
Thank you so so much for being transparent and sharing your story! Your story is very inspiring! Especially since you are paying down your debt and still able to to take awesome vacations! You're living proof that it can be done!!
MsChanteJ72 1 month ago
Killed me how they r so rude to u during that stressful time. Trying to make a payment..arrangements ...u get str8t attitude from them. I am 36... trying to get a house now. Ive been told I should get another one and building credit. I just can't get wit an annual fee...pay u for the privilege of using ur card...whatever! And I didn't know that about 0 Apr so thank u. Thanks for sharing! !! Loooove ur hair: )
msjelly360 1 month ago
@msjelly360 No problem! I am going to be good and not 'discourage' you from purchasing a home- that's another video...once I finally get away from mine! Thank YOU for watching and commenting! :)
ChakaKhanian 1 month ago in playlist Uploaded videos
I remember that...the tables set up at the colleges. Mad cuz I wasn't getting approved then got one for "emergencies and gas"..LOL.. riiight! Finally paid off mervyns ... target..Sears...capital one...years back. A relief. A trip tho cuz what I paid wasn't even what I owed..all that interest! And sometimes its better dealing directly with the companies cuz the credit consolidation companies take a percentage and give everyone else the remainder.
msjelly360 1 month ago
@msjelly360 Didn't know about the latter part of your statement. Interesting!
ChakaKhanian 1 month ago in playlist Uploaded videos
Thank you do much for sharing
juewelz03 1 month ago
When you know better, you do better....thanks goodness for what you know now.
blackrraine 1 month ago
Does anyone follow Michelle Singletary? She writes about financial issues for the Washington Post and now she is on a day time show, The Revolution or something like that, giving advise on finances, she is great.
tgainerjennings 1 month ago 2
@tgainerjennings Yes! I follow her and she's a facebook 'friend', too. I miss her television episodes!
ChakaKhanian 1 month ago in playlist Uploaded videos
lol im 20 and i use to wear skorts when i was younger
bri80056 1 month ago
And this story is way to similar to so many of us. No reason to beat your self up. When you know better you do better
Mrsprofessor1 1 month ago
I'm still trying to break that cycle at 42 but I'm in a totally different mindset now. Unfortunately, I'm also now paying $4K to Cap One from a joint acct that I added my daughter on, and then she lost her mind. I'm convinced that's the only reason she went crazy after and charged thousands in 1 month after having the card for years. Keep the videos coming, even after you are out of debt, to keep us motivated. I'm working on my day off because of debt.
Sassymarkrep 1 month ago
This video was so timely. My husband and I are in the process of paying off our credit card bills so we can use that money to save for my boys college education. Thanks so much for being so honest about your situation. Sometimes its hard to look in the mirror and really admit the issue you have with credit cards.
reico37 1 month ago
You were too cute in your old picture. Did you have a perm then or was it just straightened?
TheHeebieGeebie 1 month ago
@TheHeebieGeebie Straightened
ChakaKhanian 1 month ago in playlist Uploaded videos
For optimum credit, the sweet spot is 3 credit cards from major Banks, like Wells Fargo or Bank of America .Keep a low balance, make very small purchases. Pay off at the end of the month. Your credit score will rise. Close all of your department store credit cards. They drop your credit score.
tonimyers1 1 month ago
Realistic depiction of how we often tumble into the debt trap. We are notgenerally taught at a young age HOW to handle debt and how it impacts our future. Thanks for sharing
Mrsprofessor1 1 month ago
"I am tired of working to pay bills. It's time for me to start paying myself." That's a profound statement. At a living debt-free class, an instructor hit home with me when he said, "If you didn't have debt, you wouldn't worry about making $100K a year. You'd be able to survive on less because you don't have the stress of needing more." Then he showed a comparison of someone making $30K with no debt vs. someone making $100K w/debt. The person making $30K was actually richer. It was eye opening.
nmcaggie 1 month ago 2
I'm curious to here what you think on leases and car payments...... That's something else that can get us too.
wynneks 1 month ago
@wynneks I really don't know much about leasing cars, but car payments can be a necessary evil at times since many people don't have thousands upon thousands of dollars to pay outright cash on a car. When I had a car payment, I financed it for 3 years (it was a used car), but I paid it off months before the 3 years came around. I believe if you have extra to put toward the payment principle, you should and that's how I got out of car payment debt :)
ChakaKhanian 1 month ago
That's exactly what me and my husband are doing now.... Oh yeah and I feel you on the whole get credit and pay it off just to get more. Yeah had to learn that the hard way. Now we're cutting them down while not getting more. That's all I want is 1 major one too.... That's all a person needs you know:) definitely agree!!!!!!!
wynneks 1 month ago
Girl girl girl! My problem was acting like it was free money. I am wiser now but I am still feeling the effects. I don't have much debt at the moment and I'm like you just one major CC and I'm good. And like you it started out with deparment store cards. Girl the other day I was at Dillards buying som cologne for my husband and the Rep was trying her hardest to get me to reactivate my Dillards card for a free gift. Girl I wasn't temped at all. I said sorry not interested and paid in cash!
SHANTALE1982 1 month ago
OMG...u went wayyy back with the skort!!! I looovvvved them!!
Babygyrlsweet85 1 month ago
This definitely encourages me to work harder at eliminating my debt. Thanks your sharing!! Congrats to u....Loved it when you said it's time to start PAYING MYSELF!!!!
brwnsugarbaby 1 month ago