Why It's Hard To Get Out Of Credit Card Debt

[miseteninhonjin]

I WON THE LOTTO

[ericrichard7]

I know how to get out if that ridiculous interest rates and compound interest.  Its call fuck the credit card company and u start off fresh by filing bankruptcy.

[DebtCreditRepayment]

I like the thought of Einstein. Compound interest is the most powerful force in the universe. Amazing video.

[StSimonMartyr]

If sued, Elect Arbitration- JAMS and AAA.

It allows a Debtor to go on Offense, and charge creditor with $ Violations on FDCPA- FCRA, they break the law Every time they collect a debt.

Debtor Boards advocates this, if U dont know your rights, you have none.

Get your case Out of Kangaroo Courts, elect Arbitration, it costs Creditors $3000-10000 to pursue it, most wont.

NAF- declared a Fraud and moratorium, Arb is now working!

Creditors have No note, Affadavit is bogus & $ Securitized

[specialks1953]

Credit & Credit cards are not evil. People spending more than they make, is the problem. If I sell you some rope, then you use it to hang yourself, I'm not the bad guy, you used the rope wrong. - Either use the rope correct or deal with your own problem. - STOP buying the STUFF you WANT ! ! ! - Buy the Stuff you Really NEED. - Pay your bills off & don't use credit wrong. - Search "DAVE RAMSEY", you won't like what he says any more than what I have said here but IF you learn, YOU will be better !

[specialks1953]

@ostapo111 - THE ONLY THING YOU NEED TO DO IS PAY OFF YOUR BILLS & QUIT BUYING CRAP YOU DON'T NEED. THERE IS NO SHORTCUT. Stupid people do stupid things. Stupid people that do not learn continue to do stupid things. Stupid people buy more than they can afford so they use credit to do it. Be stupid & use credit to buy stupid stuff or GET SMART & learn to live on less than your income. (It took me years but I did not cheat anyone out of what I committed to pay them.) Don't blame others for STUPID!

[charmaliqueNYC]

@specialks1953 You keep going on and on, defending credit card industries, most of them who are scamming poor working class customers out of their hard earned money. Excuse me, there are millions of people in America who are NOT RICH!! They got other bills to pay like rent, electricity, water, etc. And that's on a monthly basis. Most retailers don't accept cash anymore. How can they pay the total balance with high rates they can't afford when they only earn an average of $15000 after taxes?

[specialks1953]

@charmaliqueNYC - No one forces people to do stupid things. If you use credit you should know the lender will make as much money as possible. If a borrower is stupid enough to borrow from a lender it's the borrower that's stupid not the lender that is bad. Don't buy shit you can not afford no matter how poor you are. My work takes me into poor peoples homes & most of them have a big screen TV & a bunch of other stupid purchases they probably bought on credit. Not the credit card company's fault

[charmaliqueNYC]

@specialks1953 Look, it's not the customer's fault to use credit cards. We are not paid enough from emplyers to get what we want. Everything is going up now. The rent, the mortgage, the groceries, the medical bills, the heat and electric, the water, the taxes. And we need those things to survive.

[charmaliqueNYC]

@specialks1953 As far as the plasma TV and other expenses are concern, that's just big spenders who doesn't know anything about managing money. It's been like that since they're kids because they were taught by the schools or their parents on how to earn money and how to manage it when they got it.

[charmaliqueNYC]

@specialks1953 So you see, it's not the customer's on how they use credit cards or bank loans. It's the school's and parent's responsibility to teach children right about money, because teens do spend money, but don't pay bills.

[charmaliqueNYC]

@specialks1953 You said that no one forces people to do stupid things? Hello, it's called misleading advertising, and these loan companies and credit card companies use every trick and tactic, using celebrities, real costumers or actors who they pay to say these companies's scripts on tv to lure new and naive customers into their web of false promises and deception, and it works. They're nothing but common loan sharks. I'm just saying. At least, the Debt Professor is telling the truth.

[specialks1953]

@charmaliqueNYC - Thank God I learned to read when I was in school so I can read the terms of credit card companies. NAIVE people should not enter into contracts. NAIVE people know they are Naive yet they still don't protect themselves. Sounds like Naive people should consider getting some help before they do anything that may get them into a situation that don't understand. Those mean old credit card companies should give people a test before they lend to them. If Naive, they should get credit.

[mlmr11]

@charmaliqueNYC It is inescapable. Every item on the market today has artificially inflated value because most people buy on time and interest. A TV set that should cost $100 based on the average mans salary and ability to pay costs $500 dollars because he's buying it based on a monthly payment.

But it doesn't stop at $500 dollars because they interest he's going to pay on the television might cost him $100 + ...total cost of TV that should cost $100 = $600 + ??? Human stupidity is enslaving us

[specialks1953]

@ostapo111 - Credit is not fake nor is it designed to enslave a borrower. - It is provided as a tool, so the lender makes a profit & the borrower is able to balance funds flow. - It is the individual borrower's choice to use credit irresponsibly or responsibly. - Many lenders rely on the borrower's stupidity to increase above reasonable profits. - ULTIMATELY, IT IS THE INDIVIDUAL'S LIFE CHOICE ! ! ! - Don't blame others for STUPIDITY ! ! ! - No company can remove a borrower's IRRESPONSIBILITY !

[BlackNMedBlaze]

Consumer Credit, Credit and Credit Cards are evil.

[specialks1953]

@BlackNMedBlaze - lol

[BlackNMedBlaze]

@specialks1953 I am just telling it like it is.

[Fightdebt]

It's easy to hate the banks, and it does take every bit of common sense you can get to get out of debt once they've gotten their hooks into you. If they sue you, though, it may not be as bad as you think...

[67bandit67]

So once again, a responsible person who pays on time now has to pay higher rates because of other people neglectful ways. I'm tired of this shit! The very day I become neglectful they will probably throw me in jail. This land really sucks ass.

[FortNikitaBullion]

Just stop paying. America is going to be the next Zimbawae, and we'll all be living in China in 20 years flat, just like many Africans and Indians have escaped their home country (and their slavery) and moved here.

[skewlboypin]

interesting, but btw Einstein never said that

[checkersq]

Rilo dicksten that is soo weird lmao!! I clciked on this video to say the exact same thing.. everyone in america should take their money out of the bank.. that action alone could save us from the peril we obviously in . these bankers want us dead if you havent noticed. The NWO and bilderburg controlling the one world govt is real .. wake up sheeple!! and TAKE UR MONEY OUT OF THE BANK AND CASH IN UR 401 K 2 ( good job Rilo)

[mycreditrepairmagic]

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[WonderWomanFan4life]

@mycreditrepairmagic

you could do that yourself. dont be lazy..

[Debtmasters2010]

Aaron is right we all need to reduce or eliminate our credit card debt. His debt exam is a great idea to see where you're at financially. If you're comparison shopping for debt settlement companies check out the link in my profile.

[ThePeoplesLawSchool]

Good info. For more information check out our credit card cartoons.

[heavyneptuno]

RIDICULO!

[theenforcer1977]

Credit Cards are worse than loan sharks I would rather deal with the mafia.

[jerricette]

stop buying stupid things on credit! If you cannot afford it, DON'T BUY IT!

[cg248]

This guy doesn't know what he's talking about. Legally, at least 1% of your monthly credit card payment has to go towards principle. So if you don't use the card and just pay the minimum it will take you 100 months to pay off the balance regardless of the interest rate.

[RAWRimaTIGURRx]

you missed the whole point of the compounding interest yes you pay a mimimum of 1 percent on principal each month (assuming minimum payment) if you have a )% intrest it would take 100 months to pay off. Each month they add interest U then have to pay new interest on the last month interest hence the term compounding interest

[Takeittogo1]

That is why there should be a cap in intrest rates! 3% over prime fixed to the date you bought the item. When was the last time you got 3% on a saving account?

[mortech100]

o and fyi if your takeing $30,000.00 cash out on your Credit card u need more help than this guy can give lol

[mortech100]

there is one that that is true here combound intrest is charged but ONLY on cash with draws and foren exchange fees. thats all the rest of the intrest from your normal shoping is not this way its based on your totaly amount spent per billing cycle. witch means u only get one 29% charge on 30k vs getting 29% intrest charged to that 30k per day (compound intrest) just a quick fix but a nice point just the same gj for the most part

[jcost2008]

fuck them dont pay shit.

[oaktownstomp]

And because of that thinking is why banks needed a bail out good job!

[RILODICKSTEIN]

check this out...if you have mandated direct deposit by your job...1.go to tax collecting store (bank) take all the money out as soon as you get paid (every red cent). 2. put it in your pocket. 3. done 4. F a bank!.....land of the free? yeah, as long as you pay for it right.

[67bandit67]

@RILODICKSTEIN That is a good idea but how do you go about paying your bills? Electric,gas, car ins. etc?

If you keep your checking account low you might bounce and you know what happens then.

[xTheDeathSaintx]

@RILODICKSTEIN well if you want free freedom theres more than a couple forest out there for u to live in

[intj123]

I actually am debt free and have never owned a credit card.... by choice. Everyone thinks it's a bad thing to not have credit.

[TheNewborn100]

@intj123 Your decision is wise and stand your ground, debt is a frankenstein.

[fedtheend]

now I am taking out a secured card to rebuild my credit rating so I can get a decent job.

[fedtheend]

for awhile we took in the third roomie. but I don't think you can do it on your own. maybe you can. I couldn't.

[fedtheend]

I stopped paying my cards but then I had to find a roomate with good credit to get into a decent apt. then I saved money, he got off his cards, and now were both in a cash position so we can offer a cash advance to get into a decent apt.

[kinkadekrew4]

me 2 i typed in calculater hacks and this poped up lol

[Rammshtyn]

CASH RULES!

[Getoverhere21]

I wrote some random crap and this video came up lol

[homer30]

Honestly the rule is very EASY and everybody knows it: Don't spend more than you can afford. The very DIFFICULT part is self control. It is how you approach the rule that is difficult with all our desires and addictions and temptations, all these things make personal finance difficult.

[Rayven10]

Easy way to not get in debt: don't spend more than you can afford. There.

And my credit card has a 9.99% rate, which is pointless to me because I pay it off each month. This is also why I'm not swimming in debt.

[Anothercoilgun]

All for money never actually given to you and money simply create by magic. Companies borrow $1 and lend out $100 dollars. If you have balance of $10 they act as if you did them harm when in fact you made them $89 profit - interest on only $1 the company owes. What a joke.

[worthywads]

Your example is a little melodramatic. I don't know anyone who pays more than 12% or who has more than $5k in debt. Who is the idiot who is paying 18% on $30k? Someone get them to a credit union!

[Anothercoilgun]

What! Cards start at 12%. You need to wake up.

[cwpraisinjc]

What world do you live in these days?

WHO doesn't have a credit card with at least 19% interest? Too little, too late.

[ytrandyh]

Outrun credit card interest with your OWN compounded interest that goes in YOUR pocket!

[AmericanYokel]

Who the hell runs up $30,000.00 of CREDIT CARD debt?

[r3vk3nny]

Someone who only spends $300 and makes only the minimum payments.

[TVXQHistory]

Sadly, it doesn't take much to rack up 30K in debt. A friend's son was hit by a drunk driver, she had to max her cards for medical bills & for living expense while at his bedside (out of state). These days people lose jobs w/o notice... jobs they've had for many years. There aren't comparable jobs out there waiting for them. People trying to survive bad times run up large credit card debt.

It's not just people who have no control over buying shoes or new tech toys.

[sniperontheroof123]

The other problem here I think is lack of savings. When you are single, you can basically keep all of your money so even with a fairly low paying job you can probably make ends meet and have some left over.

When you choose to have a family, you are taking on a large risk if some harm comes to them and you aren't prepared to handle it.

[zezima3969]

i need somones credit care number first name and last plz!!!

[worthywads]

don't forget the validation code on the back.

[yahoopl3]

41 years at a cost of $74,000 is an excellent deal on a $30,000 loan. How many people on this board would RISK loaning a guy with poor credit (your credit must be poor if you're being charged 18%) 30 grand in the hopes to make 40 grand in 41 years? Probably no one, especially after considering the guy is not legally required to pay off the loan.

[whitemisa]

fantastick video!!! thank you so much for making it sweety~!!!

XOXOX

[never6let6it6die]

the only reason why i'm on this video is because she commented on one of my video's before regarding to something else.

[never6let6it6die]

hey passionlvr... I HAVE A BLACK CARD racking up 7g's on that card a month. Guess what, Never in debt once hahahah. So enjoy paying everything with cash and nickel diming everything you fucking jew!!!!!! AHHHHH WHAT A LIFE!!!! DEBT FREEEEE!!! AND FUCKING RICH! Thats what happens when you have a great fuckin degree from Duke University!

[r3vk3nny]

Yep! You becoming a cursing, bigoted, racist, ego filled show off! Hooray!

[HurricaneHeidi]

In 1913 the US Congress passed the Federal Reserve Act authorizing this International banking cartel to loan "money" which they create out of nothing... and then collect interest on it. It is essentially legalized counterfeiting.

Read "Web of Debt" by Ellen Brown and "What Has Government Done to Our Money" by Murray Rothbard.

I did the research, educated myself and escaped the Debt Trap without filing bankruptcy. I beat them in court and stopped using credit cards. (See my channel).

[Passionslvr]

This video is a good way to explain why I won't get a credit card like everyone else. Because I don't want a debt hanging over my head.

[paynemdp]

The credit card is the tool, not the problem. Use the tool wisely and you benefit. Use it unwisely and you get your butt kicked. Of course, some people will claim BK is the easy answer, but they have no clue what pain and overpay awaits them.

[HurricaneHeidi]

EXACTLY, paynemdp. These lenders WANT people to go bankrupt... they encourage, even TEMPT people into going deeper and deeper into debt because they lend "money" they've created out of nothing but a bookkeeping entry... then charge usurious interest on it. They've essentially risked NOTHING and have everything to gain. If it isn't repaid they write off the loss on their business tax returns... then SELL the bad debt to another company. I escaped the debt trap and beat them at their own game.

[r3vk3nny]

It's a tool all right... A tool to legalize slavery.

[paynemdp]

With all respect intended, Aaron, people know debt is killing them...and I believe you know this too. The reality: people do NOT want to make the lifestyle changes required to get out of debt.

Good job, Aaron!

[girlphriend]

i agree people dont want the changes because they dont have alternatives that fits their lifestyle. i see 1 of 3 things happening. The system will go on for a while longer with the Federal REserve and world banks running the show, things will crash and we will fight and have martial law and then they will say "see you barbaians need money". or we change things now and reform society. it IS possible if we take a few steps. Watch Zeitgiest Addendum or look into VenusProject. change starts now

[Uavatar5]

If would have been helpful it you explained what compound interest was (that you have to pay interest on the debt + the interest).

Also the best way to clear your debts is to pay more than the minimium amount.

[quixotic51]

People should tested on this before they are given credit. I am so glad we found a way to PROSPER with CASH

[Ecothearcy]

debt was illegal under jewish law. then they allowed for non jews, it remained illegal as unbiblical usury, it remains now the major focus of the global economy.