How This Influencer Cleared 0,000 Debt In A Year

Lexa, a renowned finance influencer, has recently unveiled her unique strategy that enabled her to pay off a mammoth 0,000 credit card in just 12 months. Read on to discover this two-fold method that may help you do the same.

Step One: Stop Swiping and Start Budgeting

As a cardinal rule, Lexa suggests the immediate cessation of credit card usage. But, stopping there isn't enough. She pairs this with the introduction of a thoroughly planned budget, one she describes as “zero-based”. The core principle of this budgeting technique is to assign every single dollar earned a specific role or ‘job'.

By practicing zero-based budgeting, you will be able to keep a close eye on your income and expenditure. This diligent monitoring ensures that your credit card expenses remain within the limit that can be comfortably paid off at the end of each month.

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Finding a Suitable Budget Strategy

The secret to successful budgeting, according to Lexa, lies in finding a strategy that resonates with your and financial habits. Most importantly, it should be a plan you can consistently adhere to for the long haul.

Step Two: Consolidate Your Debt

Lexa's approach to handling credit card debt doesn't stop at budgeting. She fiercely advocates for the consolidation of credit card debt into a personal loan, one with a more favorable interest rate.

Through this financial make-over, she was victorious in reducing her staggering interest rates from an alarming 28-29% to a much more manageable 11-13% by refinancing.

What to Look For in A Consolidation Loan?

If you are considering the consolidation route, Lexa recommends exploring services from companies such as Lending Club and Upstart. She additionally clarifies the intricacies of FICO and VantageScore credit scoring systems, providing a detailed range for each category, spanning from poor to exceptional.

The Road to Debt Freedom

Lexa stresses that patience is a virtue when it comes to ending credit card debt. Quick results may not be realistic, but by tenaciously sticking to the plan, the weight of debt will gradually lift off your shoulders, letting you achieve financial freedom faster.

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