Anonymous: Hi bitches!!! I have a credit question for you. Say I have six cards that are maxed out ranging from $500-$2000 on each and a score of...520. Should I pay off the smaller ones first in full or the same amount across all of them (say $150/week) to get the quickest score increase? I’m applying for an apartment soon and need better credit! Although I’ve never ever missed a payment so Idk if that helps for the apartment??? Please and thank you!!
Hi sweetiepie! What you’re describing is called the Snowball Method of paying off debt. And yeah, we thoroughly endorse it. Stay with me here while I explain for the whole class.
Card A has $500 on it. Card B has $1,000 on it. Card C has $2,000 on it. Each card has a minimum monthly payment of $20. You can afford to kick in an extra $30 every month toward the debt. So you start out paying this:
Card A: $50 ($20 monthly minimum + $30 extra)
Card B: $20 (the monthly minimum)
Card C: $20 (the monthly minimum)
Eventually, Card A will be paid off! Once that happens, you snowball its payments over into the card with the next highest balance. So you’re still shelling out the same amount of money every month, but you’re taking a larger chunk out of the next card. The payments will then look like this:
Card A: $0 (it’s paid off)
Card B: $70 (the $20 monthly minimum + the $20 minimum for Card A + $30 extra)
Card C: $20 (the monthly minimum)
Eventually that card will be paid off too so you keep snowballing the payments into the next card, like so:
Card A: $0
Card B: 0$
Card C: $90 (monthly minimums for all three cards + $30 extra)
The reason the Snowball Method works so much better than paying all the cards off at the same time and at the same rate, is that it will free up your credit faster. Within 10 months, you’re going to have Card A paid off entirely. Whereas if you divided your extra money between all cards ($10 per card), Card A would take almost 17 months to pay off. And the sooner you pay off Card A, the sooner you have an extra $50 a month to throw at Card B.
You can decide on the order of the cards based on the balance, from smallest to largest (the Snowball Method), or on the interest rate, from largest to smallest (known as the Avalanche Method).
Stare at the red dot on the girl’s nose for 30 seconds. Then look at the ceiling (or any white surface) and blink really quickly a few times. You will be amazed to see a colorful woman.
Stare at the red dot on the girl’s nose for 30 seconds. Then look at the ceiling (or any white surface) and blink really quickly a few times. You will be amazed to see a colorful woman.
1. I love you bro. We don’t tell each other as men how much we mean to each other. There is no weakness in that. Only strength, solidarity, and power.
2. You don’t have to be perfect. You just have to commit to getting better.
3. Someone is depending on you, to be exactly who you are.
4. Read more. You have time to read 12 books a year (which is more than the average American). We also aren’t average.
5. Showing and sharing your emotions isn’t a sign of weakness. Paying attention to how we feel helps us become more in tune with what’s actually going on.
6. Your mental health matters. You can’t “work yourself” out of your mind. Emotional trauma is very real and worthy of our time. We’ve been through a lot recently.
7. Living is an act of resistance. You are going to live, get out all these dreams, and thrive – despite the odds.
8. You are a descendent of kings. Seriously, don’t bow your head to life. You were built for this.
9. Their opinion won’t pay your bills, or build your dreams. They won’t always see your vision. Not everyone is supposed to.
10. Failure isn’t a tattoo. Learn how to take the Ls and move on. Adapt and overcome.
11. Getting this money, and doing good, aren’t mutually exclusive. You just have to be clear on your non-negotiables and stand by them.
12. You don’t have to ask for permission to be excellent. Go for it.
13. “Everybody eat’s b” – Ace Boogie. Seriously, we can all get what we want to out here. Helping people doesn’t make you a sucker. Do have boundaries though.
14. There is absolutely nothing wrong with working for someone else (even if you’re from Harlem), but it pays to think like an owner. Signing the front of a check is very different than the back.
15. #BLACKLIVESMATTER
16. If someone knocks you for your 9-5, they (1) aren’t your friends and (2) they don’t know about your 6-10. Keep going.
17. Start owning when you can. Pay yourself first. These loans ain’t loyal.
18. We don’t need to prove anything to anyone. You’re excellent and it’s perfectly okay to still be warming up.
19. Try to take care of yourself. I love Popeyes, but what we put in ourselves can actually kill us. Exercise, eat well, and get active. Put some $$ on your jumper, and invite your team out!
20. Learning how to cook is a great look. Seriously. Watch a couple Youtube videos, hit Home Goods, and start cheffing.
21. “Someday” is never going to show up on the calendar. Write that book, send that tweet, record podcast. Don’t opt out, especially not right now.
