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How to Quickly Crush Credit Card Debt (6 Best Ways)

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If you have high credit card balances in 2018, you need to prioritize paying them off and doing so in the quickest possible time-frame. The reason why is because credit card debt is now more expensive than it’s ever been in the past, and if that’s not enough reason, here’s a few more statistics to fuel your desire to get out of debt.

1. Total revolving debt in the United States as of February 2018, which is primarily made up of credit card debt, has reached $1.030 trillion, according to the latest Federal Reserve statistics. This is an all-time high for our country.

2. Interest rates have increased twice already in 2018, and the CME FedWatch Tool suggests another rate hike is coming by the end of this month.

You’re about to learn the six best ways to pay off high credit card debt, but before we dive in, first let’s look at the most expensive option that you want to avoid.

The Most Expensive Credit Card Relief Option

The most expensive credit card relief option is when only paying minimum monthly payments. Never only minimum monthly payments on credit cards because you’ll end up paying the maximum amount in interest. For example, if you have a Chase credit card balance for $15,000 and your interest rate is 29%, when paying only minimum payments – you’ll end up paying a total of $45,408 in interest alone and it would take you over ten years to pay off the balance.

1. Debt Snowball Method:

The debt snowball method of paying off your credit card balances was proven to be the most effective credit card debt relief option in 2018, according to new research published by the Harvard Business Review.

With the debt snowball method, you pay off the credit card with the lowest balance first. Instantaneously after that initial credit card balance gets paid in full, your available monthly cash-flow will increase. You will then use the extra funds to put towards paying off the next smallest account. Once the second smallest account is paid in full, your available cash flow will increase even more and continue to grow, just like when rolling a snowball. Next, use all that extra money to pay off the third smallest account.

This method works by using psychological principles. When a person accomplishes a goal, like paying off that first credit card debt-the brain releases dopamine, and it feels good. And you want more of that good feeling, so you’re motivated to continue paying off each debt one by one. Before you know it, you’ll start to see the light at the end of the tunnel and your momentum will be at its peak, and at that point – nothing’s going to stop you!

2. Debt Avalanche Method

The debt avalanche method focusses on attacking the account that’s costing you the most money, which is the account with the highest interest rate. If you like math and numbers, you’ll most likely lean towards this route, as it makes the most sense from a technical standpoint.

Technically speaking, this route will save you more money than the debt snowball method, if you can successfully stick to the plan.

There’s lots of controversy surrounding the argument of which route is more effective, the debt snowball or avalanche method. Understand both options and then based on your personality type, you can determine which route is best for your situation.

Some people may decide to use a combination of these two options. You could start off with the debt snowball method, quickly knocking off your smaller debts that have a balance of $1,000 or less, and then switch to the debt avalanche method to pay off the remainder of your balances but in the most cost-efficient manner.

3. Balance Transfer Cards:

You can slash your interest rates on credit cards, by using a balance transfer card that has no interest for 12-18 months. If you can pay your balance in full on the balance transfer card during the introduction period when the interest rate is zero, you’ll end up eliminating 100% of your interest and only having to pay the balance transfer card’s up-front fee.

Make sure to keep your credit cards open after paying them off because when closing a credit card your credit scores go down.

There are upfront fees that come with these cards, that range from 3%-5% of the balance.

Shop around for a balance transfer card that comes with:

· low up-front fees

· an 18-month introductory rate

· a zero percent interest rate

4. Home Equity Line of Credit:

A home equity line of credit can be used to pay off high-interest credit card debt, saving you thousands of dollars in interest. Home equity lines of credit come with lower interest rates than any other type of bank loan. BankRate.com estimates that the average interest rate on a home equity line of credit is only 5%.

The downside is that you’re switching your unsecured debt to a secured debt, and this can be dangerous because if for some reason you default on payments, you could lose your property over a credit card debt.

5. Get Your Creditor to Reduce the Interest Rate

Don’t overlook this next method, due to how simple it is. Sometimes, the simple things in life are most overlooked.

Call up your creditor and ask for a supervisor. Remind them of how many years you’ve been their client and how perfect your payment history has been over these years. Now express to them that you’re upset that they’re charging you such a high-interest rate, and illustrate an offer that another bank is giving you. If your credit score had increased from what it was when you first applied for that credit card, also mention that.

Do some research and find a credit card company that’s offering a lower rate, and you can then use them as leverage.

Example: “Capital One is offering me a credit card with an 8% interest rate and 1% more than what you’re offering in cash-back. Could you please reduce my interest rate so that I can stay with your bank? Also, you’ll notice my credit score had increased from what it was when I first applied for a card with your bank two years ago.”

6. Debt Relief Programs:

A consumer credit counseling program can reduce your interest rates and get you out of debt in under five years, without hurting your credit score. All your credit card debts will be combined into one consolidated monthly payment and the consumer credit counseling company then disperses the funds every month to your creditors but at the reduced interest rate. This program has the least effect on credit scores, compared to any other debt relief program.

A debt settlement program should only be used if you fell behind on credit card payments and can’t afford to pay more than minimum monthly payments. The reason why is because this type of program can drastically reduce your credit score and lead to negative notations across your credit report. However, if your credit score is already in the pits, then at this point you only need to focus on getting out of debt in the quickest possible time-frame and avoiding bankruptcy. Once you become debt free, you can then rebuild your credit score.

If you’re on the urge of bankruptcy, debt settlement can be a viable alternative that gets you out of debt in around three years and gives you one affordable monthly payment for all your unsecured debts.

Need more options to get rid of high credit card balances? Check out this article next.

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Indonesia Based Boy Named Ghozali Becomes Millionaire By Selling Selfies On OpenSea As NFTs

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Indonesia Based Boy Named Ghozali Becomes Millionaire By Selling Selfies On OpenSea As NFTs

Non-fungible tokens, NFTs, continue to make waves within the crypto ecosystem as an excellent means for profitability. As a result, many new and recent collections are rising as headlines through their massive accumulation of funds.

One of the trendy NFTs is Ghozali’s from an Indonesian youth who has sold over 1,000 selfies as NFTs on OpenSea. The selfies have been his daily collection for the past five years.

The Indonesian boy, Sultan Gustaf Al Ghozali, is 22 years old and held from Semarang. Ghozali, currently studying computer science, decided to take daily selfies some years back. Through this everyday action that he kept from 2017 to 2021, the boy now has more than 1,000 photos.

Related Reading | Cardano Enters The Basho Stage: How It Improves Performance

Reporting through his official Twitter account, Ghozali disclosed that his aim for taking his selfies for five years is to create a unique video. He said that the video would be done after his college graduation.

With the emergence and popularity of NFTs, Ghozali made a twist in his plan and decided to mint his photos into NFTs. This led to his subsequent sales of the NFTs on OpenSea.

According to a tweet on January 10, 2022, Ghozali has commenced uploading his selfies on the OpenSea platform with a project name, ‘Ghozali every day.’ This post revealed that the cost of each picture is 0.001 ETH.

Despite its lack of significant artistic value, the project maintains a floor price of 0.42 ETH. Furthermore, Ghozali every day currently has over 355 ETH of traded volume. About 498 addresses now own an NFT from the project’s collection.

ETH follows bearish trend | Source: ETHUSD TradingView

IreneDAO NFTs Follow The Same Success Trend

In a similar wave, Irene Zhao’s NFT initiative is taking more ground among the top topics within the last week. Irene Zhao, a prominent personality within the crypto space, is an advisor at Konomi Network.

Her recent NFT initiative project, tagged IreneDAO, aims to become a global grassroots movement that will disrupt the creator economy. Currently, the project collection comprises Zhao’s photos with transcriptions on them inspired by memes.

Related Reading | Cardano Hits Bottom? What You Should Consider Before Rushing Into ADA

Reports from OpenSea revealed that the floor price of the IreneDAO collection has been below 0.2 ETH for a few past days. However, it is presently sitting at 3.59 ETH. Moreover, its traded volume has moved over 1,800 ETH from its time of initiation.

Featured Image from Shutterstock and Charts by TradingView

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The Most Versatile Dao Projects That Go Beyond Finance and Governance

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The Most Versatile Dao Projects That Go Beyond Finance and Governance

Over the past two years, there’s been a lot of talk and hype about the future of finance, especially across the crypto field, with the surge in value of decentralized finance (DeFi) platforms. The thriving peer-to-peer crypto network is becoming a standard part of a diverse crypto portfolio, grabbing the attention of consumers, invebstors, mainstream media, and billionaires alike. Looking at the numbers, the total value locked (TVL) on DeFi-based platforms has skyrocketed from nearly $8 billion at the start of 2019, to over $95 billion, as of writing. 

This growth has been supported partly by the growth of DAOs, or decentralized autonomous organizations, which gives users a seat at the table allowing them to govern and make proposals on the functioning, upgrades and improvements of the platforms. Nonetheless, the DAO ecosystem is growing at a faster pace, branching out with more use cases on DeFi than governance and finance. In this piece we look at some of the top DAO projects that aim to revolutionize the industry in 2022. 

1. CanDAO

Our top pick DAO project is Candao, a decentralized social network that enables seemingly seamless communication between blockchains, and provides an overlaying set of tools and solutions that connect crypto communities from disparate environments. The platform also provides a portfolio of social-oriented, blockchain based utility features, and value based on three fundamental values recognised by the community: People, Consensus and Gamification. 

Some of the top features available on CanDAO’s platform include Matchify, CanDAO Pad, CanDAO Shop, CanDAO ID, Meta Scan, CanDAO Group, CanDAO Chain, and CanDAO Messenger. These features unlocks people’s value by letting them tokenize the value they create, liquefy assets, and connect existing assets in order to build a joint venture and sustainable communities. 

2. Bit DAO

1643068226 332 The Most Versatile Dao Projects That Go Beyond Finance and

Second on our list is Bit DAO, a decentralized treasury that holds more than $2.5 billion in assets through several mega-raises. The community has attracted some of the biggest players in the crypto and finance industry including Peter Thiel, Alan Howard, and Founders Fund. Bybit, a Singapore-based derivatives cryptocurrency exchange, has also committed 0.025% of its total trading volume (or about $1 billion) per year to the DAO as well.

The BitDAO community aims to create financial value through its DAO Treasury by allowing staking, lending and incentives models on the platform. Additionally, the platform is building an ecosystem of autonomous entities (AEs) that are funded in part by the BitDAO treasury and bring together some of the best partners to help develop Web3 across art, entertainment, finance, and technology and more.

3. Decentraland DAO

1643068227 457 The Most Versatile Dao Projects That Go Beyond Finance and

Amidst the rising case for the metaverse, our final entry is Decentraland DAO, a decentralized governing body that is in charge of Decentraland’s parcels of virtual land. The DAO widens the scope of decentralized governance, bringing autonomous governing protocols into the metaverse. The DAO gives the virtual land owners voting power that is dependant on how much virtual property they own. 

This represents the first-of-its-kind DAO that allows people to have a say on governance in the metaverse. This opens up a world of possibilities such as staking, lending, and borrowing funds using your virtual land as collateral. 

Final words

Since the launch of DAOs in 2016, with the Ethereum DAO, decentralized governance protocols have witnessed a sudden growth and rapid innovations. Today, DAOs offer much more than governance. DAO-based protocols are changing the finance industry creatively and innovatively to create value for the community. With platforms such as CanDAO offering an array of features to token holders, the community has more utility on the platform, other than a vote.

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Has Bitcoin Reached Its Bottom? Analyst Says It Still Has A Long Way To Go

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Long road for bitcoin

Bitcoin has had a rollercoaster of a month in January. The digital asset which enjoyed much success in 2021 has walked into 2022 with bloody feet. Since then, it has managed to crumble more than 50% of its $69K all-time high. As nerves run high, investors scramble to make sense of when the onslaught will cease. As bitcoin is yet to see any significant support below the $40,000 level, analyst says the worst may be yet to come.

Bitcoin Has Lost Critical Support Level

Pseudonymous analyst Dave the Wave is known in the crypto space for being one of the few to call the May crash. Last year when prices of digital assets like bitcoin went into a frenzy, Dave had been one of those to sound the alarm for the incoming price crash. Not long after, the market had indeed seen a price crash that led to about a 50% downward correction.

Related Reading | Bitcoin Breaks $37,000, Why Downtrend To $29,000 Is Likely

This time around, the analyst has issued another warning. Using multiple charts, Dave the Wave lays out their analysis of the bitcoin market. The prognosis? Further downward correction towards $25,000 may be possible.

BTC begins recovery trend | Source: BTCUSD on TradingView.com

The analysis spreads over multiple tweets where Dave the Wave educates their 90K Twitter followers on what they expect from the market. Firstly, they analyzed using the Fibonacci extension. After measuring its potential head and shoulders, landing on a downside of $25,000.

They note that bitcoin had already broken through a critical support level. Under which there is not much support, meaning that the price of the digital asset was prone to continue falling. “The problem is once it loses that 40K area, there’s not much support below,” the analyst said.

Chart showing bitcoin losing support level

BTC loses support at $40K | Source: Twitter

What’s In Store?

Naturally, the next steps were to figure out possible bounce points for the digital asset. They do this by mapping out where there would be a trend reversal. “A lower level again and lines of resistance that price would have to cross before even thinking of a trend reversal.” Since this call, the price of bitcoin has since fallen below this point, now touching as low as $33,000.

Chart for trend reversal

BTC misses trend reversal | Source: Twitter

Related Reading | Market May Be Suffering But Bitcoin And Ethereum Will Pull Back Stronger, Bloomberg Analyst

Presently, the last chart in the series shows a possible upward reversal if the digital asset was able to hold above $35K.

BTC fails to hold above $35K

BTC fails to hold above $35K | Source: Twitter

Since the tweet went live, bitcoin has not done well in the market and has in fact dropped below this point. If Dave the Wave’s analysis is anything to go by, then investors may need to brace themselves for impact as the next stop may very be the $25,000 range, which is the next major support point.

Featured image from LinkedIn, charts from Twitter and TradingView.com

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