The best tool to cut out mono or Fluro is a small pair of side cutters that telephone technicians use. They have sharp points and will cut with little effort. They are made to cut wires so mono/Fluro is no problem at all.

Frank

keep cutting.and pulling.and cutting.

Did this, it worked thanks 

Did this, it worked thanks 

I haven't had a backlash in years, then 2 weeks ago went out with a friend, I was fishing the back of the boat, casted and i caught the motor somehow. I looked at my reel, put it down and grabbed another, that one was retired for the day, it was a mess. The next day it took me half hour to fix it.

You just have to keep cutting each loop and pulling off little pieces of line until you get the the spool. I would bet money that everyone on this forum that uses a baitcaster has done it at least once. It sucks, but it happens. I blew one up a couple weeks ago because I was casting from the bank and my plastic worm caught up on a small bush behind me. Didn't notice until it was too late and POOF, had line wrapped around my head, birds landing on me; it was terrible.

I can honestly say I have never cut out a spool of line in my life. I have however cut the lure off so I can pull it back through and get it underneath with braided line. I don't use that thumb trick either. I did a little when I first learned but you need to tighten your drag and it probably is not great for you real. I just grab a loop and pull "gently" so if it is not the correct one its not super tight and I can grab it an more and so it doesn't mess up my line. I don't really get backlashes anymore unless like someone said I hit something mid cast like some tall grass or a bush w/e but its super rare. You can generally pick out any backlash in about a minute or two once you have a bit of practice and understand how they work and what to look for.