It makes a huge difference when you speak in a measured way, clearly. So many other RUclipsrs speak too fast, ambiguously and don't explain what they are referring to. You did an excellent job for the the rest of us to understand the topic.
i was upset about my credit when I started your video, but listening to you talk made me super CALM! Thank you for your credit wisdom and your soothing voice.
My brother, you needed this! I already had ideas of raising my score. But I just found more ways because of this. *Pecuniary backdoors* are such a blessing, keep going frl!
Thank you *Strategic techies* so much for you’re advice as my credit score is 771 and wanting to increase it as much as possible as l’m just trying to look out for my future. I’ve subbed you.
What I don’t understand is if you don’t use credit and everything is paid off, then your FICO score goes down. Then when you re-apply for credit you get high rates and then you get negatively impacted everything your credit is pulled. I honestly think the credit game is a joke.
I agree with you, credit score is a scam that the government put on people to keep people poor, They want people to live pay check to pay check also the tax reimbursement is a scam so many scam in these world.
At 42, I've come to realize that money is a tool. I’ve worked so hard over the years to realize that if you don’t make money work for you, you can’t experience true freedom. I’m glad I found that out although it was later in life, but that marked the turning point in my finances.
Herman Jonas, an astute financial analyst is the brain behind my success. I've gotten into a plethora of assets with $33k spread across stocks (options and futures) for the short term and Roth IRA, index funds, and ETFs, for the long term. Now I sit back, and just reinvest at intervals while I enjoy my retirement.
Do not forget that when it comes to the stock market, prices can be erratic, rising and declining quickly, often in relation to companies' policies, which individual investors do not influence.
@@Dennisseat I agree that the market can be quite unpredictable, but working with Herman has been a game-changer for me. His market insights and strategies are consistently spot-on. It’s not just about profits; it’s also about the peace of mind that comes from knowing you’re in capable hands.
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OMG, I was lying on my sofa, depressed and just overwhelmed on the interest charges I am paying on my credit cards. Watching your video gave me a surge of energy and I immediately got up and downloaded your worksheet! I feel totally empowered with this information! THANK YOU FOR THIS INFORMATION!
Do you best to transfer all your credit card debt to 0% interest balance transfer offers. I have $18,972 and I paid less than $1 interest last month. YES, less than $1.
@@davidqheffner You had to pay 3%, almost $600, to transfer that. It wasn't free, but I just did the same. It's worth it. That's maybe two months of interest on the high rate cards.
I THINK THE "$7,000 mark" was stellar! She's clearly onto something in this tutorial that most could personally benefit from, even simply sharing her message would pay this forward so more will view. The mathematical error was priceless and proves there's always need for improvement. Her giving nature is a Gift and she Blesses us all who witnesses her keeping it real. She may be my new hero, I'm curious what other lessons she may offer. It was meant just for me today, I really like what I learned and I too feel CALM. ❤ Happy. Empowered. And ready to pass it on!
My struggle is paying off my credit cards. I’m in Houston and am working on my “game plan” by a lender. I too am a teacher and this will be my first home purchase. I’m just so tired. I’m 51 and still chasing home ownership before my youngest child graduates in 2 years.
Same here ! Credit card debt is serious talk ! & im in HTX too, if you need help purchasing something in houston I have a realtor who can help. Shes great !
You are not alone. I'm in Michigan in the exact same boat. I just finished my first-time homebuyers course. You can do this! Try not to get discouraged. ❤❤❤❤
Almost nobody in my country 🇳🇱 uses or has a credit card. It is almost nowhere excepted. When we have one, we use it to pay the road toll on the French or Italian highways. We pay with our debit card, cash ( is becoming less and less) or with an app.
@@cq8822 No it wouldn't. She's explaining the pay down effect which eliminates her minimum monthly cc payment. Interest, which wasn't factored in, is also much less than her regular previous cc monthly payment and the interest also starts to decline each month of the pay down. If she kept on paying her minimum monthly cc payment on her maxed out card and still using the card, she would never pay it down.
I think the Number 1 thing taught is live within your means and pay off credit cards in full every month. The problem is a $10K max'd out card at 21% interest. Debt is slavery. Usury is slavery. Use credit responsibly or leave it alone. A little self discipline goes a long way.
VANNtastic, you are a BEAST with the information as well as the explanation. Thank you for what you do and again I am glad I found YOUR channel. All these "suggested" channels are aggravating.
Good example. I use velocity banking as well. One thing you are not calculating is the interest each month on the CC since the balance is not $0. Simple interest will make the monthly interest rate much lower however. What I would recommend doing is as soon as the balance goes down enough, I would recommend applying for another CC with 0 interest for 12-18 months. Then transfer the balance remaining on existing CC to new interest free CC. Love your video though. Keep up the good work!
You are correct. Just by taking the highest and lowest balance each month and dividing by 2, you will get around $152 in interest that 1st month. $400-$152=$248 and that $248 will increase every month doing this method. This is a nice concept and I learned it 3 or 4 years ago.
I believe she did calculate the interest on the CC towards the end of the video, but she broke it down to "daily interest" (as opposed to monthly interest) to emphasize the impact that the Velocity banking method is having on reducing the overall debt on the CC ! ... Now your suggestion of applying for a zero percent CC is right on point because it will further enhance the speed at which that CC dept will be payed off !
@@VanntasticFinances I can follow this but I am having trouble figuring out the last payment on card bc when I get it to $0,I still have to pay bills out of it and so it keeps going back up..I hope this makes sense and you get this..Thanks for sharing,just found d this channel..😊
@@marionhammers8654 are you talking about paying your expenses on your credit card is what takes the balance back up? If so, that is exactly what is supposed to happen. Just pay off that balance on the due date every month to avoid interest charges. Did that answer your question? Thank you so much for watching! If you are a subscriber, go to this link and enter to win.👉gleam.io/n2wRT/300-cash-giveaway
Thinking the same, so many come across as super rude, not constructive or don’t value add. This video has helped me regardless of mistake the concept is🥇 - thank you!
But it's fundamentally flawed as she's not calculating the appropriate credit charge on a monthly basis for every month the credit exists, she's just deducting $2k and then adding $1600 in expenses... It's not this simple.
I think it would be better to apply for a zero-interest credit card around month 3, after your credit score has increased, and transfer the balance. That would give you a year (maybe more) where 100% of the monthly payment goes toward reducing the balance. If it's not paid off by the end of the interest-free period, apply for another interest-free card and transfer it again.
@@KeciasTourLife Yep. That's how I got mine paid off. I'm down to the last one, and the balance is under $3k. It's not an interest-free card, but it's pretty low at 9%.
My brother, you needed this! I already had ideas of raising my score. But I just found more ways because of this. *Pecuniary backdoors* are such a blessing, keep going frl!
Thank you *Strategic techies* so much for you’re advice as my credit score is 771 and wanting to increase it as much as possible as l’m just trying to look out for my future. I’ve subbed you.
Well done… excellent information… biggest mistake I ever made was paying off credit cards in my 30s and closing them out. My average length of credit would have been stellar.
Remember when you file bankruptcy, all your cards and the length of time you had them are lost. You have to start all over again, unless you had a mortgage or student loan.
Not a mistake to have paid them off. Only if you cancelled them would it be a ‘bad mark’ reflecting on your credit history. Pay off the cards you have. Don’t use them again. Keep one or two for planned trips or other annual expenses. Pay off from savings as the trip is done. Your credit rating will remain ‘good’.
My brother, you needed this! I already had ideas of raising my score. But I just found more ways because of this. *Pecuniary backdoors* are such a blessing, keep going frl!
Thank you *Strategic techies* so much for you’re advice as my credit score is 771 and wanting to increase it as much as possible as l’m just trying to look out for my future. I’ve subbed you.
I just wanted to say thank you for sharing this. Because you're right. The worst thing that you can feel is hopelessness. And I hope that someone who is on the verge of losing hope finds *Web backdoors* and realizes that as long as you're still alive and breathing, there's a chance, there's HOPE that the future is brighter then the present day.
Thank you so much! This was quite very helpful. I'm happy this was the first video I clicked when I wanted to search on the topic. Thank you *Web backdoors* for your simple and easy to digest explanations.
Nice trick! While it works well on paper, most folks are in debt because of spending behavior. This won’t change the spending behavior and it would be hard to stick to the budget while putting everything on a card. It could work for some, though.
This is certainly a most interesting tool in the debt elimination process. There is however, a math error that was missed during the presentation that you might want to edit. When You added the $1600 monthly expense to the $6400 balance in month #5 you show a balance of $7000. The correct balance at that time is, of course $8000 (you didn't carry the 1). This does NOT invalidate the concept but for clarity and accuracy, perhaps the video should be edited. As a second point of clarification, the interest each month HAS NOT been accounted for (only the monthly payment). When the monthly INTEREST is added back in, the geometric progression (or should I say regression), while still effective, does Not exhibit quite as much of this phenomena. Still potentially worthwhile, though. Of ALL of the videos and books that I have viewed and read, I have never seen this approach shown let alone illustrated so well. It could provide one more tool to help everyone to eventually get out of debt. Thank You so much for sharing. Greetings from Ontario, Canada.
This is obviously missing the interest added back in. If the $400 is the credit card minimum payment which it doesnt appear to be at 21% interest then yes this would work but in real world experience with zero cash flow and paying a real life minimum payment of $200-$250 and only $25-$75 being left after $175 in interest this really would take a long time to achieve. But don't give up.
The real kicker here would be if the credit card company decided to lower the card limit when it starts to get lower and thus negating the credit score gains
Thank you for the encouragement!. I realize that the mistake is in this earlier video, but it has brought so much encouragement to so many people, I hate to pull it. Thank you for watching.
You literally have more views than my most watched video on my channel and you only been doing this for a couple of months. You stayed committed it’s been a honor working with you as your coach.
I could not be more excited. My husband and I saw this video about 3 months ago and it's almost the exact situation we were in (literally within $100 of the numbers mentioned) so we knew it was a God send. We immediately put it into practice and we're happy to report that for the first time in over a year, our card balance is going down!! We've shared this video with all of our friends/family that are struggling with the same. Thank you so much for sharing this information!♥
My brother, you needed this! I already had ideas of raising my score. But I just found more ways because of this. *Pecuniary backdoors* are such a blessing, keep going frl!
Thank you *Strategic techies* so much for you’re advice as my credit score is 771 and wanting to increase it as much as possible as l’m just trying to look out for my future. I’ve subbed you.
@VaNntastic you are subtracting the whole $400 each month from the balance and totally forgetting the majority of that $400 payment is being thrown out the window in interest. Right? The balance wouldn't drop by $400 a month, unless I'm missing something. It would only drop by $100.
But, the balance doesn't go down $400 a month because interest is added to the balance every month. I had a 10K balance on a card once and the minimum payment was $300 a month, but the interest was about $86 a month, so only $214 of the $300 payment was applied to the balance. As the balance slowly came down, a little less interest was charged every month. But that's almost a 3rd of your minimum payment just to cover the monthly interest added to your balance.
@@roundedges2That's not how it works. Interest is charged on avg daily balance, which is still high through the entirety of this "plan." She should be at least multiplying the balance after each payment by 1+(.21/12) to account for the interest accrual. Makes the balance fall MUCH more slowly.
You are correct. She never added in the monthly interest. She's making the numbers go down every month without adding that in. There will be less interest because of the daily average, but I can assure you there will be interest and it's not insignificant. Yes, this method helps, but not nearly as quickly as she shows.
Let’s say you had paid $600 a month on the card, then $514 would go towards the balance, thus paying it off quicker and having less interest to pay down the road.
I really appreciate your videos. I would like to point out that you never mention the interest that will be added monthly and your total at the end was $8000 not $7000. Bless you for all you are doing to help others.
This definitely works math-wise. But it is all predicated on the idea that her mindset is in a "get out of debt mode" and not a "Oh, my CC is no longer maxed out. Sweet! I can charge more to it now!" Which is probably what got her in trouble in the first place. Imo, it really doesn't matter if one uses a velocity method, or gets a second job, or cuts back on expenses, or whatever. It really boils down to the mindset and self-control an individual has-and most people suck at self control.
I watched this a couple days ago, opened up a 21 month, 0% interest card and moved my consumer loan over to it for my new AC unit ($8900 with Ally Bank a year ago, 0% interest and no payments for a year, goes to 19.99% in June - NO WAY!!. I've been making payments anyway). $6700, will pay probably $200/mo for 21 months, then move it to yet ANOTHER 0% interest card. When the card arrives, it goes into the shredder immediately. I know to the penny what my revolving debt and consumer debt payments are. I'll be taking the money that I need to pay to accounts that can be paid with credit cards, and put it into one of my cards with 27.65% (Crapital One, I have two of them both the same interest). Those are only a total of about $1400 so it should go away fast. Then start working on my $7k card at 9.99% at the credit union.
It would make no difference, it's the culture that's the problem, not education. Look at all the deniers in the comment section... even after being explained how it works reasonably, they do not grasp the concept... it is not that they "cannot" but more they "will not".
My brother, you needed this! I already had ideas of raising my score. But I just found more ways because of this. *Pecuniary backdoors* are such a blessing, keep going frl!
Thank you *Strategic techies* so much for you’re advice as my credit score is 771 and wanting to increase it as much as possible as l’m just trying to look out for my future. I’ve subbed you.
LOL.... yes, you are correct! We have our own ranching operation so we work together every day, 365 days a year, so my husband and my income is a joint income. When we bought our 2015 Explorer 9 years ago, the car dealer saw that my credit score was just slightly higher than my husbands and we all laughed about that! LOL (You can see who pays the bills and uses the card more!) I teased him that maybe when we go out to eat, perhaps he should pay for our meal instead of his wife, because our credit cards have different numbers, but in the same account, so mine is the one being used more and paid off frequently.
And if you're smart you'll ignore that red carpet and find a nice used car being sold by a private individual and buy it with cash, or at worst, a low interest loan from a credit union or local bank.
I didn’t realize I was using this method already until you explained how to maximize a zero cash flow. Now it made sense to me how to eliminate debt by not making new debt but transferring bills that would already have to be paid this gets rid of the monthly payments now all to worry about is keeping it going to lower the interest. Thank you 🙏
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I can testify to the fact that *solvency backdoors* is the only qualified and certified credit engineer computerist who resolves issues with everything related to credit..
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One thing I’d mention is when at month 5 you added $6400 balance plus $1600 expenses you came up with $7000. The correct answer would have been a new balance of $8000. Also $400 x 5 months = $2000. $10,000 -$2000= $8000. You end up doing the same thing almost as just paying the $400 a month payment. The only thing it seems like you're doing is maybe paying a little bit lower in interest because you're paying that extra money but that's about all you're really doing.
Is not just the interest but you're also "eliminating" the $400 monthly payment by paying it with your income. This is covered in full detail in the video. @ralphbowes1446
she was making that $400 monthly payment with her income anyway, it just wasn't going directly to card, she was manually paying it. @@Future_Legend_Told_Me
@@Future_Legend_Told_MeI’m a little slow, can you help me understand. Is she saying that $400 monthly payment totally disappears or she have to pay less on her monthly cc bill because the total bill is less than a month prior?
@@luddman77 She says two things... (1) the $400 payment is made by putting her income into the credit card account instead of into her checking account; because her balance comes down drastically, the available balance is now a lot higher thereby allowing her to pay her other bills using that same credit card throughout the month (2) because she pays a lot more than the $400 minimum, it reduces the average daily balance and thereby reduces the interest being charged every month.
Correct if I’m wrong.. I was under the impression that credit balances are based upon total credit. For example, if I have 5 credit cards with 1k limits, I have a total of 5k in credit. As long as I use 20% or less, I should be good. So for example: if 1 credit card I’ve used $900 out of that $1000, due to the fact I have still $4100 in total credit limit left, I’m still under the 20% mark. But in this video, it’s saying that the one card could be reporting that im almost maxed out?
Love this, it is basically rotating money so you pay less interest in the long run. I have taught my kids about closing dates and making purchases after the closing date so they get more interest free time to pay it back. We also pay all of our utilities with our credit cards and just make the payment to the card each month. Years ago we had tons of credit card debt but we are finally free of it.
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Thank you, thank you! This is a VANNTASTIC method to pay down my credit cards that I never thought of. Please don't take this video down; the basics of it are extremely helpful and bring hope to us who wonder how we'll ever pay off debt! I'm forever grateful.🛐🙏
This is a brilliant strategy, as maybe some making comments don't realize that credit card companies increase monthly amounts due when customers get peaked out (used up their credit). This way cards never get paid off if a person is at zero left over after their bills and banks keep making their huge interest. Doing it her way is a brilliant way to drive down the card; IF the consumer doesn't fall into bad spending habits and keep maxing the card out. It takes some discipline and that is on the consumer.
Thanks to your method I was able to free up 6000$ on a credit card in less than 4 months. I’m almost done paying one card now I’ll be working on the next. After that I’ll have my car paid off too, thank you so much for your videos.
My brother, you needed this! I already had ideas of raising my score. But I just found more ways because of this. *Pecuniary backdoors* are such a blessing, keep going frl!
Thank you *Strategic techies* so much for you’re advice as my credit score is 771 and wanting to increase it as much as possible as l’m just trying to look out for my future. I’ve subbed you.
This is not accurate! Where is this money coming from? Looks like you are doing circular borrowing. But this really makes no sense. You have to do something to get money in, not keep swiping to pay, which is actually continuous borrowing.
I stumbled across your video and instantly knew this was made for me. I'm going through the same thing with my business but just knowing that I'm not the only one who's experienced this just pushes me to go harder. Continue to put out informational content and sharing your story, THAT is what separates you from the rest. Much gratitude sir and *Web back doors* was so helpful during the process of boosting my credit.
@user-nb8cp2wj1m Notwithstanding the math errors she had, if you did not chg your spending at all, the budget of 3000. included the 400.00 cc Bill. Since you are depositing your check there (onto the card as a payment before paying your regular bills "through" the card instead from your checking acct/debit card, that part of your budget that used to go out to the cc payment (400) does not have to be paid separately because your deposited check counts as a payment. However a 10k card will definitely have int. being added back to the balance. 1. You must have disciplined spending too not add anything except those reg. bills to the card. 2. And because of the interest this wouldn't happen quite so fast. 3. It would help GREATLY to cancel any spending that is not essential so you won't be walking so close to the edge that any real life "surprise' wouldn't throw you off the edge. There must be charges in spending if income does not increase or you're not going to get all the way through a debt reduction plan.
@@Emmy-z7d Part of the $2000 in expenses was the $400 in credit card interest. By transferring the balance to a 0% credit card, the person doesn't have to make the interest payment, dropping monthly expenses to $1600
When you got to month 5, it should have been $8000 not $7000 - you forgot to carry the 1 over.... That said, this is a brilliant solution but the key is to NOT use the credit card unless you have an unexpected situation. Thank you for your wisdom!
I totally understand velocity banking but I still watch and share all of your videos because it blows my mind how genius it is. I love the way you break down various scenarios so people can understand that this works and they don't have to be a slave to their debt. Thank you, Christy!
I don't have any credit card debt and I don't live in the U.S. but the title of your video caught my eye. What fantastic information for anyone in that unfortunate predicament. Great video!
Exactly! She talks about it a little bit at the end. But my CC calculates the interest at the end of the month. So if I pay all my expenses with my CC, then my balance at the end of the month will still be high and they are going to charge interest on this.
I get what you are saying, but even with the interest she will lower the balance very slowly. Take the example for what it is considering there is no additional income to be made. If you can lower the balance by 50 bucks a month, you are lowering the balance. Some don't have the benefit of being impatient.
My struggle is paying off my credit cards. I live and work here in Los Angeles and am working on my “game plan” by a lender. I too am a teacher and this will be my first home i'm purchasing. I’m just so tired. I’m 45 and still chasing home ownership before my youngest child graduates in 1 year.
I like this idea. I have quite a few credit cards though, all of of which are pretty much maxed out, but my credit card debt as a whole does come out to about $10k. I think I would leave the minimum payment balances for most of my cards in my bank account to make sure those get paid, and then use my highest limit. credit card ($2600) as the card to put most of my paycheck on. And it works out even more because I can actually pay my rent with a credit card, and earn those credit card points for it. And then as I go along, I’ll adjust to other cards as needed.
I think it's a good technique if there are no other options. However, progress will be slower than your math indicates, due to interest. You're looking at approximately $140 on the first month; gradually reducing as the balance decreases. Doable, but not in 17 months.
I can’t believe how many people don’t realize this. There’s still a payment because of the interest, it’s just less than $400. Probably only $80 less too
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as a basic idea it's sound.. the only mistake is that there is interest still on the credit card (reducing each month) which have not been included in the monthly expenses - so the process will take a lot longer than suggested
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This is what I love about social media. It can be used to educate and empower others with concepts we didn't learn in highschool or in College/university. Andrew Gil is an Australian author who used a concept similar to this pay off one's mortgage faster using a HELOC. His method was to direct all income to the HELOC instead of checking account. Again the key was having some buffer or cushion of savings. Thank you sharing this. I have 3 favorite CCs that always offer me 0% transfer offers. They send me checks to write to myself. You got my wheels really turning how I can take good advantage of this.
No. No it does not. You want the higher interest rate on the line of credit because it is killing the low interest-rate on the loan. You are just stuck in the original mindset of making payments like we all were.
Makes perfect sense we are not A.I. or robots no little math mistake that some focus on is a big deal. I think I just naturally live the way you explain things. Avoiding interest as much as possible is the way people should live. ❤
The problem with having your emergency fund built into your credit card is that you have no control over your credit limit. I remembered I had a Discover credit cards that were consider my emergency fund. In 2008 most major banks lower their credit limit. I had never been late my credit score was good, but the economy was tanking. I lost about $15,000.00 in available credit between Citibank, Discover and Chase. They lowered my available credit to my current balance. Which becomes a vicious cycle because it affected my credit score as my utilization when up 100%. I would suggest having an emergency fund in easily accessible currency. Remember the fine print on your credit card agreement. They have the right to change any terms including how much credit limit you have access to. You have complete control over your emergency fund.
@@andyfumo8931 applying for a new card when your credit score drops 40 plus points, during a credit crunch and unstable economy would not have help. I would have been denied and my credit score dinked again.
One extra bonus to this method (if you have the discipline not to exceed your budget) is that with a number of cards, you get bonus points when you spend on the card. With putting in $200 per month, bonus points are going to accumulate quickly. These points can be turned into bonus payments made on the principal of the card.
That was a small trick that I have been using with my Walmart card. I use the 5% cash back for online orders to do online grocery pickup. So use the amount of the order to just pay towards the credit card that same day so it hardly affects the daily avg balance and satisfy the payment for the month and also use the cash back as payments to actually come out ahead of being charged interest since it carries a balance on the card.
Hey Vann! Thanks for taking the time to explain this clearly for those of us who are a little slow on the uptake 🙂 I watched another of your videos on this and was confused about throwing the entire monthly income at the CC debt. Now it makes perfect sense to me! It's a different way to look at how to pay down the balance and improve our credit score at the same time. I can't wait for my wife to see this video when she gets back from visiting the grand kids. Thank you so much!
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I was wondering why you would recommend someone to do it this way. I thought that you should just pay the 400 instead of putting all your expenses on a credit card but now I get it. The interest is keeping you in the whole and this is like a loop hole. I love it good content for those really in a bad situation
🤔 but where does interest on this credit become a factor? I have a similar credit card with the payment minimum $400 the credit card takes $300 interest. So if I took my $500 grocery money, pay that on the credit card as payment, then turn around and buy $500 in groceries. I realize I didn't have to pay that $400 payment but out of that $500 I paid they took $300. So I'm up $100 In my case I wouldn't save interest because all my bills are due on the first of month when I get paid. So to pay everything to it but then charge it right back? Unless I'm missing something here According to my calculations I would be better just paying the payment. I mean if what I was going to use on the credit card was spaced-out later in the month I would save some interest in my case wouldn't work.
@@Dee10044NY I mean I was pretty confused at first but I think I’m your case, you would be creating $100 of cash flow by doing this. Yes it is not factoring in interest precisely but I think this example is for dyer situations. Worst comes to worst and you can barely make the payments, this will be a good way to pay it down when you have zero extra money. I hope you reply so we can solve this because I really want to get more acclimated with finances. I hope you figure everything out well!
@@Dee10044NY not saying I agree nor disagree with the whole concept, but that being said you prob don't spend ever penny on the first of the month. Yes, maybe most of your expenses, but prob not food, gas, etc. I've always put all my allowable purchases on my credit card and then pay it off at the end of the month and most of my payments are around the first week of the month, but not all and certainly not food and gas as we fill up about once a week and go grocery shopping ever weekend. That doesn't include other misc charges monthly for like repairs etc.
When your credit cards are maxed out . The first thing that comes out of your payment is the interest. Paying 2k will not open her credit line to an available 2K balance. It will open balance (X) to whatever her payment is minus interest ESPECIALLY if her utilization is maxed on the card. Not to mention the conversion of an APR to a DPR when you carry a balance. I’m sorry but I do not agree with this “Method” because it mathematically does not make sense. Unless she’s 100% utilized at a 0% APR/DPR. Then no I’m sorry putting in 2K will not make the card available balance by 2K
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Excel is great for this kind of thing. If you get past the high debt then start a sinking funds budget, save costs by paying annually instead of monthly payments, like auto insurance, incidentals, high routine costs, etc.
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If your putting 2k in and spending 2k the balance updates to reflect the new charges so the next month it will be back up to 10k bal minus the principal of the min payment 227.50, they still zap you for the 172.50 Interest. You might save a little interest on the float between depositing your 2k and spending the same 2K. Thats pretty important info to include.
@@Bamapride1985yeah but what is being overlooked is say your payment is $400. You pay that alone and get hit with a $345 interest payment your card goes down by $55. Now you put $2k on your card and spend $1600 on bills. Your card is down $400 and then you get the $345 interest payment and you’re break even at being down $55. Her method only works if the card has 0% interest. If you have any interest at all, it’s going to be the same as if you didn’t use your CC at all for bills.
I like your videos. I like the simple way that you explain the plan. There is one thing that you are missing: not accounting for the interest that she is being charged every month for the CC balance. If the interest is being accounted for: the balance will take a bit longer to be paid off. This will only work if one sticks to a strict monthly expending plan.
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I just wanted to say thank you for sharing this. Because you're right. The worst thing that you can feel is hopelessness. And I hope that someone who is on the verge of losing hope finds *Solvency backdoors* and realizes that as long as you're still alive and breathing, there's a chance of improving your financial status, there's HOPE that the future is brighter then the present day.
I think I get it. When you pay the $2k, that covers the minimum payment (which includes principal+interest). When you pay MORE than the minimum, it is applied to principal. So if the $1600 covers the minimum (which you add back per month because expenses), the $400 actually goes towards all principal, effectively lowering your principal balance. And since the principal balance is used for charging interest, the next month’s interest charge will be less than it was last month. You just didn’t show that part in the math. Did I get that right?
Um no. Only if you have a 0% interest card lol. Your payment still is an interest/principle payment split. Your overpayment of $1600 is a principle payment, but only temporarily, for interest to be added to it again.
Thank you so much! This was quite very helpful. I'm happy this was the first video I clicked when I wanted to search on the topic. Thank you *Web backdoors* for your simple and easy to digest explanations.
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I've wanted to do this for some time now. Thanks for sharing this. I think the key to it working for me is to better plan my unplanned spending. So if I create a category for those purchases, then my budget, including the part I will be using for free spending is now accounted for. That's been my biggest downfall in the past. I didn't want to have my excess or unspent cash absorbed into my debt. I see the benefit of this method now, and I'm willing to give this a try.
@@BFlowsFinance SO glad you are having success with Velocity Banking! It is a wonderful feeling to control debt instead of it controlling you! Thank you so much for watching!
You are forgetting to include the monthly interest charge which at 21% annual would be 1.75%… after the first month, her balance would be $9768 ( $9600+$168 ), second month would be $9532 ( $9768-$2000+$1600 +$164 ) etc … This is the right way to do this , but It will take a lot longer to pay off than you are making it seem. She should do everything possible to cut expenses down as much as possible or it’s going to take her 2 years and 8 months to pay it all off. Every dollar counts… Just an extra $100 shaves off 8 months of payments
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Great advice! I do this each month. The exception is that I won't use my card until the new statement date. The interest is lower and my score increases. I have a certain amount I apply to my credit card each month plus what I used before the credit card statement. I use my credit card for my car payment, for my utility bills, insurances, cable bill, and I use it to pay another credit card because this one accepts credit card payments. Doing this helps me to save more money and earn interest.
@@keshiadawn I pay from my cashapp. My card allows me to add it to cashapp (some do not). I pay my car using my checking cashapp account because it's free. I do pay extra $10 because doing this is considered a cash advance. I always include any extra charges when I make my Credit Card payment so that my balance doesn't increase. This has worked for me. I just put it into my budget.
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It makes a huge difference when you speak in a measured way, clearly. So many other RUclipsrs speak too fast, ambiguously and don't explain what they are referring to. You did an excellent job for the the rest of us to understand the topic.
Thank you!!!
Agreed
If you're just making useless videos, it really doesn't matter.
@@kevinadams9468 🤣 true!
Very true I enjoyed listening to you because you are not fast .thanks for that ❤
i was upset about my credit when I started your video, but listening to you talk made me super CALM! Thank you for your credit wisdom and your soothing voice.
My brother, you needed this! I already had ideas of raising my score. But I just found more ways because of this. *Pecuniary backdoors* are such a blessing, keep going frl!
Thank you *Strategic techies* so much for you’re advice as my credit score is 771 and wanting to increase it as much as possible as l’m just trying to look out for my future. I’ve subbed you.
Man I love this woman! Let me get started on this with my next pay check!
Me, too!
What I don’t understand is if you don’t use credit and everything is paid off, then your FICO score goes down. Then when you re-apply for credit you get high rates and then you get negatively impacted everything your credit is pulled. I honestly think the credit game is a joke.
All you also have to do is to look their name up like I did to see their website online
I agree with you, credit score is a scam that the government put on people to keep people poor, They want people to live pay check to pay check also the tax reimbursement is a scam so many scam in these world.
Yep they give you a good score for being in debt ur a part of their world and therefore rewarded so y continue to make mistakes
This! I just said this: It is a scam💯
To get score to go up, spend on cc and pay off balance every billing cycle, shows you are able to pay bills, miss 1 payment 20 to 30 point drop
My score went from 650 to 568 in 4 months I could use all the good vibes to get it back up thank you for this
@@rubyfredwhat do I Google?
Don’t pay attention to that commenter, it’s a scam. Block and report.
That's amazing! Thank you
At 42, I've come to realize that money is a tool. I’ve worked so hard over the years to realize that if you don’t make money work for you, you can’t experience true freedom. I’m glad I found that out although it was later in life, but that marked the turning point in my finances.
Herman Jonas, an astute financial analyst is the brain behind my success. I've gotten into a plethora of assets with $33k spread across stocks (options and futures) for the short term and Roth IRA, index funds, and ETFs, for the long term. Now I sit back, and just reinvest at intervals while I enjoy my retirement.
Do not forget that when it comes to the stock market, prices can be erratic, rising and declining quickly, often in relation to companies' policies, which individual investors do not influence.
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Is he taking commissions for his services? Yes, I’m I still making money in the process? Hell yes!
OMG, I was lying on my sofa, depressed and just overwhelmed on the interest charges I am paying on my credit cards. Watching your video gave me a surge of energy and I immediately got up and downloaded your worksheet! I feel totally empowered with this information! THANK YOU FOR THIS INFORMATION!
Do you best to transfer all your credit card debt to 0% interest balance transfer offers. I have $18,972 and I paid less than $1 interest last month. YES, less than $1.
She never adds the interest on the outstanding balance.
Has it been working for you? I'm curious.
@@davidqheffner You had to pay 3%, almost $600, to transfer that. It wasn't free, but I just did the same. It's worth it. That's maybe two months of interest on the high rate cards.
You've got to have a decent score to get a zero interest card...
I think the $7,000 mark should be $8,000
Yes I said the same thing when I was watching. Simple mistake I guess.
Yeah she missed add 😂 it should be 8k not 7k
I THINK THE "$7,000 mark" was stellar! She's clearly onto something in this tutorial that most could personally benefit from, even simply sharing her message would pay this forward so more will view. The mathematical error was priceless and proves there's always need for improvement. Her giving nature is a Gift and she Blesses us all who witnesses her keeping it real. She may be my new hero, I'm curious what other lessons she may offer. It was meant just for me today, I really like what I learned and I too feel CALM. ❤ Happy. Empowered. And ready to pass it on!
Lmao.. I was thinking the same thing.. "huh? That should be $8000." 😂
Yes your right. 6400 plus 1600 has never been 7000, at least not at my bank😂😂
My struggle is paying off my credit cards. I’m in Houston and am working on my “game plan” by a lender. I too am a teacher and this will be my first home purchase. I’m just so tired. I’m 51 and still chasing home ownership before my youngest child graduates in 2 years.
Same here ! Credit card debt is serious talk ! & im in HTX too, if you need help purchasing something in houston I have a realtor who can help. Shes great !
You are not alone. I'm in Michigan in the exact same boat. I just finished my first-time homebuyers course. You can do this! Try not to get discouraged. ❤❤❤❤
Good for you! I’ll be your age too when I buy my first house. It’s a struggle.
Almost nobody in my country 🇳🇱 uses or has a credit card. It is almost nowhere excepted. When we have one, we use it to pay the road toll on the French or Italian highways. We pay with our debit card, cash ( is becoming less and less) or with an app.
@@redafro7699 I can connect you with a credit repair expert to help clear your dept.
In 16 years of school this 12 min video is the best advice i've been given. Should of been the #1 thing taught.
You would have the same result if you just make the $400 payment every month
I think an additional benefit is you don't have as much interest on the days where the additional expense money is still on the credit card.
@@cq8822 No it wouldn't. She's explaining the pay down effect which eliminates her minimum monthly cc payment. Interest, which wasn't factored in, is also much less than her regular previous cc monthly payment and the interest also starts to decline each month of the pay down. If she kept on paying her minimum monthly cc payment on her maxed out card and still using the card, she would never pay it down.
I think the Number 1 thing taught is live within your means and pay off credit cards in full every month. The problem is a $10K max'd out card at 21% interest. Debt is slavery. Usury is slavery. Use credit responsibly or leave it alone. A little self discipline goes a long way.
Yall want to teachers to teach everything under the sun with a $50K salary and a room full of disrespectful kids.
VANNtastic, you are a BEAST with the information as well as the explanation. Thank you for what you do and again I am glad I found YOUR channel. All these "suggested" channels are aggravating.
Good example. I use velocity banking as well. One thing you are not calculating is the interest each month on the CC since the balance is not $0. Simple interest will make the monthly interest rate much lower however. What I would recommend doing is as soon as the balance goes down enough, I would recommend applying for another CC with 0 interest for 12-18 months. Then transfer the balance remaining on existing CC to new interest free CC.
Love your video though. Keep up the good work!
Exactly! Thank you for sharing and for watching!
You are correct. Just by taking the highest and lowest balance each month and dividing by 2, you will get around $152 in interest that 1st month. $400-$152=$248 and that $248 will increase every month doing this method. This is a nice concept and I learned it 3 or 4 years ago.
EXCELLENT! Thank you for watching!
I believe she did calculate the interest on the CC towards the end of the video, but she broke it down to "daily interest" (as opposed to monthly interest) to emphasize the impact that the Velocity banking method is having on reducing the overall debt on the CC ! ... Now your suggestion of applying for a zero percent CC is right on point because it will further enhance the speed at which that CC dept will be payed off !
@@Obamacain9 thank you for watching!
Of all the velocity gurus online, you have been the easiest to understand. You’re a natural born teacher. Kudos!!! 🎉
Well..thank you so much for your kindness and thanks for watching!
Yes you have the best explanation and a new follower
Thank you!
@@VanntasticFinances I can follow this but I am having trouble figuring out the last payment on card bc when I get it to $0,I still have to pay bills out of it and so it keeps going back up..I hope this makes sense and you get this..Thanks for sharing,just found d this channel..😊
@@marionhammers8654 are you talking about paying your expenses on your credit card is what takes the balance back up? If so, that is exactly what is supposed to happen. Just pay off that balance on the due date every month to avoid interest charges. Did that answer your question? Thank you so much for watching! If you are a subscriber, go to this link and enter to win.👉gleam.io/n2wRT/300-cash-giveaway
Don't let the negative comments get to you. You explained the concept just fine.
Thinking the same, so many come across as super rude, not constructive or don’t value add.
This video has helped me regardless of mistake the concept is🥇 - thank you!
But it's fundamentally flawed as she's not calculating the appropriate credit charge on a monthly basis for every month the credit exists, she's just deducting $2k and then adding $1600 in expenses... It's not this simple.
You juts think she's hot.
At the risk of sounding paranoid, whenever a helpful video threatens a bottom line somewhere the critics seem to pour out of the woodwork
What concept? Spend less and paying off the balance with your extra? That's all this is...
My Discover card is my longest card; I don't have any capital one cards until the merger is complete and that scares the crap out of me!
These bots are out of hand.
I think it would be better to apply for a zero-interest credit card around month 3, after your credit score has increased, and transfer the balance. That would give you a year (maybe more) where 100% of the monthly payment goes toward reducing the balance. If it's not paid off by the end of the interest-free period, apply for another interest-free card and transfer it again.
That would work well. The velocity would make it better!
That's my method as well!
@@KeciasTourLife Yep. That's how I got mine paid off. I'm down to the last one, and the balance is under $3k. It's not an interest-free card, but it's pretty low at 9%.
Except..... 10% cash transfer fee...
@@kelzagoodman Gotta look for the cheaper ones. I think I paid 3-6%. And it's still better than having your balance on a 17-29% card.
I think if you can get a line of credit instead of a personal loan, that would be better.
My brother, you needed this! I already had ideas of raising my score. But I just found more ways because of this. *Pecuniary backdoors* are such a blessing, keep going frl!
Thank you *Strategic techies* so much for you’re advice as my credit score is 771 and wanting to increase it as much as possible as l’m just trying to look out for my future. I’ve subbed you.
Well done… excellent information… biggest mistake I ever made was paying off credit cards in my 30s and closing them out. My average length of credit would have been stellar.
Remember when you file bankruptcy, all your cards and the length of time you had them are lost. You have to start all over again, unless you had a mortgage or student loan.
@@Ramseycameron0reported for spamming
Not a mistake to have paid them off. Only if you cancelled them would it be a ‘bad mark’ reflecting on your credit history. Pay off the cards you have. Don’t use them again. Keep one or two for planned trips or other annual expenses. Pay off from savings as the trip is done. Your credit rating will remain ‘good’.
Indeed definitely I got a notification about the partnership ending there underhanded marketing practices led to this horrible situation
My brother, you needed this! I already had ideas of raising my score. But I just found more ways because of this. *Pecuniary backdoors* are such a blessing, keep going frl!
Thank you *Strategic techies* so much for you’re advice as my credit score is 771 and wanting to increase it as much as possible as l’m just trying to look out for my future. I’ve subbed you.
I just wanted to say thank you for sharing this. Because you're right. The worst thing that you can feel is hopelessness. And I hope that someone who is on the verge of losing hope finds *Web backdoors* and realizes that as long as you're still alive and breathing, there's a chance, there's HOPE that the future is brighter then the present day.
Thank you so much! This was quite very helpful. I'm happy this was the first video I clicked when I wanted to search on the topic. Thank you *Web backdoors* for your simple and easy to digest explanations.
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Nice trick! While it works well on paper, most folks are in debt because of spending behavior. This won’t change the spending behavior and it would be hard to stick to the budget while putting everything on a card. It could work for some, though.
You're correct! Won't help for overspending behavior.
I think the point is that interest is saved if you directly deposit nearly all your monthly salary onto the credit card.
This is certainly a most interesting tool in the debt elimination process. There is however, a math error that was missed during the presentation that you might want to edit. When You added the $1600 monthly expense to the $6400 balance in month #5 you show a balance of $7000. The correct balance at that time is, of course $8000 (you didn't carry the 1). This does NOT invalidate the concept but for clarity and accuracy, perhaps the video should be edited.
As a second point of clarification, the interest each month HAS NOT been accounted for (only the monthly payment). When the monthly INTEREST is added back in, the geometric progression (or should I say regression), while still effective, does Not exhibit quite as much of this phenomena. Still potentially worthwhile, though.
Of ALL of the videos and books that I have viewed and read, I have never seen this approach shown let alone illustrated so well. It could provide one more tool to help everyone to eventually get out of debt. Thank You so much for sharing. Greetings from Ontario, Canada.
This is obviously missing the interest added back in. If the $400 is the credit card minimum payment which it doesnt appear to be at 21% interest then yes this would work but in real world experience with zero cash flow and paying a real life minimum payment of $200-$250 and only $25-$75 being left after $175 in interest this really would take a long time to achieve. But don't give up.
The real kicker here would be if the credit card company decided to lower the card limit when it starts to get lower and thus negating the credit score gains
Ya,,but she's also charging...
Thank you for the encouragement!. I realize that the mistake is in this earlier video, but it has brought so much encouragement to so many people, I hate to pull it. Thank you for watching.
@@Ew00kie The CC company can lower your limit once you pay a large chunk. That has happened to me.
You literally have more views than my most watched video on my channel and you only been doing this for a couple of months. You stayed committed it’s been a honor working with you as your coach.
You’re a precious guy Denzel. Thank you!
Oh, so it’s you who didn’t teach her how credit cards work? Seriously dodgy spreading misinformation to desperate people.
I could not be more excited. My husband and I saw this video about 3 months ago and it's almost the exact situation we were in (literally within $100 of the numbers mentioned) so we knew it was a God send. We immediately put it into practice and we're happy to report that for the first time in over a year, our card balance is going down!! We've shared this video with all of our friends/family that are struggling with the same. Thank you so much for sharing this information!♥
My brother, you needed this! I already had ideas of raising my score. But I just found more ways because of this. *Pecuniary backdoors* are such a blessing, keep going frl!
Thank you *Strategic techies* so much for you’re advice as my credit score is 771 and wanting to increase it as much as possible as l’m just trying to look out for my future. I’ve subbed you.
My goodness! I've been following financial RUclipsrs for YEARS. Never have I found this info. I love it! You have changed my life.
@Victor ❤️🙏🏽
@VaNntastic you are subtracting the whole $400 each month from the balance and totally forgetting the majority of that $400 payment is being thrown out the window in interest. Right? The balance wouldn't drop by $400 a month, unless I'm missing something. It would only drop by $100.
But, the balance doesn't go down $400 a month because interest is added to the balance every month. I had a 10K balance on a card once and the minimum payment was $300 a month, but the interest was about $86 a month, so only $214 of the $300 payment was applied to the balance. As the balance slowly came down, a little less interest was charged every month. But that's almost a 3rd of your minimum payment just to cover the monthly interest added to your balance.
But if you made a BIG paydown (like $2000) the interest would be much less than the $98. That big paydown is the key.
@@roundedges2That's not how it works. Interest is charged on avg daily balance, which is still high through the entirety of this "plan." She should be at least multiplying the balance after each payment by 1+(.21/12) to account for the interest accrual. Makes the balance fall MUCH more slowly.
You are correct. She never added in the monthly interest. She's making the numbers go down every month without adding that in. There will be less interest because of the daily average, but I can assure you there will be interest and it's not insignificant. Yes, this method helps, but not nearly as quickly as she shows.
Open a zero interest card for 12 month plan and transfer your balance over.
Let’s say you had paid $600 a month on the card, then $514 would go towards the balance, thus paying it off quicker and having less interest to pay down the road.
I need one on one to repair my credit
@@Ramseycameron0dude fucking stop spamming
I really appreciate your videos. I would like to point out that you never mention the interest that will be added monthly and your total at the end was $8000 not $7000. Bless you for all you are doing to help others.
This definitely works math-wise. But it is all predicated on the idea that her mindset is in a "get out of debt mode" and not a "Oh, my CC is no longer maxed out. Sweet! I can charge more to it now!" Which is probably what got her in trouble in the first place. Imo, it really doesn't matter if one uses a velocity method, or gets a second job, or cuts back on expenses, or whatever. It really boils down to the mindset and self-control an individual has-and most people suck at self control.
EXACTLY! Its time to ADULT if you’re using this strategy. Thanks for watching!
That's why people need to shift that mindset. Everyone complains about having financial problems but they're not willing to do anything about it.
I got to tell you great idea and great solutions and new friend here . Love your channel
I watched this a couple days ago, opened up a 21 month, 0% interest card and moved my consumer loan over to it for my new AC unit ($8900 with Ally Bank a year ago, 0% interest and no payments for a year, goes to 19.99% in June - NO WAY!!. I've been making payments anyway). $6700, will pay probably $200/mo for 21 months, then move it to yet ANOTHER 0% interest card. When the card arrives, it goes into the shredder immediately.
I know to the penny what my revolving debt and consumer debt payments are. I'll be taking the money that I need to pay to accounts that can be paid with credit cards, and put it into one of my cards with 27.65% (Crapital One, I have two of them both the same interest). Those are only a total of about $1400 so it should go away fast. Then start working on my $7k card at 9.99% at the credit union.
@Carol Tuttle winning 🎉
This is basically the video every American school should have played for the students.
It would make no difference, it's the culture that's the problem, not education. Look at all the deniers in the comment section... even after being explained how it works reasonably, they do not grasp the concept... it is not that they "cannot" but more they "will not".
My brother, you needed this! I already had ideas of raising my score. But I just found more ways because of this. *Pecuniary backdoors* are such a blessing, keep going frl!
Thank you *Strategic techies* so much for you’re advice as my credit score is 771 and wanting to increase it as much as possible as l’m just trying to look out for my future. I’ve subbed you.
RUN AWAY FROM THIS ADVICE THIS DOES NOT WORK
@@georgehantzakos9893At least her 21% interest credit card charges 0% interest
When you get in the 800s, car dealerships will roll out the red carpet for you.
LOL.... yes, you are correct! We have our own ranching operation so we work together every day, 365 days a year, so my husband and my income is a joint income.
When we bought our 2015 Explorer 9 years ago, the car dealer saw that my credit score was just slightly higher than my husbands and we all laughed about that! LOL
(You can see who pays the bills and uses the card more!)
I teased him that maybe when we go out to eat, perhaps he should pay for our meal instead of his wife, because our credit cards have different numbers, but in the same account, so mine is the one being used more and paid off frequently.
Facts!
I am in 800s. Never bought a new car though. Always used under $10k and always paid in cash right away.
And if you're smart you'll ignore that red carpet and find a nice used car being sold by a private individual and buy it with cash, or at worst, a low interest loan from a credit union or local bank.
That's true. Unfortunately they never appreciate my paying cash for my cars.
I was VERY skeptical from the title… but what you said is so simple but so enlightening! Thank you!
Thank you so much ☺️
So what if you are at a point where you don’t have have a 10,000 limit? I have 3 or 4 hundred dollar limit!😢
Start where you are…
I didn’t realize I was using this method already until you explained how to maximize a zero cash flow. Now it made sense to me how to eliminate debt by not making new debt but transferring bills that would already have to be paid this gets rid of the monthly payments now all to worry about is keeping it going to lower the interest. Thank you 🙏
Thank you Jay!
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This is great for those that can’t pay the credit card down aggressively. Thanks for sharing.
Thank you for watching!
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Their name is spelt as *solvency backdoors* & are committed to getting dead credit and finance back in track.
I’m glad to be fortunate enough to get to know their name and looked it up online.
*You also need to look their name up to see their website.*
I can testify to the fact that *solvency backdoors* is the only qualified and certified credit engineer computerist who resolves issues with everything related to credit..
For a personally experienced in credit-person that I am, I’d advise to make sure you make use of the best credit repair asset out there *solvency backdoors* ..
One thing I’d mention is when at month 5 you added $6400 balance plus $1600 expenses you came up with $7000. The correct answer would have been a new balance of $8000. Also $400 x 5 months = $2000. $10,000 -$2000= $8000. You end up doing the same thing almost as just paying the $400 a month payment. The only thing it seems like you're doing is maybe paying a little bit lower in interest because you're paying that extra money but that's about all you're really doing.
“A bit lower interest” yeah that is what we looking at.
Is not just the interest but you're also "eliminating" the $400 monthly payment by paying it with your income. This is covered in full detail in the video.
@ralphbowes1446
she was making that $400 monthly payment with her income anyway, it just wasn't going directly to card, she was manually paying it. @@Future_Legend_Told_Me
@@Future_Legend_Told_MeI’m a little slow, can you help me understand. Is she saying that $400 monthly payment totally disappears or she have to pay less on her monthly cc bill because the total bill is less than a month prior?
@@luddman77 She says two things... (1) the $400 payment is made by putting her income into the credit card account instead of into her checking account; because her balance comes down drastically, the available balance is now a lot higher thereby allowing her to pay her other bills using that same credit card throughout the month (2) because she pays a lot more than the $400 minimum, it reduces the average daily balance and thereby reduces the interest being charged every month.
This is a great way to approach lowering your credit card debt. Month 6 should have read $8000. However we get the point, great job.
This is a fantastic idea, this requires a tremendous amount of discipline, and it’s definitely doable.
Thank you for watching
Correct if I’m wrong.. I was under the impression that credit balances are based upon total credit. For example, if I have 5 credit cards with 1k limits, I have a total of 5k in credit. As long as I use 20% or less, I should be good. So for example: if 1 credit card I’ve used $900 out of that $1000, due to the fact I have still $4100 in total credit limit left, I’m still under the 20% mark. But in this video, it’s saying that the one card could be reporting that im almost maxed out?
Ridiculous spammers sheesh
John in the example given it's specific to s person with a maxed out card. Your situation is different
Yes. One card over 30% utilization, even with overall good utilization, will drop your credit score.
Love this, it is basically rotating money so you pay less interest in the long run. I have taught my kids about closing dates and making purchases after the closing date so they get more interest free time to pay it back. We also pay all of our utilities with our credit cards and just make the payment to the card each month. Years ago we had tons of credit card debt but we are finally free of it.
At last an example of a person who was successful with this method. Thanks for sharing.
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You literally just saved me by watching this! I’m excited to get started and be stress free!!! Thank you!
You got this! Thank you for watching!!
Thank you, thank you! This is a VANNTASTIC method to pay down my credit cards that I never thought of. Please don't take this video down; the basics of it are extremely helpful and bring hope to us who wonder how we'll ever pay off debt! I'm forever grateful.🛐🙏
Thank you so much for watching!
This is a brilliant strategy, as maybe some making comments don't realize that credit card companies increase monthly amounts due when customers get peaked out (used up their credit). This way cards never get paid off if a person is at zero left over after their bills and banks keep making their huge interest. Doing it her way is a brilliant way to drive down the card; IF the consumer doesn't fall into bad spending habits and keep maxing the card out. It takes some discipline and that is on the consumer.
This video came across my playlist as I was driving to work, and I just said out loud “wow, this lady is a genius”
Awesome video, awesome insight!!
Wow, Christina! Thanks!
Thanks to your method I was able to free up 6000$ on a credit card in less than 4 months. I’m almost done paying one card now I’ll be working on the next. After that I’ll have my car paid off too, thank you so much for your videos.
My brother, you needed this! I already had ideas of raising my score. But I just found more ways because of this. *Pecuniary backdoors* are such a blessing, keep going frl!
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This is not accurate! Where is this money coming from? Looks like you are doing circular borrowing. But this really makes no sense. You have to do something to get money in, not keep swiping to pay, which is actually continuous borrowing.
I stumbled across your video and instantly knew this was made for me. I'm going through the same thing with my business but just knowing that I'm not the only one who's experienced this just pushes me to go harder. Continue to put out informational content and sharing your story, THAT is what separates you from the rest. Much gratitude sir and *Web back doors* was so helpful during the process of boosting my credit.
I don’t understand where you get the $1600 when it shows $3,000 for expenses.
Do you start with the highest credit card balance you have? I don’t understand???
What if u only have debt and no negatives
The timing of finding you is amazing!
Thank You!
Month 5. I failed math miserably but I'm pretty sure 6400+1600 = 8000 not 7000. No worries I'm still watching and learning.
I was thinking the same thing!
how do the expenses magically go down because you paid your credit card bill?
your expenses is 1600/mo and it is important to stay within that otherwise velocity banking won't be effective
@user-nb8cp2wj1m
Notwithstanding the math errors she had, if you did not chg your spending at all, the budget of 3000. included the 400.00 cc Bill.
Since you are depositing your check there (onto the card as a payment before paying your regular bills "through" the card instead from your checking acct/debit card, that part of your budget that used to go out to the cc payment (400) does not have to be paid separately because your deposited check counts as a payment.
However a 10k card will definitely have int. being added back to the balance.
1. You must have disciplined spending too not add anything except those reg. bills to the card.
2. And because of the interest this wouldn't happen quite so fast.
3. It would help GREATLY to cancel any spending that is not essential so you won't be walking so close to the edge that any real life "surprise' wouldn't throw you off the edge. There must be charges in spending if income does not increase or you're not going to get all the way through a debt reduction plan.
@@Emmy-z7d Part of the $2000 in expenses was the $400 in credit card interest. By transferring the balance to a 0% credit card, the person doesn't have to make the interest payment, dropping monthly expenses to $1600
Hello will doing this help me that I have $14000 in Credit Card debt
@@ianerickson6522 yes it will !
When you got to month 5, it should have been $8000 not $7000 - you forgot to carry the 1 over.... That said, this is a brilliant solution but the key is to NOT use the credit card unless you have an unexpected situation. Thank you for your wisdom!
Wrong. You use the credit card for everything.
You're correct 6400+1600 is 8k. However the concept is correct.
In general, you shouldn’t. But this plan doesn’t work at all without paying with a card
Where is the 21% interest charged daily in these calculations??
@@-Jason-L Supplement: Only if you can pay off the credit card fully every month without accruing interest.
Wow! This is great advice for someone like me who is drowning and can't seem to do anything to pay down my CC debt. THANK YOU!!
On month # 5, there was 8400- 2000= 6400, then plus the 1600 added to that is 8000, not 7000.
I love your idea, it's great! I'm a new subscriber
🙄
8:30 It's 2000(400*5) that she's having a positive cash flow
I totally understand velocity banking but I still watch and share all of your videos because it blows my mind how genius it is. I love the way you break down various scenarios so people can understand that this works and they don't have to be a slave to their debt. Thank you, Christy!
Can you explain to me how $400 a month over 17.5 months (which equals $7,000) pays off $10,000 at 21% interest? I’ll save you the effort…it doesn’t.
I don't have any credit card debt and I don't live in the U.S. but the title of your video caught my eye. What fantastic information for anyone in that unfortunate predicament. Great video!
Thanks Pixie!
This example is not taking into consideration the monthly interest charge.
Exactly! She talks about it a little bit at the end. But my CC calculates the interest at the end of the month. So if I pay all my expenses with my CC, then my balance at the end of the month will still be high and they are going to charge interest on this.
Determine your statement date before spending … that is the date the credit score is reported …
I get what you are saying, but even with the interest she will lower the balance very slowly. Take the example for what it is considering there is no additional income to be made. If you can lower the balance by 50 bucks a month, you are lowering the balance. Some don't have the benefit of being impatient.
My struggle is paying off my credit cards. I live and work here in Los Angeles and am working on my “game plan” by a lender. I too am a teacher and this will be my first home i'm purchasing. I’m just so tired. I’m 45 and still chasing home ownership before my youngest child graduates in 1 year.
6400+1600 is not $7000 but the concept is very good .
Will take maybe additional 5 month. Or so for the full balance to be paid off.
See?? I am NOT a mathematician! You are so right!! Thank you for sharing that information and for watching!
@@VanntasticFinances I appreciate the concept. Makes sense
I like this idea. I have quite a few credit cards though, all of of which are pretty much maxed out, but my credit card debt as a whole does come out to about $10k. I think I would leave the minimum payment balances for most of my cards in my bank account to make sure those get paid, and then use my highest limit. credit card ($2600) as the card to put most of my paycheck on. And it works out even more because I can actually pay my rent with a credit card, and earn those credit card points for it. And then as I go along, I’ll adjust to other cards as needed.
Wow! Excellent thought process, Derrick! Keep up the good work! You are doing great!
@Derrick I was just thinking the same thing with mine.
And never, And I mean NEVER pay late!! It’s a score killer!
@@vickijohnson9367 that part
I cannot pay my rent with a credit card here. But if you can to your own benefit that’s good
I think it's a good technique if there are no other options. However, progress will be slower than your math indicates, due to interest. You're looking at approximately $140 on the first month; gradually reducing as the balance decreases. Doable, but not in 17 months.
I can’t believe how many people don’t realize this. There’s still a payment because of the interest, it’s just less than $400. Probably only $80 less too
Thanks for watching Gatman!
Slow progress is better than NO progress in my book.
This has easily become one of my favorite & the realest credit repair source major level of mature grown conversations amongst legends intellectual mindsets. Different level of transparency. It's authentic. Dope to see! Salute to *Solvency backdoors*
You present the concept in a very clear way and it's very understandable.
Well, thank you Boyce!
I am definitely going to try this. I have a 0 cash flow situation and this makes sense for us in this situation. Faster results!
as a basic idea it's sound.. the only mistake is that there is interest still on the credit card (reducing each month) which have not been included in the monthly expenses - so the process will take a lot longer than suggested
Yes, exactly. She is misleading.
Right. This is so flawed.
Yes...interest needs to be factored
You are correct, if she had a really good reward card, it would help but overall, she was still paying down her card $400 every month. minus interest
Thank you for watching
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I can testify to the fact that *solvency backdoors* is the only qualified and certified credit engineer computerist who resolves issues with everything related to credit..
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This is what I love about social media. It can be used to educate and empower others with concepts we didn't learn in highschool or in College/university.
Andrew Gil is an Australian author who used a concept similar to this pay off one's mortgage faster using a HELOC.
His method was to direct all income to the HELOC instead of checking account. Again the key was having some buffer or cushion of savings.
Thank you sharing this. I have 3 favorite CCs that always offer me 0% transfer offers. They send me checks to write to myself.
You got my wheels really turning how I can take good advantage of this.
Yes! It is an Australian concept ❤️
No. No it does not. You want the higher interest rate on the line of credit because it is killing the low interest-rate on the loan. You are just stuck in the original mindset of making payments like we all were.
Makes perfect sense we are not A.I. or robots no little math mistake that some focus on is a big deal. I think I just naturally live the way you explain things. Avoiding interest as much as possible is the way people should live. ❤
The problem with having your emergency fund built into your credit card is that you have no control over your credit limit. I remembered I had a Discover credit cards that were consider my emergency fund. In 2008 most major banks lower their credit limit. I had never been late my credit score was good, but the economy was tanking. I lost about $15,000.00 in available credit between Citibank, Discover and Chase. They lowered my available credit to my current balance. Which becomes a vicious cycle because it affected my credit score as my utilization when up 100%. I would suggest having an emergency fund in easily accessible currency. Remember the fine print on your credit card agreement. They have the right to change any terms including how much credit limit you have access to. You have complete control over your emergency fund.
You should have applied for a new card
@@andyfumo8931 applying for a new card when your credit score drops 40 plus points, during a credit crunch and unstable economy would not have help. I would have been denied and my credit score dinked again.
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One extra bonus to this method (if you have the discipline not to exceed your budget) is that with a number of cards, you get bonus points when you spend on the card. With putting in $200 per month, bonus points are going to accumulate quickly. These points can be turned into bonus payments made on the principal of the card.
That was a small trick that I have been using with my Walmart card. I use the 5% cash back for online orders to do online grocery pickup. So use the amount of the order to just pay towards the credit card that same day so it hardly affects the daily avg balance and satisfy the payment for the month and also use the cash back as payments to actually come out ahead of being charged interest since it carries a balance on the card.
Hey Vann! Thanks for taking the time to explain this clearly for those of us who are a little slow on the uptake 🙂 I watched another of your videos on this and was confused about throwing the entire monthly income at the CC debt. Now it makes perfect sense to me! It's a different way to look at how to pay down the balance and improve our credit score at the same time. I can't wait for my wife to see this video when she gets back from visiting the grand kids. Thank you so much!
Love this, it’s just one of many scenarios which is great for getting the mind to solve problems in a less stressful manner
Thank you so much ☺️
We need more immeasurably wise and compassionate humans like you on this planet.
Thank you for sharing *Web backdoors* , Adam. I bet I'm not alone when I say this video found me at the perfect moment, and there are a lot of things here that I needed to hear right now.
I was wondering why you would recommend someone to do it this way. I thought that you should just pay the 400 instead of putting all your expenses on a credit card but now I get it. The interest is keeping you in the whole and this is like a loop hole. I love it good content for those really in a bad situation
Thank you Eric!
AND she now creates a cash flow of $400 each month, which was previously $0 each month
🤔 but where does interest on this credit become a factor? I have a similar credit card with the payment minimum $400 the credit card takes $300 interest.
So if I took my $500 grocery money, pay that on the credit card as payment, then turn around and buy $500 in groceries. I realize I didn't have to pay that $400 payment but out of that $500 I paid they took $300. So I'm up $100
In my case I wouldn't save interest because all my bills are due on the first of month when I get paid. So to pay everything to it but then charge it right back?
Unless I'm missing something here
According to my calculations I would be better just paying the payment. I mean if what I was going to use on the credit card was spaced-out later in the month I would save some interest in my case wouldn't work.
@@Dee10044NY I mean I was pretty confused at first but I think I’m your case, you would be creating $100 of cash flow by doing this. Yes it is not factoring in interest precisely but I think this example is for dyer situations. Worst comes to worst and you can barely make the payments, this will be a good way to pay it down when you have zero extra money. I hope you reply so we can solve this because I really want to get more acclimated with finances. I hope you figure everything out well!
@@Dee10044NY not saying I agree nor disagree with the whole concept, but that being said you prob don't spend ever penny on the first of the month. Yes, maybe most of your expenses, but prob not food, gas, etc. I've always put all my allowable purchases on my credit card and then pay it off at the end of the month and most of my payments are around the first week of the month, but not all and certainly not food and gas as we fill up about once a week and go grocery shopping ever weekend. That doesn't include other misc charges monthly for like repairs etc.
Best advice EVER! I wish I had this information when I had a lot of credit card debt.
Thanks Mundy!
When your credit cards are maxed out . The first thing that comes out of your payment is the interest. Paying 2k will not open her credit line to an available 2K balance. It will open balance (X) to whatever her payment is minus interest ESPECIALLY if her utilization is maxed on the card. Not to mention the conversion of an APR to a DPR when you carry a balance. I’m sorry but I do not agree with this “Method” because it mathematically does not make sense. Unless she’s 100% utilized at a 0% APR/DPR. Then no I’m sorry putting in 2K will not make the card available balance by 2K
Yeah this math would put her at a net negative 400 each month
Yeah. The way I see it. She is only subtracting . She is not adding back in the monthly interest.
I was going to mention the math at 7:48 but this is a fantastic break down of the Velocity concept!
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Excel is great for this kind of thing.
If you get past the high debt then start a sinking funds budget, save costs by paying annually instead of monthly payments, like auto insurance, incidentals, high routine costs, etc.
Paying annually on my insurance only saves me $20/year. Up this year from the past amountbof $10/year
At 8:05 in the video the balance should be $8,000.
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If your putting 2k in and spending 2k the balance updates to reflect the new charges so the next month it will be back up to 10k bal minus the principal of the min payment 227.50, they still zap you for the 172.50 Interest. You might save a little interest on the float between depositing your 2k and spending the same 2K. Thats pretty important info to include.
The "trick" to this is you are putting in 1600 instead of 2k as expenses bc the 400 payment to that card was part of the expenses from original budget
@@Bamapride1985yeah but what is being overlooked is say your payment is $400. You pay that alone and get hit with a $345 interest payment your card goes down by $55.
Now you put $2k on your card and spend $1600 on bills. Your card is down $400 and then you get the $345 interest payment and you’re break even at being down $55. Her method only works if the card has 0% interest. If you have any interest at all, it’s going to be the same as if you didn’t use your CC at all for bills.
I like your videos. I like the simple way that you explain the plan. There is one thing that you are missing: not accounting for the interest that she is being charged every month for the CC balance. If the interest is being accounted for: the balance will take a bit longer to be paid off. This will only work if one sticks to a strict monthly expending plan.
Ugh finally this reality check comment! Thank you!
it should be $8,000 not $7,000 @8:25 min
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Their name is spelt as *solvency backdoors* & are committed to getting dead credit and finance back in track.
I’m glad to be fortunate enough to get to know their name and looked it up online.
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I just wanted to say thank you for sharing this. Because you're right. The worst thing that you can feel is hopelessness. And I hope that someone who is on the verge of losing hope finds *Solvency backdoors* and realizes that as long as you're still alive and breathing, there's a chance of improving your financial status, there's HOPE that the future is brighter then the present day.
I think I get it. When you pay the $2k, that covers the minimum payment (which includes principal+interest). When you pay MORE than the minimum, it is applied to principal. So if the $1600 covers the minimum (which you add back per month because expenses), the $400 actually goes towards all principal, effectively lowering your principal balance. And since the principal balance is used for charging interest, the next month’s interest charge will be less than it was last month. You just didn’t show that part in the math. Did I get that right?
Exactly!
Oohhhhhh thank you because I was trying to figure out how this helped lol
Um no. Only if you have a 0% interest card lol. Your payment still is an interest/principle payment split. Your overpayment of $1600 is a principle payment, but only temporarily, for interest to be added to it again.
I think this sounds right. I’m thinking of trying it. Did you try this? Did it work?
Thank you so much! This was quite very helpful. I'm happy this was the first video I clicked when I wanted to search on the topic. Thank you *Web backdoors* for your simple and easy to digest explanations.
Great concept! I’m sure if you did an updated vid with corrections and interest would be just as popular! ❤ Maybe a part 2? :) Thank you!
Yes!😂
so the largest CC limit I have is 1500.00 with a min payment of 25.00 how will this work for me?
Most apartments have apps now and you can absolutely pay rent with cc (usually a kind of hefty fee) , debit (small fee), or e check (no fee)
You sure can. If they have an app my sisters apartment charges $26 to use the app so she uses her DC.
Thank you, I wish I'd seen this before paying off all my credit cards 100% but I now know how to save myself if I get to that point again. :)
I know, right?!? Thank you for the kind words and thank you for watching!
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This has been the best example I've seen that makes since and I understand the strategy. Thank you
SO GLAD IT MAKES SENSE! Keep moving forward and THANK YOU for watching!
I've wanted to do this for some time now. Thanks for sharing this. I think the key to it working for me is to better plan my unplanned spending. So if I create a category for those purchases, then my budget, including the part I will be using for free spending is now accounted for. That's been my biggest downfall in the past. I didn't want to have my excess or unspent cash absorbed into my debt. I see the benefit of this method now, and I'm willing to give this a try.
Yes! Keeping your cash flow is the key for not feeling the CRUNCH when you have emergencies and need cash! Thank you for watching!
It does work. You just have to keep your eye on the ball. Once you see your balances start to lower it will be motivation. It's an amazing feeling.
@@BFlowsFinance SO glad you are having success with Velocity Banking! It is a wonderful feeling to control debt instead of it controlling you! Thank you so much for watching!
You are forgetting to include the monthly interest charge which at 21% annual would be 1.75%… after the first month, her balance would be $9768 ( $9600+$168 ), second month would be $9532 ( $9768-$2000+$1600 +$164 ) etc …
This is the right way to do this , but It will take a lot longer to pay off than you are making it seem. She should do everything possible to cut expenses down as much as possible or it’s going to take her 2 years and 8 months to pay it all off. Every dollar counts… Just an extra $100 shaves off 8 months of payments
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She’s right-I’ve done this for years. I didn’t figure this out until later in life on my own and when you have multiple cards it works better.
Great advice! I do this each month. The exception is that I won't use my card until the new statement date. The interest is lower and my score increases. I have a certain amount I apply to my credit card each month plus what I used before the credit card statement. I use my credit card for my car payment, for my utility bills, insurances, cable bill, and I use it to pay another credit card because this one accepts credit card payments. Doing this helps me to save more money and earn interest.
How do you use your cc to pay car? Do you just liquidate the card or does your lender allow that?
@@keshiadawn I pay from my cashapp. My card allows me to add it to cashapp (some do not). I pay my car using my checking cashapp account because it's free. I do pay extra $10 because doing this is considered a cash advance. I always include any extra charges when I make my Credit Card payment so that my balance doesn't increase. This has worked for me. I just put it into my budget.
@@camillaadams8127 is zelle considered a cashapp?