I bank with a credit union and was threatened to close my account because they weren't able to make money off of my line of credit. This was during the pandemic and I was just winging it not knowing this was an actual strategy. Excited to get these tips so I can start again with true knowledge.
I had to file bankruptcy because of out of control credit card balances. It was the biggest eye opening moment for me and the best decision I made. I only use my credit cards to buy gas and groceries now and I pay it back the same month. Moral of the story is don’t buy things you can’t afford people!
@@jacobcaeliBankruptcy isn’t a death sentence. I bought a house two years out of bankruptcy. Bought a car, two months after. Three credit cards within six months, to start rebuilding again. No problems keeping a checking, or savings, with my credit union. Six years later, FICO scores sitting at 750- 780, depending on bureau. Only debt is a mortgage, even with 12 credit cards. Emergency fund covered with 12 months of expenses saved. Retirement savings are on track again. Never going down that debt road again.
It really seems to me like most people talk about credit cards like you HAVE TO max them out or use the full balance, so people end up doing that because that's what they associate with credit cards. Credit Cards should be seen as a buffer between your purchases and your pay. Use the credit card to save yourself from fraud. Your bank won't do much for you in event of fraud but a credit card WILL do a lot. Use the credit card to get cash back, reducing monthly expenses. If you know your monthly recurring bills are $500 and you're already paying them out of your checking account, pay them with a rewards card and then pay the credit card out of the checking account. Check with your credit card because there are things that can get free warranties and other protections when bought with a CC. I'm glad you learned your lesson and do it right now, but I wish you didn't have to learn through bankruptcy... but it's better to learn the lesson and change the bad behavior than to get bailed out, never to learn to change your behavior (like with the student loan crisis)
@@VanntasticFinanceswould you like to make a video breakdown of my Finacial situation? I feel illiterate in these things when I see how you make it look so simple.
T-h-i-s is sooooo fantastic! The scenario you're using is pretty much my scenario by at least 95%. Thx for showing me (and I'm sure plenty of others) the way out. May you continue keeping making these Super helpful videos. I 💕 Love them!!!
I think I see a fairly significant flaw in this example, please let me know if I am missing something. Income “going into” the credit line is listed at $9,005, but should it not be $6,835 ($9,005-$630-$1,540)? You suggest an “income transfer” of $630 to CC #1 and $1,540 to CC #2, but then show all income “going into” the credit line. Unless I am mistaken, you are either double dipping the income or understating the expenses.
Moral of the story don't bury yourself in debt in the first place. You only make so much in your lifetime, do not lose it all to interest. According to Einstein, “Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn’t … pays it.”
@vikramsekhon1436 no I do not need assistance with money. Glad you are trying to get your forever house. I bought a brand new house Dec 2022 and 80 wooded acres Feb 2023. If you work hard, don’t finance everything or get a new car every 3 years you can do well
Or do what rich people do: bury yourself in debt, and then "decide not to pay it". Then when they come for it, dispute it in court, settle for half and deletion from your history, and then hire someone to dispute the credit reports.
I definitely agree with using your credit card as your "checking account". But what doesnt make sense to me, is paying off a car loan with a line of credit that likely has a higher interest rate.. The math for me isn't mathing.
I would say I don’t know how I find you on RUclips, but I know better. My husband and I have been in prayer so that we get our credit scores up and our credit record in great shape so that we can purchase our forever home. It was no one but God that led me to *Web backdoors🕳️org* . I thank God for this wisdom. Bless you.
This has easily become one of my favourite & 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 the team look them up
You never included her new expense on the line of credit for the car. And how does she pay $1000 x2 card payment with a card.?Thank you for all that you do!!
There is no new payment because she’s putting her whole check into the line of credit every month. She’s using the $15,000 line of credit to pay off the credit cards. Hope this helps
I think this is helpful for those that will be wise with the cash flow. People who have been irresponsible also need to learn budgeting and how to create goals and guidelines in order to not dig a hole again.
I love what you are saying, but no bank at this time will give you a line of credit for 15k if you have a negative cash flow. The banks are stifling their loan qualifications because they have no liquidity!
I don't understand why you would go from a 4% car interest to a 12%. I don't disagree with the rest of it. I do get she is trying to pay it off quicker, which may be cheaper in the long run, but I would never ever go from a lower interest to a higher one. The reason I wouldn't is because emergencies happen. Things like losing a job, reduction in pay, or other expenses pop up. The next thing you know, you're in trouble.
It is not a higher interest, she is using the higher interest card's grace period to cycle money through. There is no interest when you do that, which frees up cash flow and satisfies minimum payments at the same time and so the balance gets cut down
I love your content. This video is great, but you cannot pay your mortgage with a credit card (line of credit) so the expenses are too high because they include it. Also, I would love to see this math on a biweekly basis. People don't get paid once per month. Can you create a video with the person being paid every 2 weeks? I wonder if that slows it down.
She needs to cut all those credit cards up, eliminate hair appointments, save up $1000 emergency fund, list debts from smallest to largest amount, pay aggressively towards the smallest amount then apply those payments to the next smallest amount using a debt snowball until she has no more debt with the exception of the house. Then she needs to save up 3-6 months of income as a new emergency fund. Never use debt again. I haven’t had a credit card in 6 years. If you can’t afford to buy it right now you need to save up for it and wait.
Not true: she needs to keep the credit cards and use this strategy. What you are trying to say is “She needs discipline”, which is 100% true. But once she finds discipline, this strategy works. If she doesn’t find discipline, this strategy still works at lowering her net cost by lowering the interest charges. This allows her to pay off the debt sooner…so that she can use it again. Either way, this is the solution to her problem.
Good morning. I do fetch and am about to hit 100,000 points, which I will turn in for a restaurant gift card. That way I will be able to occasionally go out to eat basically for free several times. Pretty good deal for just a little work.
So I’ve done the math on this over and over trying to figure out how it works and I can tell the difference between this and just dumping ALL of your extra money towards your debts. Similar to the debt snowball from Dave Ramsey or the debt avalanche, don’t remember who that one is from. There is a difference but it’s not very much. To the point you wouldn’t noticed.
I would say I don’t know how I find you on RUclips, but I know better. My husband and I have been in prayer so that we get our credit scores up and our credit record in great shape so that we can purchase our forever home. It was no one but God that led me to *Web backdoors🕳️org* . I thank God for this wisdom. Bless you.
Sounds like a great plan. But she must be disciplined enough to follow the plan. But then again if she was disciplined with her money, she wouldn't have got herself in this mess in the first place. I found people like this find they have more money, they go out and spend more money. It's a vicious cycle.
Actually, you can buy a good car for less than $10 k. May not be the prettiest, but it can take you were you need to go. The problem is that people are not willing to sacrifice aesthetics for a debt-free lifestyle!!!!
Good concepts but you’re missing the payment of the new line of credit. Chances are that payment on a lnc is 375 with a 8 to 12%. Specially with it being a signature loan. Also most people who have maxed out cards are already using the method you’re doing. Charging their cards for those exact expenses already.
Do you have any advice or videos for single 80 year old on Social Security? My friend is trying so hard but you know one SS check a month doesn’t go anywhere these days.
I bought a new Toyota Tacoma summer 2023, Financed for 3 years, payment is 389.00. have been paying 800.00 per month, will have it paid off next year. My advice, only finance for 3 years, put money down, pay it off while it still has value.
For credit card debt scenarios…Can you do a video explaining the difference of just using your full income to pay off the credit cards vs getting a ploc to pay them off and then put all your income into the ploc. I’m confused because they’re both revolving debt???
If you make a payment directly to your cards or car, it is money gone you will not ever see again (in the case of car, you cannot ever reborrow. In the case of cards, the interest is worse and also never see that again - you will understand by the end of this most likely). Your payment is satisfied, but all your money is “totally” gone on each payment. If you transfer/pay off those with a PLOC or zero interest card, even with a borrowing cost on card (like 3 or 4 percent convenience checks aka cash advances), you make payments to that “debt weapon” instead, which means every time you pay into it, now you are unlocking the access back to that line of credit. When it is a 2.9% consolidation line of credit (PSECU offers one, looking into theirs will help you search out ones for you if not available to you in your area), it is great. 0% interest cards is even better, in terms of interest/borrowing cost. The idea is instead of spending all your cash flow into payments you cannot ever use again, you are transferring the debt into lines of credit - be they cards or LOCs - so that every time you pay into it, the funds become available to you again & your goal is to always be spending less than you are putting in at that point. It can save you money depending on the interest rates of what you transfer to it, or you can break even, but you can now access money you could not before when you need to. When you pay 350 to the car for the month, it is gone. When you pay 350 to “yourself” for the car that was transferred into your credit, you have now unlocked that 350. The goal is not to now spend that 350 again, but it is there if you “NEED” to. By paying the car directly instead of transferring it, you lose access to it entirely, in the event you “NEED” that 350, it is gone. It can be free depending on how you do it, or it can cost a small amount in low interest to do it (worth it to many - a 10 or 20 dollars per month “convenience” fee in the form of interest that gets smaller and smaller each month anyway is worth still having access to money that would have otherwise just been gone forever by paying it to the loans instead of into the credit where you moved the loans to. It is very smart. AFTER you are out of debt, that is when you have all your expenses (payments) cut and now have real cash flow. That is when you save/spend on investments - be it tools, machines, business startups, realty, whatever will make more money, not just consume your money. IE, when you are out of debt, you now make your money make real money, not spend it on purchases until those investments are now the source of your purchasing cash. I hope it helps - it is hard to wrap your head around. It is presented by most people as some magic weapon - it isn’t. In MOST cases you are going to break even or be within a few dollars difference, be it a few dollars more or a few dollars less per month you spend or don’t spend - the massive value of handling your debts this way comes into the fact that now you have more & more access to your funds, instead of just sending them off to the loans and not ever seeing them again. When it comes to credit cards, it cuts the interest down massively, and again, you are now paying it off much faster because the interest is lower & getting smaller and smaller, month after month. KEY POINTS: 1: Move anything high interest into lower/no interest places EVEN IF IT COSTS A SMALL FEE TO DO IT - a 3% fee to transfer a balance of 10k from a high interest card to a 0% interest card is only 300 dollars. Now you can make payments on that & the interest you would have been losing for months is negated & it only cost you 300 dollars to save more than that every month. See? 2: AVOID moving things into higher interest BUT, in some cases - the kind that Christy lays out - it COULD end up saving you more. EVEN in the event just paying the car is better, paying the car does NOT unlock more credit for you in the car, it just disappears forever. SO even in the event the interest on where you put it in a LOC of some kind is like 9, 10, or 12%, it MIGHT still be better for any given person to take the higher interest, because you can pay it off then access what you paid off in emergency or for fun later, instead of paying the car at a lower rate & it is just gone (you cannot re-borrow from your car payment - you CAN re-borrow from your LOC).
JC on a motorbike. You didn't pay off the car loan, you transferred it to another car line. Also car loans are typically under 9%, your example mentions 12%. So you're paying more in interest which is slowing down the total payoff. TLDR don't do this!
I would say I don’t know how I find you on RUclips, but I know better. My husband and I have been in prayer so that we get our credit scores up and our credit record in great shape so that we can purchase our forever home. It was no one but God that led me to *Web backdoors🕳️org* . I thank God for this wisdom. Bless you.
I like your videos, and you have really nice strategies. I'm just wondering how are you paying your car payment would a credit card? When most car loans you can't pay white credit. You have to pay cash. Also your mortgage you have set a cash. You can't put that stuff on a credit card. Everything else expenses as far as Car Insurance lights, water and etc. Yes
On my 2015 dodge Durrango I started to make extra payments in August 2023. The balance was $14,870. I started paying $1,000 a week every week and made the last payment December first 2033.
...GOT IT! ...Thank Goodness I Followed This Advice and I'm Debt Free after Years of Despair. I Filed For Bankruptcy and I'm Free! ...Follow This Advice Folk and You Too Can Be Debt Free!
Thank you for the post. The phrase "in to the credit card" instead of "on to the credit card" throws me off. I'm studying and learning to translate the phrases about the credit cards, HELOC, PLOC, and checking accounts.
The real mistake in this video is in the last month. She subtracts the $9k income from the LoC balance, but doesn't add the $8k expenses. Sorry, the LoC has not been paid off, you are still $8k+ in debt. The only way this method is better is if the interest rate on the car loan is above 12%. Meanwhile, about $7k in interest has built up on those credit cards over the year, so that $4k put towards those doesn't even cover that. This method would actually work if the LoC was used to pay off the credit cards which have a 25%-30% interest rate instead of the car loan, where the interest rate is probably much lower.
Great information and it makes sense to me, at least, the way it is presented! My only issue with this example that I believe does not apply in real world is that if you go to the bank where you are having the car loan and say you want to pay it off completely today the total of the loan is predetermined and the interest is already baked in the total amount owed! Best case scenario you may get a discount of a couple hundred dollars that probably is not worth it!
I thought that too but then I realized it’s so much more that we end up paying than the payoff amount if we were to pay the life of the car loan. When I looked on my contract it showed the total amount paid if I pay it out and it was much more!😮
Most car loans are amortized, but do not have a pre-payment penalty. So you'll owed the interest through your payoff date. But the real thing you're doing is giving yourself an open-ended cash flow tool. If you continue on with your car loan, you have no equity building, and you pay them the SCHEDULED monthly interest. You cannot cash flow it (Lowering the average daily balance to reduce the interest and accelerate the payoff period). If you go to the bank, having made all of you payments timely, with this strategy, letting them know that your goal is to reduce debt so that you can keep a good relationship with them, they will give you this LOC. Then, this will work. Note: you still have a "debt" of $8066 at the end of this scenario, as you have to pay your bills. But it's not a debt, it's now just the "expense" that comes out of your line of credit. Now that you've paid off the car and credit cards, you have a positive cash flow that builds. About 9 months further you have this LOC AND $9k in the bank. Giving you the option to break even without the LOC.
Ask for a payoff month. Then compare this amount: number of remaining monthly payments by the monthly payment. The payoff amount should be less if you don’t have a prepayment penalty.
FYI if you're fairly good with your credit look for credit cards that offer 0% balance transfers. You end up paying 3-5% transfer fees but you get 12-21 months of 0% interest. Just be good and don't overspend on garbage and this will save you much more money.
This is great information and so helpful. But unfortunately the line of credit are a thing of the past. And if you live in Texas you can only get any equity from your home once. On the life time of the loan. Thank you for explaining this in Barney style! 😁
What do you mean? I can get a line of credit from my credit union at any time and follow this strategy 100% if need be. This has nothing to do with mortgage or home equity line of credit
She’s having her put her entire paycheck into the cards and then using them through the month for expenses instead of letting it sit in her bank account. This satisfies the minimum payment due and slightly lowers her min for the next month. You do have to wait until your payment is processed and credited though
You can do a credit card as your PLOC if it's through your bank it's better you can transfer funds in and out easily, if not get the Plastiq card to pay your car payment and mortgage if you have one. She talk about it in length in almost every video.
The credit card should be connected to your bank account. Get a credit card from your bank. But ask if it is connected to your account. They charge around 4%. Then you just do transfers. My bank only allows 6 transfers a month after that they charge. Plan accordingly.
Fastest way is sell and admit a car payment means living above your means. Getting a cheap car for cash and no longer caring about what others think about the vehicle you drive.
I bought a new car last month at 31k and paid 24k down. I have already paid off the first year in two payments because of velocity banking. If I get into an accident my insurance will actually cover it
@@RipliWitanicover what? the outstanding balance of your deprecating asset? You should could have driven a 2k car for 12 months and had a now 26k car paid cash.
@@RipliWitaniI didnt realize you were saying you put 24k down. So you should have bought a 24k vehicle and you went above your means for a 31k vehicle to justify your need to have what you cannot afford earlier than when you can afford it. Then drove off the lot with your depreciating asset and thinking that because its a new car the insurance company will value it fairly? Why didnt they value your scion fairly? What will change now?
I have five credit cards and I've never paid a penny of interest and always paid them off every month in full. And I'm a 50-year-old pizza delivery guy. If I can do it anyone should be able to do it. Instant gratification is a real problem and people need to live below their means.
You do want to keep your checking account at 0 as often as possible. You want to keep it in your debt tool/weapon/line of credit so the ADB is push down, lowering the amount of interest you pay every month. I hope this helps, have a great day.
Maybe I missed something but you can’t dump your whole monthly income into that 15k loan because it’s not like the credit cards, it doesn’t revolveThat loan is already spent to pay off the car and now you just have a new car loan to pay under a different name?
Is the credits cards separate from the expenses? Is so, don't you have to reduce the income the amount you put on the cards? And why don't the card payments come out every month if expenses are going in each month?
@@Jesus-kt5dc yes. I did, over and over. She says the chargeable expenses determine how much of the income is going on the credit cards. @1.50 she says "card #1 gets $630 applied to it". Then go to 2.20 she puts $1540 on that card. So to me that $2170 has to come off the income.
@@sharonfurey4019 yes I did. She called it income transfers. But I think she still has to lower the income the amount she put on the credits cards. She can't put the entire $9005 on the LOC unless the credits cards were one example and the LOC is a different example.
I know personally that you don’t get approved for loans when your credit cards are maxed out. And the average person doesn’t get a $15,000 loan and if they did, the interest would be so high so the $514 car payment wouldn’t be eliminated for me. I live in California, I don’t own a home so couldn’t use that for a loan either.
This is pretty much how I balance my expenses, one thing you didn't include that is applicable to me is cash back rewards on the credit cars . Those credit cards probably have benefits you could be calculating too.
That credit card thing happened to me this weekend. I was finally going to start this method and decided to pay down my Amex with my paycheck. Less than 24 hours after the payment, they said they were going to cut my limit unless I paid them an amount that was literally all the cash I had (how did they kmow?). I decided to pay it and just start my velocity banking journey full throttle, lol.
How can her income be $9005 on the first month if you’re applying the $630 to CC #1 and $1540 income to the CCs in the 1st month? You wouldn’t have the same total income to apply to the $15000 line of credit!
@@leslietownsend6167 All do respect, every time she uploads she is putting herself in the shoes of the person and showing how she would approach the situation. You seem to irritated at the fact that this scenario doesn't fit yours. Have a great day.
As much as this scenario is very well thought out, will never work without the 15k. someone like this example that has 2 card maxed out and a car loan, will not have good credit…unless she/he has 100k credit lines thus bringing the usage percentage to 30% (more or less)
So I'm confused, how do you put the 9,005 if your also satisfying the cc1 and cc 2, shouldn't you take that out from the income and the rest put it against the credit line?
She is still applying the $630 to credit card #1 and $1540 to credit card #2 after the money pays down the line of credit first. The $630 and $1540 are coming out of the $8006 in expenses that are taken out of the line of credit each month. Does that help?
I have been watching your videos for the past couple of weeks and they make me very excited to start! You have said not to leave your money in the checking or savings. My question is what do you do with your money once you zero out your debts? Thank you
She does infinite banking. You focus your cashflow towards a life insurance policy that you can borrow from. You make yourself your own bank. Have a great day.
American society is hammered with ads of stupid expensive stuff. They try to convince us we can't live with out it. Some households spend over $4000.00 ayear at starbucks for a fancy sugar coffee. We spend $60.00. But I just have to drive that $80,000.00 vehicle. After 2010 my wife and I agreed enough is enough. We went bare bones. Sure it was a sacrafice, but 9 years later we we're dept free. Our mortgage was paid off in 2019 and we haven't paid any interest anywhere for 4 years. My wife went crasy she has a cash savings for every project or event now. Best part our fogoten emergency fund is over $30,000.00. STOP BUYING STUPID STUFF!
I would say I don’t know how I find you on RUclips, but I know better. My husband and I have been in prayer so that we get our credit scores up and our credit record in great shape so that we can purchase our forever home. It was no one but God that led me to *Web backdoors🕳️org* . I thank God for this wisdom. Bless you.
This seems like a terrible plan, how do you put your entire income onto a LOC and just keep charging all of your monthly expenses while spending hundreds of dollars a month on your hair? And how does charging more each money on your cards, eliminate the payment? What about all your extra expenses like your mortgage and utilities, cell phone, utilities, house insurance, car maintenance, clothing, etc.
Never have numbers stress me out so much. She said $11,000 on one of the credit cards and I was thinking to myself man that sucks and then she said 15 on the next one and I almost threw up from all the stress
This is smart but it only works if the person with all the debt can get that line of credit for the car. Those of us that can't, this won't work for unless you don't have a car payment to worry about. Not to mention someone that has already done a debt consolidation program and the minimum payment on that is over 500 a month. That on top of bad credit to the point of not being able to get that extra line of credit to implement this makes this a fail for me and a lot of people out there like me.
Yeah the line of credit is the hokey pokey...I don't know anyone who has maxed out their credit cards and upside down in debt to income that a bank is giving a line of credit for even $5 to
Um did anyone pick up that she never added the 3rd credit card payment that the car loan moved to? So all those months with "positive cash flow" are missing that payment removed. And unless the interest rate is a lot lower than her car loan this isn't even worth doing. You won't pay off anything with what she is telling you.
This seems excellent. But maybe it late I got lost. In the start you showed the expenditures of each card. Then instead of those expenses being added to the balance they were subtracted???? Wot I miss?..
I would say I don’t know how I find you on RUclips, but I know better. My husband and I have been in prayer so that we get our credit scores up and our credit record in great shape so that we can purchase our forever home. It was no one but God that led me to *Web backdoors🕳️org* . I thank God for this wisdom. Bless you.
How can you add additional expenses to a maxed out credit card? You gloss right over this mistake. Plus by putting these expenses into the card as you state, the monthly payment due does not go away you're paying it when you make the transfer. This logic makes absolutely no sense at all!
I'm completely lost on the fact adding those expenses to the credit card lowers the credit card debt and satisfies the monthly payment? What am I missing here?
I'm just started watching this strategy from Conan Jay Wallace❗I am confused 🤔. I did put my 🚗 payment, and car insurance on my credit 💳 each month Amongst other bills, as well. I have a high limit on my cash rewards cc. One thing I understood, from this video. Is paying less every month. Because I do worry that boa, might cut my credit limit on this particular credit card. How much more should I pay after paying the statement balance ❓
I'm not sure I understand the logic behind the credit card payment. Yes, paying the 1540 or 630 would satisfy the payment obligation, but the interest from the remaining balance will still be posted on that account monthly. You wouldn't get access to the full amount you paid the first month unless you are willing to let the interest post and take you over the balance, but then every payment after that has the interest come off the top. So that 630 could reasonably be closer to 500 the first month, and the 1540 would be closer to 1300. I wouldn't call this a cash flow increase it is increasing cash on hand and it doesnt seem like a good idea to me.
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This scenario is very helpful.
Debt is a form of depression.
I literally cry over the debt I allowed to overcome my family.
😕 Debt is discouraging, but you can flip the switch!
Yes Indeed!👊🏽🛐
🙏🏾👼🏾🕊️📖
True
🙏🏽🙏🏽🙏🏽🙏🏽🙏🏽
I bank with a credit union and was threatened to close my account because they weren't able to make money off of my line of credit. This was during the pandemic and I was just winging it not knowing this was an actual strategy. Excited to get these tips so I can start again with true knowledge.
WF sent out a letter that they would be closing LOCs also. People revolted and they decided to not close it.
11:23 “Smaller credit card payments throughout the month.” Helps lower the average daily balance and can increase your credit score.
$380 on hair can be eliminated pretty easily for cash flow
I agree, if you have high need hair, find a style that works for a lower cost or learn to do it yourself. That $380 is $4560 a year!
Exactly, I bought a pair of clippers to do my own. No one should have to pay that much for hair.
It really depends on what she does for income. She might have lowered it to that.
$380 on hair ? Unthinkable for me.
Where are the clippers
I had to file bankruptcy because of out of control credit card balances. It was the biggest eye opening moment for me and the best decision I made. I only use my credit cards to buy gas and groceries now and I pay it back the same month. Moral of the story is don’t buy things you can’t afford people!
Did filing for bankruptcy make it so you couldn’t have a bank account or rent without a co-signer?
@@jacobcaeliBankruptcy isn’t a death sentence. I bought a house two years out of bankruptcy. Bought a car, two months after. Three credit cards within six months, to start rebuilding again. No problems keeping a checking, or savings, with my credit union. Six years later, FICO scores sitting at 750- 780, depending on bureau. Only debt is a mortgage, even with 12 credit cards. Emergency fund covered with 12 months of expenses saved. Retirement savings are on track again. Never going down that debt road again.
It really seems to me like most people talk about credit cards like you HAVE TO max them out or use the full balance, so people end up doing that because that's what they associate with credit cards.
Credit Cards should be seen as a buffer between your purchases and your pay.
Use the credit card to save yourself from fraud. Your bank won't do much for you in event of fraud but a credit card WILL do a lot.
Use the credit card to get cash back, reducing monthly expenses. If you know your monthly recurring bills are $500 and you're already paying them out of your checking account, pay them with a rewards card and then pay the credit card out of the checking account.
Check with your credit card because there are things that can get free warranties and other protections when bought with a CC.
I'm glad you learned your lesson and do it right now, but I wish you didn't have to learn through bankruptcy... but it's better to learn the lesson and change the bad behavior than to get bailed out, never to learn to change your behavior (like with the student loan crisis)
@@JBrown-go8ru Your income is the biggest factor in this situation.
What type of bankruptcy did you file for ?
It’s impressive how this video came up when I’m in a similar situation and stressed out, now I know what to do! Thanks a lot!
@xKillerRx_ttv You’re very welcome!
Nah so true lol I just got done hitting my books hard trying to figure a way out of this bs I put on myself and God sent this video to me 👏🏾🤌🏾🎉
@@VanntasticFinanceswould you like to make a video breakdown of my Finacial situation? I feel illiterate in these things when I see how you make it look so simple.
We live below our means. We don’t skimp on food, but it’s not extravagant. Haven’t had a car payment in 25 years. Retired now. Doing just fine.
I’m so stoked, I watched you for a week and finally got it!! I’m excited to get started, I’ve learned so much-thank you
Excited for you!
@@VanntasticFinanceshaving a hard time wrapping my mind around all this....going to slow down your videos and watch again.
What a blessing to have you pop up on my timeline. You have changed my life!!!!💕🦋💕🦋💕🦋 on my way to financial freedom
T-h-i-s is sooooo fantastic! The scenario you're using is pretty much my scenario by at least 95%. Thx for showing me (and I'm sure plenty of others) the way out. May you continue keeping making these Super helpful videos. I 💕 Love them!!!
Wonderful!!!
Ahem. It’s VANNTASTIC !
I think I see a fairly significant flaw in this example, please let me know if I am missing something. Income “going into” the credit line is listed at $9,005, but should it not be $6,835 ($9,005-$630-$1,540)? You suggest an “income transfer” of $630 to CC #1 and $1,540 to CC #2, but then show all income “going into” the credit line. Unless I am mistaken, you are either double dipping the income or understating the expenses.
I saw that as well.
Moral of the story don't bury yourself in debt in the first place. You only make so much in your lifetime, do not lose it all to interest. According to Einstein, “Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn’t … pays it.”
@vikramsekhon1436 no I do not need assistance with money. Glad you are trying to get your forever house. I bought a brand new house Dec 2022 and 80 wooded acres Feb 2023. If you work hard, don’t finance everything or get a new car every 3 years you can do well
Or do what rich people do: bury yourself in debt, and then "decide not to pay it". Then when they come for it, dispute it in court, settle for half and deletion from your history, and then hire someone to dispute the credit reports.
I definitely agree with using your credit card as your "checking account". But what doesnt make sense to me, is paying off a car loan with a line of credit that likely has a higher interest rate.. The math for me isn't mathing.
Keep studying the videos. The simple interest is calculated on average daily balance…and not front loaded, such as with amortized loans.
I would say I don’t know how I find you on RUclips, but I know better. My husband and I have been in prayer so that we get our credit scores up and our credit record in great shape so that we can purchase our forever home. It was no one but God that led me to *Web backdoors🕳️org* . I thank God for this wisdom. Bless you.
This has easily become one of my favourite & 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 the team look them up
You can also need to look their name up to see their website
Because getting a loan with a higher interest rate than your car loan is stupid, as you indicate.
You never included her new expense on the line of credit for the car. And how does she pay $1000 x2 card payment with a card.?Thank you for all that you do!!
There is no new payment because she’s putting her whole check into the line of credit every month. She’s using the $15,000 line of credit to pay off the credit cards. Hope this helps
Wow this is probably the best RUclips video Ive seen all month
I think this is helpful for those that will be wise with the cash flow. People who have been irresponsible also need to learn budgeting and how to create goals and guidelines in order to not dig a hole again.
Wait, $380 a month for hair? This is a serious problem! 😂
Not for BW
Women be scamming each other even skin care products “😂🤦♂️
I love what you are saying, but no bank at this time will give you a line of credit for 15k if you have a negative cash flow. The banks are stifling their loan qualifications because they have no liquidity!
Not true. I have clients getting new lines every day.
May I ask what does liquidity have to do with the ability for a bank to lend?
I had the same question : where can we get a PLOC?
if you have an asset like a home with equity or a newish car etc the bank sees that as collateral for a heloc/ploc
I don't understand why you would go from a 4% car interest to a 12%. I don't disagree with the rest of it. I do get she is trying to pay it off quicker, which may be cheaper in the long run, but I would never ever go from a lower interest to a higher one. The reason I wouldn't is because emergencies happen. Things like losing a job, reduction in pay, or other expenses pop up. The next thing you know, you're in trouble.
It is not a higher interest, she is using the higher interest card's grace period to cycle money through. There is no interest when you do that, which frees up cash flow and satisfies minimum payments at the same time and so the balance gets cut down
🎀OMG Thank You! Thank You
👩🏽 You’ve Helped me so much!
👚👍🏾 Financial peace almost!!
👖Slowly but surely getting it!!
I love your content. This video is great, but you cannot pay your mortgage with a credit card (line of credit) so the expenses are too high because they include it. Also, I would love to see this math on a biweekly basis. People don't get paid once per month. Can you create a video with the person being paid every 2 weeks? I wonder if that slows it down.
She needs to cut all those credit cards up, eliminate hair appointments, save up $1000 emergency fund, list debts from smallest to largest amount, pay aggressively towards the smallest amount then apply those payments to the next smallest amount using a debt snowball until she has no more debt with the exception of the house. Then she needs to save up 3-6 months of income as a new emergency fund. Never use debt again. I haven’t had a credit card in 6 years. If you can’t afford to buy it right now you need to save up for it and wait.
Dave Ramsey? 😂 love it 👏🏻
Dave Ramsey's method works, but it is not the best way.
No it's HER credit not the banks ..she just needs to discharge it
thanks Dave
Not true: she needs to keep the credit cards and use this strategy. What you are trying to say is “She needs discipline”, which is 100% true.
But once she finds discipline, this strategy works. If she doesn’t find discipline, this strategy still works at lowering her net cost by lowering the interest charges. This allows her to pay off the debt sooner…so that she can use it again.
Either way, this is the solution to her problem.
Great video. It's shocking that basic financial management is an unknown world to some.
Thank you!!! Great video!!! I wasn’t sure how often to pay on card. I needed to hear this, how to pay credit card.
Good morning. I do fetch and am about to hit 100,000 points, which I will turn in for a restaurant gift card. That way I will be able to occasionally go out to eat basically for free several times. Pretty good deal for just a little work.
So I’ve done the math on this over and over trying to figure out how it works and I can tell the difference between this and just dumping ALL of your extra money towards your debts. Similar to the debt snowball from Dave Ramsey or the debt avalanche, don’t remember who that one is from. There is a difference but it’s not very much. To the point you wouldn’t noticed.
God Bless you Christy! Thanks for all your sage advice.
It's addictive to watch the math making it's way down to zero!
Thanks for your help now I understand !! I love the way you explain every situation
🙏🏽
Yes please can you do a video with a biweekly payment, thank you so much🙏🏼
Thank you this is a huge contribution to the People in supporting their financial health.
Thanks Christy!❤I’m getting a settlement soon and hopefully you can help me use it to cut down my debt!
I am too, I’m considering a secured money market LOC
I can guide you to debt free
When I bought my new car I got zero percent interest and zero monthly payments with 100% down. Good planning I’d say. Cheers!
I would say I don’t know how I find you on RUclips, but I know better. My husband and I have been in prayer so that we get our credit scores up and our credit record in great shape so that we can purchase our forever home. It was no one but God that led me to *Web backdoors🕳️org* . I thank God for this wisdom. Bless you.
You can also need to look their name up to see their website
This is so simple, but I would’ve never thought of it on my own. Thanks, this will be useful.
I am amazed at how, just resturcturing your monies, that you can find money you didnt know you had.
I sure wish I could understand all of this. Lol
Sounds like a great plan. But she must be disciplined enough to follow the plan. But then again if she was disciplined with her money, she wouldn't have got herself in this mess in the first place. I found people like this find they have more money, they go out and spend more money. It's a vicious cycle.
Please please try using more current loan amounts. Few cars actually cost $15k.
Actually, you can buy a good car for less than $10 k. May not be the prettiest, but it can take you were you need to go. The problem is that people are not willing to sacrifice aesthetics for a debt-free lifestyle!!!!
Good concepts but you’re missing the payment of the new line of credit. Chances are that payment on a lnc is 375 with a 8 to 12%. Specially with it being a signature loan. Also most people who have maxed out cards are already using the method you’re doing. Charging their cards for those exact expenses already.
Your income satisfies the payment.
Do you have any advice or videos for single 80 year old on Social Security? My friend is trying so hard but you know one SS check a month doesn’t go anywhere these days.
Maybe Hair cost should go towards total debt… just temporarily
I bought a new Toyota Tacoma summer 2023, Financed for 3 years, payment is 389.00. have been paying 800.00 per month, will have it paid off next year. My advice, only finance for 3 years, put money down, pay it off while it still has value.
Thanks and I hope God does bless you we all need a little help and hopefully half way through 2024 I’ll have a positive testimony to share
For credit card debt scenarios…Can you do a video explaining the difference of just using your full income to pay off the credit cards vs getting a ploc to pay them off and then put all your income into the ploc. I’m confused because they’re both revolving debt???
If you make a payment directly to your cards or car, it is money gone you will not ever see again (in the case of car, you cannot ever reborrow. In the case of cards, the interest is worse and also never see that again - you will understand by the end of this most likely). Your payment is satisfied, but all your money is “totally” gone on each payment. If you transfer/pay off those with a PLOC or zero interest card, even with a borrowing cost on card (like 3 or 4 percent convenience checks aka cash advances), you make payments to that “debt weapon” instead, which means every time you pay into it, now you are unlocking the access back to that line of credit. When it is a 2.9% consolidation line of credit (PSECU offers one, looking into theirs will help you search out ones for you if not available to you in your area), it is great. 0% interest cards is even better, in terms of interest/borrowing cost. The idea is instead of spending all your cash flow into payments you cannot ever use again, you are transferring the debt into lines of credit - be they cards or LOCs - so that every time you pay into it, the funds become available to you again & your goal is to always be spending less than you are putting in at that point. It can save you money depending on the interest rates of what you transfer to it, or you can break even, but you can now access money you could not before when you need to. When you pay 350 to the car for the month, it is gone. When you pay 350 to “yourself” for the car that was transferred into your credit, you have now unlocked that 350. The goal is not to now spend that 350 again, but it is there if you “NEED” to. By paying the car directly instead of transferring it, you lose access to it entirely, in the event you “NEED” that 350, it is gone. It can be free depending on how you do it, or it can cost a small amount in low interest to do it (worth it to many - a 10 or 20 dollars per month “convenience” fee in the form of interest that gets smaller and smaller each month anyway is worth still having access to money that would have otherwise just been gone forever by paying it to the loans instead of into the credit where you moved the loans to. It is very smart. AFTER you are out of debt, that is when you have all your expenses (payments) cut and now have real cash flow. That is when you save/spend on investments - be it tools, machines, business startups, realty, whatever will make more money, not just consume your money. IE, when you are out of debt, you now make your money make real money, not spend it on purchases until those investments are now the source of your purchasing cash. I hope it helps - it is hard to wrap your head around. It is presented by most people as some magic weapon - it isn’t. In MOST cases you are going to break even or be within a few dollars difference, be it a few dollars more or a few dollars less per month you spend or don’t spend - the massive value of handling your debts this way comes into the fact that now you have more & more access to your funds, instead of just sending them off to the loans and not ever seeing them again. When it comes to credit cards, it cuts the interest down massively, and again, you are now paying it off much faster because the interest is lower & getting smaller and smaller, month after month.
KEY POINTS:
1: Move anything high interest into lower/no interest places EVEN IF IT COSTS A SMALL FEE TO DO IT - a 3% fee to transfer a balance of 10k from a high interest card to a 0% interest card is only 300 dollars. Now you can make payments on that & the interest you would have been losing for months is negated & it only cost you 300 dollars to save more than that every month. See?
2: AVOID moving things into higher interest BUT, in some cases - the kind that Christy lays out - it COULD end up saving you more. EVEN in the event just paying the car is better, paying the car does NOT unlock more credit for you in the car, it just disappears forever. SO even in the event the interest on where you put it in a LOC of some kind is like 9, 10, or 12%, it MIGHT still be better for any given person to take the higher interest, because you can pay it off then access what you paid off in emergency or for fun later, instead of paying the car at a lower rate & it is just gone (you cannot re-borrow from your car payment - you CAN re-borrow from your LOC).
What's a ploc?🤔
@@dianechapman9887 personal line of credit 😊
@@dianechapman9887 Personal Line of Credit
Personal Line of Credit@@dianechapman9887
Watching every video is very encouraging!! I’m at ease making confident moves on a way I wasn’t use to but now understand. Thank you! 😊👏👏👏
Excellent!!
JC on a motorbike. You didn't pay off the car loan, you transferred it to another car line. Also car loans are typically under 9%, your example mentions 12%. So you're paying more in interest which is slowing down the total payoff. TLDR don't do this!
I would say I don’t know how I find you on RUclips, but I know better. My husband and I have been in prayer so that we get our credit scores up and our credit record in great shape so that we can purchase our forever home. It was no one but God that led me to *Web backdoors🕳️org* . I thank God for this wisdom. Bless you.
You can also need to look their name up to see their website
I like your videos, and you have really nice strategies. I'm just wondering how are you paying your car payment would a credit card? When most car loans you can't pay white credit. You have to pay cash. Also your mortgage you have set a cash. You can't put that stuff on a credit card. Everything else expenses as far as Car Insurance lights, water and etc. Yes
Can you make a video to pay off student loans?
On my 2015 dodge Durrango I started to make extra payments in August 2023. The balance was $14,870. I started paying $1,000 a week every week and made the last payment December first 2033.
Umm no hair money if you are that in debt! The hair money is over half the daycare!
I know, I had a laugh. But I suppose if it is a professional situation, those offices can be very...judgey??
Angela Landsbury did her own hair and she was in a highly visible industry.
No hair money, should be, no hair, money. Better than I deserve.
...GOT IT! ...Thank Goodness I Followed This Advice and I'm Debt Free after Years of Despair. I Filed For Bankruptcy and I'm Free!
...Follow This Advice Folk and You Too Can Be Debt Free!
Gotc confused as to how to start knowing that she has balances on everything I need a step by step teaching lol 😂 good vid
What if you don’t have a line of credit
You’re awesome…I just love watching your videos BIG Help!!! 😊
🙏🏽
So awesome. Love how everything was on the board and your flow of the video! Loved it.
Thank you for the post. The phrase "in to the credit card" instead of "on to the credit card" throws me off. I'm studying and learning to translate the phrases about the credit cards, HELOC, PLOC, and checking accounts.
The real mistake in this video is in the last month. She subtracts the $9k income from the LoC balance, but doesn't add the $8k expenses. Sorry, the LoC has not been paid off, you are still $8k+ in debt. The only way this method is better is if the interest rate on the car loan is above 12%. Meanwhile, about $7k in interest has built up on those credit cards over the year, so that $4k put towards those doesn't even cover that. This method would actually work if the LoC was used to pay off the credit cards which have a 25%-30% interest rate instead of the car loan, where the interest rate is probably much lower.
Thank you for doing what you do.
Great information and it makes sense to me, at least, the way it is presented! My only issue with this example that I believe does not apply in real world is that if you go to the bank where you are having the car loan and say you want to pay it off completely today the total of the loan is predetermined and the interest is already baked in the total amount owed! Best case scenario you may get a discount of a couple hundred dollars that probably is not worth it!
It should be simple interest and as long as contract says you can pay it off early and get refund...the payoff quote will include this reduced amount.
I thought that too but then I realized it’s so much more that we end up paying than the payoff amount if we were to pay the life of the car loan. When I looked on my contract it showed the total amount paid if I pay it out and it was much more!😮
Most car loans are amortized, but do not have a pre-payment penalty. So you'll owed the interest through your payoff date. But the real thing you're doing is giving yourself an open-ended cash flow tool. If you continue on with your car loan, you have no equity building, and you pay them the SCHEDULED monthly interest. You cannot cash flow it (Lowering the average daily balance to reduce the interest and accelerate the payoff period). If you go to the bank, having made all of you payments timely, with this strategy, letting them know that your goal is to reduce debt so that you can keep a good relationship with them, they will give you this LOC. Then, this will work. Note: you still have a "debt" of $8066 at the end of this scenario, as you have to pay your bills. But it's not a debt, it's now just the "expense" that comes out of your line of credit. Now that you've paid off the car and credit cards, you have a positive cash flow that builds. About 9 months further you have this LOC AND $9k in the bank. Giving you the option to break even without the LOC.
Ask for a payoff month. Then compare this amount: number of remaining monthly payments by the monthly payment.
The payoff amount should be less if you don’t have a prepayment penalty.
Thanks for all your help!
FYI if you're fairly good with your credit look for credit cards that offer 0% balance transfers. You end up paying 3-5% transfer fees but you get 12-21 months of 0% interest. Just be good and don't overspend on garbage and this will save you much more money.
Wait up. Who on Gods green earth is spending $380 a month on HAIR and screaming I'm broke. That is ridiculous!!!
BW
This is great information and so helpful. But unfortunately the line of credit are a thing of the past. And if you live in Texas you can only get any equity from your home once. On the life time of the loan. Thank you for explaining this in Barney style! 😁
What do you mean? I can get a line of credit from my credit union at any time and follow this strategy 100% if need be. This has nothing to do with mortgage or home equity line of credit
They still exist, just stop being lazy and actually go to the local banks
I have been doing Fetch for a few years. 👍
uhh where is she getting the line of credit of from??
What!! I’m lost and I’m really good with money 😂. How can she put anything on a card that is maxed out 🤷♀️
Exactly
She’s having her put her entire paycheck into the cards and then using them through the month for expenses instead of letting it sit in her bank account. This satisfies the minimum payment due and slightly lowers her min for the next month. You do have to wait until your payment is processed and credited though
What if you can’t get a LOC???
I called my credit union and my bank (B of A) and neither offer a PLOC. So I have a related question: what bank or credit union is giving PLOC ?
Maybe youre SOL
You can do a credit card as your PLOC if it's through your bank it's better you can transfer funds in and out easily, if not get the Plastiq card to pay your car payment and mortgage if you have one. She talk about it in length in almost every video.
@@Gigi2you I never heard her talk about how to get a PLOC.
The credit card should be connected to your bank account. Get a credit card from your bank. But ask if it is connected to your account. They charge around 4%. Then you just do transfers. My bank only allows 6 transfers a month after that they charge. Plan accordingly.
Fastest way is sell and admit a car payment means living above your means. Getting a cheap car for cash and no longer caring about what others think about the vehicle you drive.
My 2007 scion was cheap, an uninsured driver totaled it and my insurance cut me a check for 2k. Yeah a car at 2k in 2024 is a great idea.....
I bought a new car last month at 31k and paid 24k down. I have already paid off the first year in two payments because of velocity banking. If I get into an accident my insurance will actually cover it
@@RipliWitanicover what? the outstanding balance of your deprecating asset? You should could have driven a 2k car for 12 months and had a now 26k car paid cash.
@@RipliWitani you were fine with driving a 2,000 dollar car until you got hit. 🫠
@@RipliWitaniI didnt realize you were saying you put 24k down. So you should have bought a 24k vehicle and you went above your means for a 31k vehicle to justify your need to have what you cannot afford earlier than when you can afford it. Then drove off the lot with your depreciating asset and thinking that because its a new car the insurance company will value it fairly? Why didnt they value your scion fairly? What will change now?
I have five credit cards and I've never paid a penny of interest and always paid them off every month in full. And I'm a 50-year-old pizza delivery guy. If I can do it anyone should be able to do it. Instant gratification is a real problem and people need to live below their means.
I watched your videos for several days now. You have mentioned that you do not keep cash in the bank. What do you do with cash on hand?
You do want to keep your checking account at 0 as often as possible. You want to keep it in your debt tool/weapon/line of credit so the ADB is push down, lowering the amount of interest you pay every month. I hope this helps, have a great day.
You’re incredible 🎉 thank you for blessing us with all this free information. Changing lives!!
🙏🏽
The lord guided me here by chance, ty!
Maybe I missed something but you can’t dump your whole monthly income into that 15k loan because it’s not like the credit cards, it doesn’t revolveThat loan is already spent to pay off the car and now you just have a new car loan to pay under a different name?
Is the credits cards separate from the expenses? Is so, don't you have to reduce the income the amount you put on the cards? And why don't the card payments come out every month if expenses are going in each month?
Exactly. This video is not accurate. She doesn't make any payments on the Credit Cards until Month 4.
Please go back and watch again as I did. You'll understand better❤
1:31 See if that helps.
@@Jesus-kt5dc yes. I did, over and over. She says the chargeable expenses determine how much of the income is going on the credit cards. @1.50 she says "card #1 gets $630 applied to it". Then go to 2.20 she puts $1540 on that card. So to me that $2170 has to come off the income.
@@sharonfurey4019 yes I did. She called it income transfers. But I think she still has to lower the income the amount she put on the credits cards. She can't put the entire $9005 on the LOC unless the credits cards were one example and the LOC is a different example.
I know personally that you don’t get approved for loans when your credit cards are maxed out. And the average person doesn’t get a $15,000 loan and if they did, the interest would be so high so the $514 car payment wouldn’t be eliminated for me. I live in California, I don’t own a home so couldn’t use that for a loan either.
This is pretty much how I balance my expenses, one thing you didn't include that is applicable to me is cash back rewards on the credit cars . Those credit cards probably have benefits you could be calculating too.
This concept is so powerful!
That credit card thing happened to me this weekend. I was finally going to start this method and decided to pay down my Amex with my paycheck. Less than 24 hours after the payment, they said they were going to cut my limit unless I paid them an amount that was literally all the cash I had (how did they kmow?). I decided to pay it and just start my velocity banking journey full throttle, lol.
!! MAKE THEM EAT CROW !! What usually happens is your action triggered the algorithm in their system.
Unfortunately, this woman is only giving part of the story. Not helpful to people with more complicated situations.
How can her income be $9005 on the first month if you’re applying the $630 to CC #1 and $1540 income to the CCs in the 1st month? You wouldn’t have the same total income to apply to the $15000 line of credit!
@@leslietownsend6167 All do respect, every time she uploads she is putting herself in the shoes of the person and showing how she would approach the situation. You seem to irritated at the fact that this scenario doesn't fit yours. Have a great day.
@@Jesus-kt5dcdue respect
As much as this scenario is very well thought out, will never work without the 15k. someone like this example that has 2 card maxed out and a car loan, will not have good credit…unless she/he has 100k credit lines thus bringing the usage percentage to 30% (more or less)
All this and $380 in hair a month. It's just sad how people can't separate what is "needed" versus "wanted" to survive.
So I'm confused, how do you put the 9,005 if your also satisfying the cc1 and cc 2, shouldn't you take that out from the income and the rest put it against the credit line?
Why no reply for this question? I am confused as well. If you pay $2150 monthly into CC1 and CC2 how can you have $9005 for credit line?
Nevermind. I understand it now. 😏
She is still applying the $630 to credit card #1 and $1540 to credit card #2 after the money pays down the line of credit first. The $630 and $1540 are coming out of the $8006 in expenses that are taken out of the line of credit each month.
Does that help?
I have been watching your videos for the past couple of weeks and they make me very excited to start! You have said not to leave your money in the checking or savings. My question is what do you do with your money once you zero out your debts? Thank you
I’ve heard her say to reinvest in yourself. 😊
She does infinite banking. You focus your cashflow towards a life insurance policy that you can borrow from. You make yourself your own bank. Have a great day.
@@Jesus-kt5dc Thank you for the info! I will have to look into the infinite banking. I don’t know much about that.
I have an auto loan with a credit union that will NOT allow extra payments towards principle only!?
Is this legal???
American society is hammered with ads of stupid expensive stuff. They try to convince us we can't live with out it.
Some households spend over $4000.00 ayear at starbucks for a fancy sugar coffee.
We spend $60.00.
But I just have to drive that
$80,000.00 vehicle.
After 2010 my wife and I agreed enough is enough.
We went bare bones.
Sure it was a sacrafice, but 9 years later we we're dept free.
Our mortgage was paid off in 2019 and we haven't paid any interest anywhere for 4 years.
My wife went crasy she has a cash savings for every project or event now.
Best part our fogoten emergency fund is over $30,000.00.
STOP BUYING STUPID STUFF!
It’d be smarter for her to learn to do her own hair and eliminate the $380 until she becomes more financially stable
Hi you need assistance?
I would say I don’t know how I find you on RUclips, but I know better. My husband and I have been in prayer so that we get our credit scores up and our credit record in great shape so that we can purchase our forever home. It was no one but God that led me to *Web backdoors🕳️org* . I thank God for this wisdom. Bless you.
You can also need to look their name up to see their website
Am I missing something? How can you put your entire monthly income on the line of credit when 2170 is going to credit to pay the monthly expenses?
From what I’m gathering, she’s using the line of credit to also pay the credit cards. She’ll put income into loc, use loc to pay the credit cards.
I’m just as confused as you
@@beepsarieaniIwee😂
This seems like a terrible plan, how do you put your entire income onto a LOC and just keep charging all of your monthly expenses while spending hundreds of dollars a month on your hair? And how does charging more each money on your cards, eliminate the payment? What about all your extra expenses like your mortgage and utilities, cell phone, utilities, house insurance, car maintenance, clothing, etc.
I do not understand when u mean, transfer expenses to the credit card?
All this works if you can get a line of credit from bank. They told me no when I tried to do this.
There are MANY banks out there. Find one that serves you.
Never have numbers stress me out so much. She said $11,000 on one of the credit cards and I was thinking to myself man that sucks and then she said 15 on the next one and I almost threw up from all the stress
This blew my mind! Thank you!
This is smart but it only works if the person with all the debt can get that line of credit for the car. Those of us that can't, this won't work for unless you don't have a car payment to worry about. Not to mention someone that has already done a debt consolidation program and the minimum payment on that is over 500 a month. That on top of bad credit to the point of not being able to get that extra line of credit to implement this makes this a fail for me and a lot of people out there like me.
Yeah the line of credit is the hokey pokey...I don't know anyone who has maxed out their credit cards and upside down in debt to income that a bank is giving a line of credit for even $5 to
Always great to watch your videos. Our credit union keeps telling us we cannot pay our car notes with credit cards other than Visa. Is this normal?
Um did anyone pick up that she never added the 3rd credit card payment that the car loan moved to? So all those months with "positive cash flow" are missing that payment removed. And unless the interest rate is a lot lower than her car loan this isn't even worth doing. You won't pay off anything with what she is telling you.
This seems excellent. But maybe it late I got lost. In the start you showed the expenditures of each card. Then instead of those expenses being added to the balance they were subtracted???? Wot I miss?..
I need to watch this a couple more times to a tually understand
Question: how to get a line of credit approved?
1st x viewer new subscriber. I already use this credit card and expenses technique. Pays credit card and living expenses on the same line!!
Hi you need assistance?
I would say I don’t know how I find you on RUclips, but I know better. My husband and I have been in prayer so that we get our credit scores up and our credit record in great shape so that we can purchase our forever home. It was no one but God that led me to *Web backdoors🕳️org* . I thank God for this wisdom. Bless you.
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How can you add additional expenses to a maxed out credit card? You gloss right over this mistake. Plus by putting these expenses into the card as you state, the monthly payment due does not go away you're paying it when you make the transfer. This logic makes absolutely no sense at all!
I'm completely lost on the fact adding those expenses to the credit card lowers the credit card debt and satisfies the monthly payment? What am I missing here?
This is what needed to be taught in class
I'm just started watching this strategy from Conan Jay Wallace❗I am confused 🤔. I did put my 🚗 payment, and car insurance on my credit 💳 each month Amongst other bills, as well. I have a high limit on my cash rewards cc. One thing I understood, from this video. Is paying less every month. Because I do worry that boa, might cut my credit limit on this particular credit card. How much more should I pay after paying the statement balance ❓
I'm not sure I understand the logic behind the credit card payment. Yes, paying the 1540 or 630 would satisfy the payment obligation, but the interest from the remaining balance will still be posted on that account monthly. You wouldn't get access to the full amount you paid the first month unless you are willing to let the interest post and take you over the balance, but then every payment after that has the interest come off the top. So that 630 could reasonably be closer to 500 the first month, and the 1540 would be closer to 1300. I wouldn't call this a cash flow increase it is increasing cash on hand and it doesnt seem like a good idea to me.