Maxed out credit and No Cash Flow? That's not a problem with Velocity Banking!
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- čas přidán 29. 04. 2024
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We started Velocity Banking last year. We had very little wiggle room in our budget. Getting serious about debt pay off becomes a bit of a grind, but we say to each other “we’re crushing it!”. It is a good feeling to get debt paid off, but it’s a great feeling to have improved cash flow.
@sleepy580 THAT’s AWESOME!!
Please do more videos like this one explaining how to start from the beginning. Building credit and starting from the beginning. Love this video!
Games and risk. "Got to play with your money.' That is a quote. Pay the minimum on one card - pay everything you can on the other. Cut expenses to the bone. No games.
The only thing in the first example is you have to accou t for the interest on the CC or your balance will increase a bit each month.
I’ve been stuck in a hole trying to claw my way out. Currently living in a van working multiple jobs. This info is extremely intriguing.
I’ve been watching for some time & this one, by far, made more sense with less fear. I’m one who does not have a LOC but I definitely have CC’s that I’d like to do this with. Now, I’m on a mission to align my bills with said CC’s and I should have it all honed in within the next couple of weeks. My only issue is I’m self employed and my income is very irregular so timing is a bit challenging. Pray for me ya’ll 🙌🏾
Move the due date to the 28th on your cards so you have the whole month to satisfy minimum payment. Have a great day.
Best advice on the internet ❤❤
I don't understand. If you put your expense money into the credit cards, you have to use the credit cards to pay those expenses. So now the credit card has a balance again. How is this helpful?
It might take you a pay cycle or two to align your bills and you might find yourself in a holding pattern. Please don't get discouraged! If you have to tread water for just a bit to get organized before going all in--that's okay. I am having to do that but I see the potential of having my ducks in a row before doing this correctly. Strangely this gives me comfort and instead of dreading bills/budget/rotation, I finally can breathe for the first time in YEARS.
Thank you! I'm in a negative cash flow myself. I'm living on bare bones expenses, 1 cc $25 mo, and car payment $89 mo. My health insurance and car/home insurance are killing me. I am going to give it a try for a couple months and see what happens 🤞🙏
Thank you for this!! Currently finding myself in a weird pattern that I really need to shake.
Thank you For the insight!!!
Still trying t get my ploc.....it shall happen!!
I get nervous, If you put the money into the line of credit and the bank lock it for whatever reason, you are stuck
the bank can't block you from using the line of credit unless you have had a bad history of making payments. if you have been making payments on time you should not have this problem. if you have had a maxed out line of credit for a long time and you been making late payments, then yes they will most likely lower your line of credit amount as you're making payments because they are covering themselves from taking a loss.
@ deval3596…..Thank you, I’ve never missed a payment but I’ve had the credit for a long time over 10 years, I paid it off once and used the money again…$6,000
Just happened to me paid 1k on Paypal 2200 CL last night and they reduced my limit by 1000. Took whole payment 🥲 only left me with $40. So frustrating. No rhyme to reason.
@@DrFinancialLiteracy TY! & Keep Doing What You Do! Definitely a blessing🌻
The Real Deal!!!!
Thank you for your videos! Please do a video on which is better: Personal Lines of Credit vs Credit Card Balance Transfer Promo intro at 0%. For years, I have been transferring my debt to pay them down from one credtcard balance transfer promo to the next utilizing your method before I knew what it was called. I'm considering a Ploc but haven't made the move because I don't see how Plocs are better. With my 0% Promo I only pay the transfer fee but with a Ploc if I utilize it there is instant interest.
*Note I don’t always get a new credit card. My existing creditcard always offer me great 0% promo deals after I've paid off my previous balance from previous BT offer and I get offered a new promo deal.That's why I haven't found a need to get a Ploc. How is the Ploc a better strategy than what I'm doing?
It isn't. The only advantage would be you can park your entire income in the PLOC. I rather have 0% interest credit cards. Have a great day.
Can or should I pay the LOC off with our clear credit cards then and work them down -help we want to be out of debt-
You possibly could but remember, the second you deposit your paycheck in their the balance drops. For example, if you LOC balance is 10k and you deposit your 2K paycheck you have satisfied your LOC payment. The real treat would be to be disciplined enough to pay all expenses on cash back Credit card and when CC bill is due pay it in full from LOC and take the cash back you earned to either create more cash flow or pay something else down quicker or even put it in your own mutual fund account or whatever asset or wealth building tool you prefer
To the person that files bankruptcy every 7 years, you still have to service the debt. Average person can’t pay the minimum payment on $400k of debt.
Hello, I have a question. If you have a 10,000 PLOC balance. When do you put the income in, and when do you take the expenses out. I’m trying to understand that pattern. Not sure if it makes sense to put the income in and immediately take the expenses out. Would that be defeating the purpose?
Yes, that would defeat the purpose since you're not pushing down the average daily balance. Income goes into the HELOC as soon as it's avaliable in your checking account. Checking account should be at zero balance as much as possible. Expenses are taken out as soon as they come due. Have a great day.
I apologize I just realized I said HELOC, I meant to say PLOC.
I got a LOC because I paid off credit cards how do I pay that off? Do I put my whole income less expenses and keep that going until paid off?? Do I pull out lil all expenses cuz it doesn’t seem to me there’d be enough to make a dent. Fascinated by you and man we need help
Thank you
go back and look at more of her videos and pay attention. you pay your full paycheck to the line of credit and then you advance from the line of credit to your checking account when you need to pay something.
Use the LOC exactly like you're using your checking account.
Infinite Banking link is not working.
Will you explain the micro chunk a bit more? Is the limit cut a way to keep their revenue up by keeping people in debt?
If monthly cash flow is 600 you don't put 600 all at once. You do 3 payments of 200. As it clears you put the next 200. Let me know if this helped.
Can we get a business credit line to get rid of personal debt, like student loans?
You can get a BLOC and use it in that way, but it isn't recommended to mix business with personal. Have a great day.
Do you micro chunk into the Ploc too?
yes you can
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This math is not mathing! For Starters, if you have a cc with $5000 balance and you make a $2000 payment, believe me, your new balance will not be $3000.
That would only be for a 0% interest credit card. Please say that. Everyone fails to mention this when showing these examples and makes people think their balance is quickly going down and it simply is not true. Use a real credit card bill and show how this works for clarity. This just ain’t mathing!!