How To Pay Off A Credit Card with -0- Cash Flow! I am not a Mathematician, but the concept is REAL

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  • čas přidán 10. 01. 2023
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Komentáře • 4K

  • @Freddyyyy266
    @Freddyyyy266 Před 6 měsíci +330

    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.

    • @Novakissla
      @Novakissla Před 6 měsíci +9

      I'm in my late 30’s. Once I get paid, I begin to spend on irrelevant things. I work hard for my money, so I believe I can spend it on what I like. The older I get, the more my perspective shifts. I want to take my finances into consideration and put myself in order before it's too late. How are you doing it, Sir?

    • @Freddyyyy266
      @Freddyyyy266 Před 6 měsíci +4

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    • @Denniss20
      @Denniss20 Před 6 měsíci +1

      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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      @Roymysterio Před 6 měsíci +1

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      @Pambegay Před 6 měsíci +2

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  • @6155ish
    @6155ish Před 9 měsíci +199

    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!

    • @davidqheffner
      @davidqheffner Před 7 měsíci +11

      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.

    • @1OKToni
      @1OKToni Před 6 měsíci +26

      She never adds the interest on the outstanding balance.

    • @angelav9838
      @angelav9838 Před 6 měsíci +4

      Has it been working for you? I'm curious.

    • @Kimber123
      @Kimber123 Před 6 měsíci +7

      @@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.

    • @ddean5656
      @ddean5656 Před 4 měsíci +6

      You've got to have a decent score to get a zero interest card...

  • @shekusesay8031
    @shekusesay8031 Před 9 měsíci +243

    Hey ppl, I'm a retired computer/IT person, Yet I still find Web backdoors so informative and straight forward. Thanks for your advise and helping the people...........Great work and love watching.

    • @whitelightmedia8600
      @whitelightmedia8600 Před 8 měsíci

      You: How can I get in touch? Me: Type their name as it spell on your browser

    • @LawnTubes
      @LawnTubes Před měsícem

      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.

  • @VictorS20033
    @VictorS20033 Před měsícem +15

    My goodness! I've been following financial CZcamsrs for YEARS. Never have I found this info. I love it! You have changed my life.

    • @VanntasticFinances
      @VanntasticFinances  Před 21 dnem

      @Victor ❤️🙏🏽

    • @TheWillzy
      @TheWillzy Před 19 dny +2

      @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.

  • @traceym1778
    @traceym1778 Před 9 měsíci +153

    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!

    • @-Jason-L
      @-Jason-L Před 3 měsíci +15

      Wrong. You use the credit card for everything.

    • @_Island_Boy
      @_Island_Boy Před měsícem +5

      You're correct 6400+1600 is 8k. However the concept is correct.

    • @OctagonalSquare
      @OctagonalSquare Před měsícem +2

      In general, you shouldn’t. But this plan doesn’t work at all without paying with a card

    • @mikek.9980
      @mikek.9980 Před měsícem +11

      Where is the 21% interest charged daily in these calculations??

    • @darkevilazn
      @darkevilazn Před měsícem +2

      @@-Jason-L Supplement: Only if you can pay off the credit card fully every month without accruing interest.

  • @mvcards20
    @mvcards20 Před rokem +548

    In 16 years of school this 12 min video is the best advice i've been given. Should of been the #1 thing taught.

    • @cq8822
      @cq8822 Před rokem +25

      You would have the same result if you just make the $400 payment every month

    • @lindaarnold4399
      @lindaarnold4399 Před rokem +11

      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.

    • @alwaysright5901
      @alwaysright5901 Před rokem +24

      ​@@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.

    • @stevekerp1
      @stevekerp1 Před rokem +17

      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.

    • @iamenvymetoo
      @iamenvymetoo Před rokem

      Yall want to teachers to teach everything under the sun with a $50K salary and a room full of disrespectful kids.

  • @feliciaware7609
    @feliciaware7609 Před 9 měsíci +249

    I have 2 chapter 11’s that are dismissed.The reason I have 2 is bcz I did not use an attorney.I was trying to stop an eviction,but when I went to try to add another month’s rent to the bankruptcy, but the guy filed another one. About a month later,I ended up losing my job.They are scheduled to fall off in January and March 2021.Since I’m looking to purchase a home soon but still there.I am currently enrolled in *850 Credit Restoration* and I must say,I am loving it thus far.I’m doubling it up with your podcast videos and learning A LOT! Thank you.I’m ready to join the millionaire club!!!

    • @sunniali2691
      @sunniali2691 Před 9 měsíci

      Took a year for me to build my score from mid 400s to 600 where I’m stuck now. I have 2 credit cards, a self account, auto loan. Everything paid on time and utilization 5-10% paid off every month. Thinking of applying for a new credit card or something cause my score isn’t increasing Great recommendation, this helped me alot. Web backdoors was one of the best things I had come across as far as boosting your score. I don't remember the actual number of how much but it was somewhere cool!!

    • @FreyjaJewels
      @FreyjaJewels Před 7 měsíci +9

      @@VenommRevengeits a bot trying to sell a financial service

    • @CarefulHowYouStep
      @CarefulHowYouStep Před 3 měsíci

      need to update your bots copy and paste, idiot. youre 3 years behind the current time 🤣

  • @davidstatz9087
    @davidstatz9087 Před 2 měsíci +19

    I pay my credit card off weekly. I haven't had a balance on there that has been charging me interest for years. I get back rewards in an amount of over 800 dollars a year and now the credit card company pays me. I love it.
    I really like how you explained everything with the board and marker. I'll be watching some more of your videos.

    • @BlueLuna5
      @BlueLuna5 Před 13 dny +3

      What card do you use that you get $800 a year?

  • @buildingmanager1602
    @buildingmanager1602 Před rokem +352

    Of all the velocity gurus online, you have been the easiest to understand. You’re a natural born teacher. Kudos!!! 🎉

    • @VanntasticFinances
      @VanntasticFinances  Před rokem +12

      Well..thank you so much for your kindness and thanks for watching!

    • @jwlewis3661
      @jwlewis3661 Před rokem +6

      Yes you have the best explanation and a new follower

    • @VanntasticFinances
      @VanntasticFinances  Před rokem +2

      Thank you!

    • @marionhammers8654
      @marionhammers8654 Před rokem +2

      ​@@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..😊

    • @VanntasticFinances
      @VanntasticFinances  Před rokem +5

      @@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

  • @hadejjas
    @hadejjas Před 9 měsíci +247

    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.

    • @ericdicken
      @ericdicken Před 6 měsíci +12

      Her math is wrong. Is is flawed.

    • @nancydis4050
      @nancydis4050 Před 6 měsíci +14

      I think one of the biggest issues with credit cards is the lack of education when it comes to how to use them properly especially in financial investments. Our schools in the US teach next to nothing when it comes to personal finance and investment . I got into credit card debt in college because I wasn't aware of the consequences of not paying my card off. The whole buy it now and pay it off later deal seems pretty harmless if you aren't aware of the interest rates. Once I was told how much it costs to be in credit card debt, I immediately started paying my card off and also went to profitable Investment I've never been in credit card debt since. Investment is the key to sustaining your financial longevity, since I realized this i have been successful.

    • @perefeghaandrew8076
      @perefeghaandrew8076 Před 6 měsíci

      ​@@nancydis4050you're absolutely right, you've remind me of what someone once said "The mind is the man, the poor is in it and the rich is it too". This sentence is the secret of most successful investors. I once attended similar and ever since then been waxing strong financially, and i most tell you the truth..investment is the key that can secure your family future.

    • @johnalex4006
      @johnalex4006 Před 6 měsíci +7

      Everyone needs income as their tool, emergency fund as their security, investments as their hope, and budget as their control. Get those in place and you'll feel at peace with your financial picture.

    • @philippine6168
      @philippine6168 Před 6 měsíci +4

      I urge everyone to start somewhere now no matter how small, this is literally the time for that, forget material things, don't get tempted,i became more better the moment i realized this.

  • @reginareneerobertson
    @reginareneerobertson Před 6 měsíci +15

    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!

    • @LawnTubes
      @LawnTubes Před měsícem

      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.

  • @dutchmafiaking
    @dutchmafiaking Před rokem +287

    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.

    • @VanntasticFinances
      @VanntasticFinances  Před rokem +24

      EXACTLY! Its time to ADULT if you’re using this strategy. Thanks for watching!

    • @lexlopez1981
      @lexlopez1981 Před rokem +8

      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.

    • @TomandRuthPhilippineAdventures
      @TomandRuthPhilippineAdventures Před rokem +3

      I got to tell you great idea and great solutions and new friend here . Love your channel

    • @Theresistance64
      @Theresistance64 Před rokem +9

      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.

    • @andyfumo8931
      @andyfumo8931 Před rokem

      ​@Carol Tuttle winning 🎉

  • @stephenrivers6102
    @stephenrivers6102 Před rokem +621

    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!

    • @VanntasticFinances
      @VanntasticFinances  Před rokem +39

      Exactly! Thank you for sharing and for watching!

    • @aliltussin3509
      @aliltussin3509 Před rokem +23

      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.

    • @VanntasticFinances
      @VanntasticFinances  Před rokem +11

      EXCELLENT! Thank you for watching!

    • @Obamacain9
      @Obamacain9 Před rokem +28

      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
      @VanntasticFinances  Před rokem +5

      @@Obamacain9 thank you for watching!

  • @StevenGerrad-tn5fl
    @StevenGerrad-tn5fl Před 3 měsíci +363

    Thanks for continuing updates I'd rather trade the stock market as it's more profitable. I make an average of $34,500 per week even though I barely trade myself.

    • @abrarKasam-sj9rn
      @abrarKasam-sj9rn Před 3 měsíci

      I'm surprised that this name is being mentioned here, I stumbled upon one of her clients testimony on CNBC news last week.

    • @BaraaK33
      @BaraaK33 Před 3 měsíci +2

      After I raised up to 325k trading with her I bought a new House and a car here in the states 🇺🇸🇺🇸also paid for my son's surgery (Oscar). Glory to God.shalom..

    • @tslaZabadna
      @tslaZabadna Před 3 měsíci

      I have made more than 90 K God bless Deborah Davis God bless America 🇺🇸

    • @TaemK33
      @TaemK33 Před 3 měsíci

      Wow I am surprised Deborah Davis is being mentioned here I starting off with $5k ...now with massive portfolio.highly recommended..

    • @Gavindees127
      @Gavindees127 Před 3 měsíci

      Please who is this Mrs Deborah davis.

  • @Daniyellasings
    @Daniyellasings Před 9 měsíci +194

    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.

    • @shekusesay8031
      @shekusesay8031 Před 9 měsíci

      Hey ppl, I'm a retired computer/IT person, Yet I still find Web backdoors so informative and straight forward. Thanks for your advise and helping the people...........Great work and love watching.

  • @kathyhayward5730
    @kathyhayward5730 Před rokem +630

    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.

    • @VanntasticFinances
      @VanntasticFinances  Před rokem +59

      That would work well. The velocity would make it better!

    • @KeciasTourLife
      @KeciasTourLife Před rokem +22

      That's my method as well!

    • @kathyhayward5730
      @kathyhayward5730 Před rokem +46

      @@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%.

    • @kelzagoodman
      @kelzagoodman Před rokem +31

      Except..... 10% cash transfer fee...

    • @kathyhayward5730
      @kathyhayward5730 Před rokem +47

      @@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.

  • @barrybegley5379
    @barrybegley5379 Před rokem +407

    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.

    • @Ew00kie
      @Ew00kie Před rokem +12

      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.

    • @Ew00kie
      @Ew00kie Před rokem +32

      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

    • @sarahconnor8189
      @sarahconnor8189 Před rokem +2

      Ya,,but she's also charging...

    • @VanntasticFinances
      @VanntasticFinances  Před rokem +20

      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.

    • @angorachic
      @angorachic Před rokem +11

      @@Ew00kie The CC company can lower your limit once you pay a large chunk. That has happened to me.

  • @AndyBNerdy
    @AndyBNerdy Před 8 měsíci +18

    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!!

  • @irishbadazz
    @irishbadazz Před 9 měsíci +15

    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.

    • @Daniyellasings
      @Daniyellasings Před 9 měsíci

      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.

    • @grantbishop1961
      @grantbishop1961 Před 3 měsíci

      Check out the real backdoors that Kevin Mitnick shared and getting rich is a few keystrokes and python scripts away on a Kali Linux device. 😂

  • @divinemiss4284
    @divinemiss4284 Před 11 měsíci +57

    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.

  • @truckn
    @truckn Před 11 měsíci +243

    Month 5. I failed math miserably but I'm pretty sure 6400+1600 = 8000 not 7000. No worries I'm still watching and learning.

    • @desireemaynes3788
      @desireemaynes3788 Před 8 měsíci +23

      I was thinking the same thing!

    • @user-nb8cp2wj1m
      @user-nb8cp2wj1m Před 6 měsíci +8

      how do the expenses magically go down because you paid your credit card bill?

    • @da.janggas
      @da.janggas Před 6 měsíci +16

      your expenses is 1600/mo and it is important to stay within that otherwise velocity banking won't be effective

    • @TheWallacePlace
      @TheWallacePlace Před 5 měsíci

      ​@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.

    • @chrisbissett4434
      @chrisbissett4434 Před 5 měsíci

      @@user-nb8cp2wj1m 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

  • @WorldsBeyondYou
    @WorldsBeyondYou Před 5 měsíci +4

    The timing of finding you is amazing!
    Thank You!

  • @Crown_Point_Ranch
    @Crown_Point_Ranch Před 6 měsíci +5

    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!

  • @AlexA-ss4te
    @AlexA-ss4te Před rokem +697

    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.

    • @roundedges2
      @roundedges2 Před 11 měsíci +161

      But if you made a BIG paydown (like $2000) the interest would be much less than the $98. That big paydown is the key.

    • @jessesmithchannel
      @jessesmithchannel Před 10 měsíci +128

      ​@@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.

    • @robertrandall8418
      @robertrandall8418 Před 10 měsíci +155

      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.

    • @7StringDad
      @7StringDad Před 10 měsíci +256

      Open a zero interest card for 12 month plan and transfer your balance over.

    • @hugosantiago7161
      @hugosantiago7161 Před 10 měsíci +45

      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.

  • @DenzelNapoleonRodriguez
    @DenzelNapoleonRodriguez Před rokem +87

    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.

    • @VanntasticFinances
      @VanntasticFinances  Před rokem +11

      You’re a precious guy Denzel. Thank you!

    • @creative45630
      @creative45630 Před 7 měsíci +1

      Oh, so it’s you who didn’t teach her how credit cards work? Seriously dodgy spreading misinformation to desperate people.

  • @qianaruffin1309
    @qianaruffin1309 Před 8 měsíci +11

    You literally just saved me by watching this! I’m excited to get started and be stress free!!! Thank you!

  • @lucacervini3704
    @lucacervini3704 Před 9 měsíci +14

    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 Marvin and *850 Credit Restoration* was so helpful during the process of boosting my credit

    • @abijahjames621
      @abijahjames621 Před 9 měsíci

      This man spends hundreds of thousands of time just to help us. He helps those in need while also helping us. He always puts a smile on our faces and we should appreciate it. Hats off to Him! I love you dude. Crazy I've never payed attention to the *850 Credit restoration* on the internet movement when I say ancestral your a gift to our people

  • @11candy11
    @11candy11 Před 9 měsíci +19

    The problem with this is that any credit card can (and often do) lower your limit any time (especially during difficult times). So, if her credit limit drops from 10,000 to 8,000 (and lower as she pays it down) she will go without gas, food, etc because she won't have available credit. If she had a couple thousand banked first, this would be worth taking the risk.

    • @jorgergonzalezvisualartist8925
      @jorgergonzalezvisualartist8925 Před 6 měsíci

      I was thinking the same thing since it happened to me a long time ago. Definitely putting away some emergency cash before would help but that is the problem with the person she is using as an example, they have no extra cash. So possibly only start with half not the full 2k.

    • @vijayk9457
      @vijayk9457 Před měsícem +4

      Generally, if good repayment is there, CC company won't lower the limit, in-fact they increase the limit. Own experience.

    • @11candy11
      @11candy11 Před měsícem

      @@vijayk9457 Not in a failing economy. They do it all the time, under those circumstances Good credit, or not. And people are caught by surprise.

    • @seanlsbc9452
      @seanlsbc9452 Před 10 dny

      She's maxed out at the beginning of the solution so she has no firewall to begin with. This is a sound strategy

  • @kerintekin32
    @kerintekin32 Před 10 měsíci +342

    Thanks MYSTICFLIP! You put our nonprofit organization in a whole new ballgame. We've been struggling to get capital and you came through getting us a grants. Our organization have extremely excel by now thanks for getting us funded.

  • @ashlaunicaalpari4584
    @ashlaunicaalpari4584 Před 5 dny +1

    Literally I will never see credit cards in the same way ever again after watching your teachings!
    Incredible how simple yet oblivious we all were about maximizing credit cards to work FOR US!

  • @selinapena3276
    @selinapena3276 Před 9 měsíci +18

    This channel is the sole exception where I haven't skipped the promo ads. Your finesse in effortlessly integrating promotional content within your videos is genuinely impressive. Sometimes, it takes a moment to recognize that you're endorsing anything; I commend *web backdoors* for your adept execution in this aspect!

    • @hadejjas
      @hadejjas Před 9 měsíci

      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.

  • @ralphbowes1446
    @ralphbowes1446 Před 9 měsíci +167

    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.

    • @AArmstrong123
      @AArmstrong123 Před 8 měsíci +13

      “A bit lower interest” yeah that is what we looking at.

    • @Future_Legend_Told_Me
      @Future_Legend_Told_Me Před 8 měsíci +28

      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

    • @moby1kanob
      @moby1kanob Před 8 měsíci

      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

    • @luddman77
      @luddman77 Před 8 měsíci +2

      @@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?

    • @Future_Legend_Told_Me
      @Future_Legend_Told_Me Před 8 měsíci

      @@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.

  • @kellyw2444
    @kellyw2444 Před 11 měsíci +27

    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.

    • @jennao10
      @jennao10 Před 5 měsíci +2

      You're correct! Won't help for overspending behavior.

  • @user-xm6ro1ep5d
    @user-xm6ro1ep5d Před 3 měsíci +1

    Idk who this lady is but she’s doing a great service with these videos. Thank you ever so much

  • @mitchmiller7204
    @mitchmiller7204 Před rokem +7

    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.

    • @Bamapride1985
      @Bamapride1985 Před 11 měsíci +1

      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.

  • @702book
    @702book Před rokem +6

    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.🛐🙏

  • @user-kt6sg9js8u
    @user-kt6sg9js8u Před 6 měsíci +2

    This was so simple and refreshing ...... Thank you you just saved me from a 10k credit card payment i was so stressing about. Creatively financing my finances.

  • @MHB7000
    @MHB7000 Před 23 dny +8

    Wait her credit card interest won’t drop 400 because she’s not paying off all $10,000 it will only drop $80 1/5 because she’s only paying off 2G 1/5 of it

    • @electrowayne2918
      @electrowayne2918 Před 5 dny

      The interest doesn’t drop .. the monthly total balance and the monthly minimum due does. . It works

    • @ashlaunicaalpari4584
      @ashlaunicaalpari4584 Před 5 dny

      True you have a point however… the cash flow she’s gaining makes it worth while. And over time it’s mathematically sound strategy

  • @boyce1000
    @boyce1000 Před rokem +18

    You present the concept in a very clear way and it's very understandable.

  • @dmadad9576
    @dmadad9576 Před rokem +26

    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.

    • @VanntasticFinances
      @VanntasticFinances  Před rokem +8

      See?? I am NOT a mathematician! You are so right!! Thank you for sharing that information and for watching!

    • @joe103060
      @joe103060 Před rokem

      ​@@VanntasticFinances I appreciate the concept. Makes sense

  • @abrookecreative
    @abrookecreative Před 4 měsíci

    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!♥

  • @preranachakrabarti2021
    @preranachakrabarti2021 Před 9 měsíci +12

    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.

  • @mariestaggs4750
    @mariestaggs4750 Před rokem +14

    Love this, it’s just one of many scenarios which is great for getting the mind to solve problems in a less stressful manner

  • @caseygray5371
    @caseygray5371 Před rokem +20

    What if credit card company decreases limit from 10k down to current balance after she pays it down 2k. Citi did it to me on two separate cards. Paid them both down below 30% usage in attempt to boost credit score post divorce and they immediately lowered credit limit to within $100.

    • @melidalatigo7130
      @melidalatigo7130 Před rokem +2

      Citi just closed my card without notice and I had available credit on it, they said they have the right to terminate your credit at any time. If I would've put all my income in it I wouldn't have been able to use it anymore .My Victoria's Secret card was paid off sitting with a $4,000 limit and they just dropped it to $100 limit also. I don't think it's a good idea to put in all your income that you need for the month.

    • @Bamapride1985
      @Bamapride1985 Před 11 měsíci

      I literally mentioned this exact same thing. Had it happen to me with paying down a card and then noticed was at 99% utilization even after reported to credit karma. Looked and the company had lowered my limit to right above the new balance that had paid down to.

    • @tonymoore9128
      @tonymoore9128 Před 10 měsíci

      Yeah citi did the same to my wife and I. Citi double cash card just got raised significantly last month but not where it was. They did it to a lot of peole. I heard the were inticipating a run on the bank after some other banks failed. They stoped lending to gain capital.

  • @rosehouk2207
    @rosehouk2207 Před měsícem +1

    Thank you for this! I’m about to implement this and I have a new hope now for getting this balance down!

  • @judilynn9569
    @judilynn9569 Před 9 měsíci +2

    I recently decided to get a credit card for the first time in 40 years. I'm on a fixed income. I'm using it for things that I need, but don't ever want to max it. It was divine providence that I just found your video! Thank you so much! I'm sure I would not have thought of this!

    • @Sexy40baby1
      @Sexy40baby1 Před 6 měsíci +1

      You should only use the cc for things you Actually have the money in your pocket/bank for. And pay the bill IN FULL BEFORE the due date to avoid interest

    • @jamesdoggett3217
      @jamesdoggett3217 Před 3 měsíci

      @@Sexy40baby1 Right on, a credit line should not be looked at as additional money :-)

  • @AudraAJames
    @AudraAJames Před rokem +51

    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?

    • @VanntasticFinances
      @VanntasticFinances  Před rokem +13

      Exactly!

    • @akilahmcmullen975
      @akilahmcmullen975 Před 7 měsíci

      Oohhhhhh thank you because I was trying to figure out how this helped lol

    • @nickg505
      @nickg505 Před 6 měsíci

      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.

    • @Krystaldoll282
      @Krystaldoll282 Před 4 měsíci

      I think this sounds right. I’m thinking of trying it. Did you try this? Did it work?

  • @KM_1983
    @KM_1983 Před rokem +15

    I was VERY skeptical from the title… but what you said is so simple but so enlightening! Thank you!

  • @meatball6930
    @meatball6930 Před 22 dny +1

    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.

  • @hfortenberry
    @hfortenberry Před 7 měsíci

    OH MY GOD! This is GENIUS!! I am totally doing this! Thank you! Subscribed!!

  • @ohyeahthatsright3155
    @ohyeahthatsright3155 Před rokem +20

    This is a fantastic idea, this requires a tremendous amount of discipline, and it’s definitely doable.

  • @ReynaDPerez
    @ReynaDPerez Před rokem +10

    This is great for those that can’t pay the credit card down aggressively. Thanks for sharing.

  • @davidspencer7718
    @davidspencer7718 Před měsícem

    You are the very first person that I have allowed the notification bell in the last 4 years.

  • @shannonroberts7242
    @shannonroberts7242 Před 12 dny

    OMG! I just had a light bulb moment. As you were doing this example I plugged in my own numbers and sure enough the CC balance was coming down. That is the coolest thing I have seen in a long time. Your a genius! Thank you so much for sharing your knowledge.❤️

  • @jaydailydetailer
    @jaydailydetailer Před rokem +13

    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 🙏

  • @claystone7729
    @claystone7729 Před rokem +14

    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. ❤

  • @pixiegardner8094
    @pixiegardner8094 Před rokem +6

    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!

  • @mindbusiness9734
    @mindbusiness9734 Před rokem +11

    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.

  • @kgraham5820
    @kgraham5820 Před 5 měsíci

    Wow. WHERE have you been all my life??? I just subscribed to this wonderful channel! I can’t wait to share your vids with my children! I could try to explain it to them but why would I when I can just press the play button and let them watch for themselves, then we can chat afterwards. Thank you ever so much for sharing your wisdom and knowledge!! It’s greatly appreciated! Merry, merry Christmas and may your New Year be full of blessings, both big and small!!

  • @donnazimmermann772
    @donnazimmermann772 Před 10 měsíci +41

    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.

    • @chapman1569
      @chapman1569 Před 3 měsíci +1

      At last an example of a person who was successful with this method. Thanks for sharing.

  • @biglen6065
    @biglen6065 Před rokem +6

    This has been the best example I've seen that makes since and I understand the strategy. Thank you

    • @VanntasticFinances
      @VanntasticFinances  Před rokem +1

      SO GLAD IT MAKES SENSE! Keep moving forward and THANK YOU for watching!

  • @Libradotherealsheepdog
    @Libradotherealsheepdog Před 2 měsíci +1

    I’ve been checking out a couple of your videos today for the first time And all I have to say is I l❤️v you where have you been all my life😃

  • @creativecorewellness6688
    @creativecorewellness6688 Před 7 měsíci +3

    I am so excited to have come across this video and can't wait to try it! I did notice that the last figure should say $8000 at month 6, instead of $7000 but I certainly got the point. Thanks for going through it month by month, super helpful!

  • @anne-mariederrington423
    @anne-mariederrington423 Před rokem +42

    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

    • @AnnSisuLiv
      @AnnSisuLiv Před rokem +8

      Yes, exactly. She is misleading.

    • @viptravels1542
      @viptravels1542 Před rokem +5

      Right. This is so flawed.

    • @orobinson721
      @orobinson721 Před rokem +2

      Yes...interest needs to be factored

    • @nategibbons172
      @nategibbons172 Před rokem +1

      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

    • @VanntasticFinances
      @VanntasticFinances  Před rokem

      Thank you for watching

  • @gamelkamalielu9154
    @gamelkamalielu9154 Před rokem +4

    Wow!! This was awesome. Thank you for shedding some light on this situation, honestly never considered or even heard of this method of paying down debt and building cashflow at the same time. Definitely hit the subscribe button 💯%

  • @alainmona268
    @alainmona268 Před 4 měsíci +1

    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.

  • @Magi_of_Kemet
    @Magi_of_Kemet Před 3 měsíci

    Already wrote my commentary before but here is an extra appreciation….. Keep pumping out the eye opening videos.

  • @tylermcconnell
    @tylermcconnell Před rokem +11

    Amazing, my friend. You’ve got a new subscriber! As an English teacher trying to better my family’s future, I especially appreciate these easy to understand videos! Numbers make my brain hurt! 🤣

    • @VanntasticFinances
      @VanntasticFinances  Před rokem +2

      You are so precious! Thank you so much for the kind words and thank you for watching!

    • @mrnunetoon8351
      @mrnunetoon8351 Před rokem +1

      I can understand the struggles. I love doing math myself and I always love to learn how to solve them. But yes I did happen to have been making a mistake like that and it baffled my mind.

    • @transformationproject3583
      @transformationproject3583 Před rokem

      I like math. Letters make my brain hurt lol.

  • @Pert1202
    @Pert1202 Před rokem +4

    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!

  • @TeresaDeMattos-ub3yg
    @TeresaDeMattos-ub3yg Před 3 dny

    I don’t have credit card debt but sharing this method with the people I know needs this information. Thank you

  • @jamescasello8100
    @jamescasello8100 Před 4 měsíci

    Gotta love this lady. I am watching this for the second time. Just want to make sure I understand the concept before I jump in. Kinda scary but sounds like a plan.

  • @christinagarza7944
    @christinagarza7944 Před rokem +5

    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!!

  • @grandmaraps
    @grandmaraps Před rokem +6

    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
      @andyfumo8931 Před rokem

      You should have applied for a new card

    • @grandmaraps
      @grandmaraps Před rokem

      @@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.

  • @iamjesseangel
    @iamjesseangel Před 8 měsíci +3

    This is a great demonstration. I love love to see this applied over 3 credit cards using the same scenario. Maybe a part 2?

  • @Normet2
    @Normet2 Před rokem +5

    This was really well done and laid out in the simplest of ways!!! Excellent teaching, I shared this!!

  • @robertmcneal7346
    @robertmcneal7346 Před rokem +23

    In addition to the math error Barry mentioned, you are not accounting for the interest added each month which could be as much as $400-$500 depending on the interest rate. You'd actually be over your limit in the first few months, and you'd be loosing money very quickly.

    • @julianrivera3255
      @julianrivera3255 Před rokem

      You really understood her big mistake!!!!

    • @marlenaknight7109
      @marlenaknight7109 Před rokem

      Better than the interest on $10,000 and paying the minimum every month with the majority of that going towards the interest and not the debt.

    • @dolphjuany
      @dolphjuany Před rokem

      Thats so right! That happen to me. The payment plus interest
      And not to spend more than the budget

    • @VanntasticFinances
      @VanntasticFinances  Před rokem +1

      Thanks for watching!

    • @andyfumo8931
      @andyfumo8931 Před rokem

      She's actually training idiots like you to be disciplined with credit. The interest is part of the $400min. Nothing increases...you stupid 😂🤦😅. I'm sorry but with that error in intelligence and your mistaken confidence you really would be smarter if you just shut up.

  • @tanishalarie6015
    @tanishalarie6015 Před 8 měsíci

    If I only had known this 5 months ago. But I know now and I’m grateful to have came across this. Thank you!

    • @VanntasticFinances
      @VanntasticFinances  Před 8 měsíci

      I’m thankful you were allowed to gain this wisdom, as well!

  • @Jennifurdawn
    @Jennifurdawn Před 2 měsíci

    I started doing this a few months ago without really understanding it - I just trusted you! And without making any extra money the balance on my credit has already gone down around 800! And that’s with doing it sort-of! This month I’m gonna put all my money in my cc

  • @Jonahobbs
    @Jonahobbs Před 9 měsíci +3

    I so appreciate your videos, I sent your mortgage video to my wife after watching the entire thing. You are really giving people very empowering information that will help them. Thank you so much for doing this.

  • @debbiesherrill7228
    @debbiesherrill7228 Před rokem +19

    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

    • @munix9351
      @munix9351 Před 11 měsíci

      🙄

    • @vedhavyas2509
      @vedhavyas2509 Před 2 měsíci

      8:30 It's 2000(400*5) that she's having a positive cash flow

  • @franciscoiniguez8492
    @franciscoiniguez8492 Před 6 měsíci

    God Bless you! You teach it very simple giving this free knowledge to hurting people why they clicked on your channel.

  • @elizaquinonez5469
    @elizaquinonez5469 Před 3 měsíci

    Thank you so much for the tips. Makes sense to use money as a tool. I was stressed out about my credit card debt due to home repairs that were unexpected.

  • @edgarr_com
    @edgarr_com Před rokem +8

    This example is not taking into consideration the monthly interest charge.

  • @KingKrilly
    @KingKrilly Před rokem +6

    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

  • @timmyspov
    @timmyspov Před rokem +15

    I was going to mention the math at 7:48 but this is a fantastic break down of the Velocity concept!

  • @n0isiv
    @n0isiv Před rokem +5

    I love how your amazing math does not include the 21% interest of the credit card. bro science legit

    • @Dee10044NY
      @Dee10044NY Před rokem

      Facts that's what I said too. Only thing I would be saving would be interested wouldn't pay my balance down quicker. Nowhere and video do I hear anything about how much they're taking for interest out of that extra. I might save interest but my bills are due when I get paid once a month

  • @aprilwelsh9796
    @aprilwelsh9796 Před 6 měsíci +2

    I don’t see any interest being added back in and that makes a huge difference!!!

  • @mackgraham8385
    @mackgraham8385 Před 7 měsíci +3

    It’s important to remember that this will actually snowball faster because the monthly payment will drop and interest accrued will also drop with lower balances. So essentially you’ll pay it off faster and faster with each payment. Your monthly payment shouldn’t be an even $400 every single month

    • @vetta5620
      @vetta5620 Před 6 měsíci +1

      And if the credit card awards points for purchases you’re WINNING!! The points accrued from your monthly expenses can typically be added as a statement credit further reducing the balance. Win-Win 🙌🏾🔥🔥🔥

  • @MundyMiller
    @MundyMiller Před rokem +5

    Best advice EVER! I wish I had this information when I had a lot of credit card debt.

  • @Marmarushka
    @Marmarushka Před rokem +24

    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!

    • @VanntasticFinances
      @VanntasticFinances  Před rokem +4

      Yes!😂

    • @cjjohnson8207
      @cjjohnson8207 Před 11 měsíci

      so the largest CC limit I have is 1500.00 with a min payment of 25.00 how will this work for me?

  • @krisdurfee2548
    @krisdurfee2548 Před 3 měsíci

    Nicely done!! We don’t always see that as an option, especially when you feel like your drowning.

  • @YayahfollowsYahawashi
    @YayahfollowsYahawashi Před rokem +6

    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. :)

    • @VanntasticFinances
      @VanntasticFinances  Před rokem +1

      I know, right?!? Thank you for the kind words and thank you for watching!

  • @agapelove9859
    @agapelove9859 Před rokem +3

    great concept, I have been using this method since I maxed out my credit cards to help my family

  • @kaylinklimple2167
    @kaylinklimple2167 Před 9 měsíci

    Thank you! Sounds doable and worth a try! Thanks for a way to manage credit debt better if you are in this position.

  • @Iamlismoore
    @Iamlismoore Před 2 dny

    Thank you so much, i finally understand how to pay off my Credit card debt and how to use my credit card in a way that beneficial to me. Thank you

  • @jer_sr
    @jer_sr Před rokem +20

    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.

    • @TheGatman10
      @TheGatman10 Před rokem +5

      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

    • @VanntasticFinances
      @VanntasticFinances  Před rokem

      Thanks for watching Gatman!

    • @dreamweaver221
      @dreamweaver221 Před rokem +6

      Slow progress is better than NO progress in my book.

  • @MakeMoneyWorldWide
    @MakeMoneyWorldWide Před rokem +12

    That was well said and planned! Getting creative with your finances is the key to Velocity Banking 🏧

  • @MayraTxnQT
    @MayraTxnQT Před 8 měsíci

    Thank you for this! Literally want to cry! This is truly helpful!

  • @thee_hash_slinging_slasher
    @thee_hash_slinging_slasher Před 8 měsíci +1

    Wow. I'm so glad I found this video. So simple. I can't believe I didn't think of this myself. Thank you! I can finally get out of credit card debt!

    • @elsy2685
      @elsy2685 Před 7 měsíci

      Hi you need assistance?

    • @elsy2685
      @elsy2685 Před 7 měsíci

      I would say I don’t know how I find you on CZcams, 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.

    • @elsy2685
      @elsy2685 Před 7 měsíci

      You can also need to look their name up to see their website

  • @DanielleSamoneJohnson77
    @DanielleSamoneJohnson77 Před rokem +7

    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.

    • @VanntasticFinances
      @VanntasticFinances  Před rokem +3

      Yes! Keeping your cash flow is the key for not feeling the CRUNCH when you have emergencies and need cash! Thank you for watching!

    • @aliltussin3509
      @aliltussin3509 Před rokem +3

      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.

    • @VanntasticFinances
      @VanntasticFinances  Před rokem +2

      @@aliltussin3509 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!