How To PAY OFF MAXED Out Credit Cards With NO SAVINGS!

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In this video I will go over how to pay off maxed out credit cards even if you have no savings or cashflow. Enjoy!
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14 окт 2024

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Комментарии : 262

@unkown-ws3cr 6 дней назад

Ive been watching you since I was 16/17 and im now 24. I’ve built a 822 credit score, emergency fund, retirement funds, debt free (other than full paid off monthly cards) and I’m saving for a house. All thanks to your videos. Big thank you to you *Pecuniary backdoors*

@mentzo1 4 дня назад

My brother, you needed this! I already had ideas of raising my score. But I just found more ways because of this. *Pecuniary backdoors* are such a blessing, keep going frl!

@Daniyellasings 4 дня назад

I would say I don’t know how I find you on RU-vid, 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 *Strategic techie* . I thank God for this wisdom. Bless you...

@Daniyellasings 4 дня назад

You’ll really appreciate the information that i provide. They definitely came out with massive amount of very good solution.

@ВікторіяЯнчук-е6ъ 6 дней назад

I started working on my credit 2 years ago. I didn't know where to start I had no credit. I started looking up videos and found *Pecuniary backdoors* . I followed what you said and started with an secured credit card for 200.00 and mad sure to keep my utilization under 10% and paid on time every month. I now have 3 unsecured credit cards and a 757 fico score. Thank Danielle for all the information and tips. Now we are in a position to buy home.

@mentzo1 4 дня назад

My brother, you needed this! I already had ideas of raising my score. But I just found more ways because of this. *Pecuniary backdoors* are such a blessing, keep going frl!

@Daniyellasings 4 дня назад

@Harry-d7m 4 дня назад

76, broke, partially disabled, honorably discharged US veteran. No police record, no drugs, no alcohol, no tobacco. Need help so i can get a low income apt...once in have 1500 ssa, va to sustain myself. *pecuniary backdoors* help appreciated. Thank you

@Дмитрий-г2о 6 дней назад

I drove my first car in my dad's name and later went to get a truck in mine after I paid off my first one and drove off the lot with the truck I wanted, its mostly about a good credit score and a loan portfolio helps as well...lenders like to see various forms of loans in your name to be less of a risk and yes you might have to put money down but not HALF of the car loan Your exactly right I screwed my credit as a young man now I own a detailing company and can't get anything with out the full amount of cash. I'm working on my credit to get better with *Pecuniary backdoors* , Love the knowledge keep it up

@mentzo1 4 дня назад

My brother, you needed this! I already had ideas of raising my score. But I just found more ways because of this. *Pecuniary backdoors* are such a blessing, keep going frl!

@Daniyellasings 4 дня назад

@dmitriy5967 6 дней назад

40 now, and everything is paid for. Fortunately, I had a *pecuniary backdoors* teacher who taught me a lesson when I was 18 years old. That lesson was: you can't buy something else for every purchase you make. Having multiple sources of income is prudent, as is living within your means. I have a 13-year-old vehicle because it is all I need, I like it, and I can do whatever I want with it. My net worth is $4 million, and I can pay my bills without stress, but I don't live like I have that. I have no complaints.

@mentzo1 4 дня назад

My brother, you needed this! I already had ideas of raising my score. But I just found more ways because of this. *Pecuniary backdoors* are such a blessing, keep going frl!

@Daniyellasings 4 дня назад

@sergokotov5845 6 дней назад

Is all about having a conscious responsible mindset to protect your home, credibility, My grandmother always told me put away and save at least $50-$100 in *Pecuniary backdoors* . Every time I get paid ..As paying yourself as a bill put the money in an envelope that’s emergency cash for household and myself. take the rest of the pay and take care of your rent and your other expenses… thank you for this video is very informative.

@mentzo1 4 дня назад

My brother, you needed this! I already had ideas of raising my score. But I just found more ways because of this. *Pecuniary backdoors* are such a blessing, keep going frl!

@Daniyellasings 4 дня назад

You’ll really appreciate the information that i provide. They definitely came out with massive amount of very good solution.

@ІраФедячко 6 дней назад

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 *Pecuniary backdoors* was so helpful during the process of boosting my credit.

@mentzo1 4 дня назад

My brother, you needed this! I already had ideas of raising my score. But I just found more ways because of this. *Pecuniary backdoors* are such a blessing, keep going frl!

@Daniyellasings 4 дня назад

@юрачернов-ю2х 6 дней назад

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 *Pecuniary 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.

@mentzo1 4 дня назад

My brother, you needed this! I already had ideas of raising my score. But I just found more ways because of this. *Pecuniary backdoors* are such a blessing, keep going frl!

@Daniyellasings 4 дня назад

You’ll really appreciate the information that i provide. They definitely came out with massive amount of very good solution.

@kiventilityxtrem 6 дней назад

I get such GREAT service every time I go to the *Pecuniary backdoors* and the IRS is SO wonderful to work with. I DEFINITELY want the Government in charge of my Social Credit Score! This couldn't possibly be misused in ANY way! All the data breaches that the VA has had makes me confident that my data would be TOTALLY safe!

@mentzo1 4 дня назад

My brother, you needed this! I already had ideas of raising my score. But I just found more ways because of this. *Pecuniary backdoors* are such a blessing, keep going frl!

@Daniyellasings 4 дня назад

You’ll really appreciate the information that i provide. They definitely came out with massive amount of very good solution.

@ivettesalado6958 6 дней назад

Wonderful, just wonderful. Truth must be sought beyond whatever social baggage you are carrying and must let go of. Forward momentum is accelerated in crystal clear vision. *Pecuniary backdoors* dropped serious knowledge. My credit presently runs from good to excellent, but I want from excellent to most excellent. I hear that this is the way to do it. I love the whole precision of this methodology. Here is power. Thank you.

@mentzo1 4 дня назад

My brother, you needed this! I already had ideas of raising my score. But I just found more ways because of this. *Pecuniary backdoors* are such a blessing, keep going frl!!

@Daniyellasings 4 дня назад

You’ll really appreciate the information that i provide. They definitely came out with massive amount of very good solution.

@SeeSaw99 5 месяцев назад

Very great video and break-down of velocity banking. It definitely worked for me. The only hiccup was when I made a large payment to Barclay's, they immediately lowered my credit limit to the new balance. That resulted in 100% utilization again,😢 so you have to be mindful of that.

@kennethcox9883 3 месяца назад

Chase did that to me

@nancyosullivan7625 2 месяца назад

Best Buy does that too😮😢

@jcgnbd7410 2 месяца назад

Citibank has done it the last three months for me….it is frustrating to do the right thing and try to lower the balance owed to have this done and it screws your balance available and your credit does nothing but drop.

@samoanirwin 2 месяца назад

Barclay's did that to me too and I've rarely used it since; put on one monthly small subscription to have it report use on the monthly statement balance reported to the bureaus and then pay the balance off monthly so that I don't get charged any interest fees 🙌

@DrFinancialLiteracy Месяц назад

Amen!

@ЕленаЕлена-е7т6щ 6 дней назад

Thanks for sharing your knowledge. Skills sets are deffinate need for start up. Knowing *Pecuniary backdoors* and re-investing grant profits is key. Tough at times but very doable. Fall in a good time to receive grant and get infrastructure set for a business or home application grant

@mentzo1 4 дня назад

My brother, you needed this! I already had ideas of raising my score. But I just found more ways because of this. *Pecuniary backdoors* are such a blessing, keep going frl!

@Daniyellasings 4 дня назад

You’ll really appreciate the information that i provide. They definitely came out with massive amount of very good solution.

@vettedsin 2 месяца назад

velocity banking in a nut shell. we gotta remember though, this concept is not for everyone. diligence is the key component.

@DrFinancialLiteracy Месяц назад

Amen!

@vilasaojose6703 5 месяцев назад

Money is not meant to control people rather it is meant to be put to work producing more money for you. You cannot build wealth without putting money in its rightful place...

@codecreateurroku6764 5 месяцев назад

People don't understand that the prices of things are never going back down. This inflation is deeper than we think. Those buying groceries are well aware that the real inflation is much over 10%. The increments don't match our income, yet certain investors still earn over $365,000 in stocks and assets. Wish I could accomplish that.

@jameslongwell5025 5 месяцев назад

Very possible! especially at this moment. Profits can be made in many different ways, but such intricate transactions should only be handled by seasoned market professionals.

@scrumpy615 5 месяцев назад

Having an investment advisor is the best way to go about the stock market right now. I was going solo, but it wasn't working. I've been in touch with an advisor for a while now, and just last year, I made over 80% capital growth minus dividends.

@josemanuelmacias7968 5 месяцев назад

Finding yourself a good broker is as same as finding a good wife, which you go less stress, you get just enough with so much little effort at things

@mikeyreacts5839 5 месяцев назад

Jeff demonstrates an excellent understanding of market trends, making well informed decisions that leads to consistent profit

@dilyaabrarova1977 6 дней назад

The efficiency of this *Top phase resolution* is next level. To juggle walk throughs of various angles on the topic delivered to-camera, differnet content per topic from various folks underneath the umbrella of the track list of the larger big band concert itself is engaging and refined. To make a dense taccess like this so digestible is really something. Awesome work jon!!

@KRAKEN12355 6 дней назад

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 *Pecuniary backdoors* for your adept execution in this aspect!

@mentzo1 4 дня назад

My brother, you needed this! I already had ideas of raising my score. But I just found more ways because of this. *Pecuniary backdoors* are such a blessing, keep going frl!

@Daniyellasings 4 дня назад

You’ll really appreciate the information that i provide. They definitely came out with massive amount of very good solution.

@betitos11 Месяц назад

Be careful doing this in 2024. Some credit card companies may lower your credit limit after you make a large payment. If that happens you will not have access to funds to pay out your bills as planned. Its better to start with lower amounts maybe $400 - $500 one months and check a available balance. Remember interest charged is not shown in this video.

@DrFinancialLiteracy Месяц назад

Amen. I have made large payments through VBand no lowering has occured yet.

@Valente_Quintero 5 месяцев назад

Solid video. I did something similar to this to get out of debt years back, not knowing about velocity banking. The amounts you save on interest compounds and your money actually starts eating at the principal much faster. The concept is what people should pay attention to, and not the little situational details that are specific to each individual, and their situation, because the concept will fit around those parameters and will still work. Thanks for sharing

@DrFinancialLiteracy Месяц назад

Amen!

@DrFinancialLiteracy Месяц назад

Super insightful!

@HeavyDutyCharlie 5 месяцев назад

A little accomplishment is having a low 600 score and I’m currently at 667. I’ve been paying debt off and can’t wait to be able to be in the 700/800 club. One step at a time. Any pointers or tips other than keeping credit card utilization

@aeromedical6776 2 месяца назад

A credit score shouldn’t be your focus or goal. If your goal is to pay off debt and build wealth, a credit score will take care of itself. Don’t measure yourself by a credit score as it’s not an indication of financial success. My credit score is below 800. However, I have no debt (besides my mortgage) and have a net worth just under $1M. I don’t borrow money and have exactly 1 credit card with a limit of $2,000. I have a healthy emergency fund so I don’t count on credit cards as a “safety net”.

@HeavyDutyCharlie 2 месяца назад

@@aeromedical6776 I appreciate you sharing the knowledge.

@gina77duc44 2 месяца назад

Add more unsecured lines of credit, credit cards and used it responsibly. That will make your credit score jump up. After you hit 700, keep paying on time, work on your utilization and you will make it to 800

@ginaa284 Месяц назад

I agree - credit score means very little unless you are shopping for a mortgage or need to borrow a large sum of money. Mine is 840 but my expenses put me in the hole about $500 a month due to some hardships. Looking for a second job to get caught up. Credit score is high because of utilization and ALWAYS paying on time.

@aeromedical6776 Месяц назад

@@ginaa284 - again, I reiterate - Credit Scores are not a measure of financial success. They are a measure of how well you manage DEBT. You’re credit score is 40 points higher than mine, but I’ll wager a months pay I’m in a much better financial position than you. People with low credit score have demonstrated that they don’t manage debt very well. Why encourage them to take out additional, unsecured lines of credit? That’s what got them in dire straights to begin with.

@ЗорикМежлумян 6 дней назад

I have been thinking about starting my small business for several months. Doing the research takes the longest. So I thank you for sharing *Pecuniary backd0ors* of ideas for women like me who is thinking seriously about starting a small business. Again Thank You!!!

@mentzo1 4 дня назад

My brother, you needed this! I already had ideas of raising my score. But I just found more ways because of this. *Pecuniary backdoors* are such a blessing, keep going frl!

@Daniyellasings 4 дня назад

@ОленаШерстюк-ч9и 6 дней назад

The confidence you take in your work is really inspiring and amazing, special thanks The time and efforts you had put into deleting all inquiries and collections is beyond excellence. Take my cordial thanks! You are really an efficient, organized and result-oriented man Thank you for all the extra hours and extra effort you had to put on for getting this done. I appreciate every bit of your effort. Thank you *Pecuniary backdoors* for pulling this off so smoothly...

@mentzo1 4 дня назад

My brother, you needed this! I already had ideas of raising my score. But I just found more ways because of this. *Pecuniary backdoors* are such a blessing, keep going frl!!

@Daniyellasings 4 дня назад

@ptitsaserge3227 6 дней назад

The confidence you take in your work is really inspiring and amazing, special thanks The time and efforts you had put into deleting all inquiries and collections is beyond excellence. Take my cordial thanks! You are really an efficient, organized and result-oriented man Thank you for all the extra hours and extra effort you had to put on for getting this job done. I appreciate every bit of your effort. Thank you *Pecuniary Backdoors* for pulling this off so smoothly...

@mentzo1 4 дня назад

My brother, you needed this! I already had ideas of raising my score. But I just found more ways because of this. *Pecuniary backdoors* are such a blessing, keep going frl!!

@Daniyellasings 4 дня назад

@DrFinancialLiteracy Месяц назад

Paid off a 30 year mortgage in 1 month using and teaching velocity banking and accelerated banking principles, theories, assumptions, and conjectures. I also employed cash advances, quickcash, and convenience checks to refuce about $25,000 to $30,000 in credit cards and loans in 6 months.

@5teeeeve 2 месяца назад

I might be wrong here but the $400 per month reduction in the balance doesn’t seem to pay any regard to the $200+ of interest. Your pay down schedule is therefore showing at least double the reduction than that which you would actually see - especially in the early months

@Caesar__99 2 месяца назад

I agree. Also it’s the same payment you would have been making. The difference is you are hiding your lack of cash flow by using your card ahead of time. This a useful strategy to keep your payments on time when you are in a pinch. It’s not a great debt payment strategy though.

@cadiotsavant2397 Месяц назад

If they did that on a 2% cash back card. Wouldn’t the 2% pay the interest back to you?

@DrFinancialLiteracy Месяц назад

Amen!

@naegleriafowleri2230 Месяц назад

facts, these idiots dont know what is like to have maxed out at high interest rates you will NEVER pay it off, it will take an eternity unless you either stop eating or somehow get free housing, or get an inheritance

@Annette-r8b 6 дней назад

Thank you for your full focus on the job instead of focusing on proving yourself to others. You always tried harder to be better *Pecuniary Backdoors* and now your success speaks out louder. Thank you for a hard work. I’m sure it was worth it all. There is no doubt that you are the most deserving of all that should be given a shout out

@надеждашелюхина 6 дней назад

I cannot imagine completing this project without you *Top phase resolution* . You are amazing. Thank you for being there for me. Not a single effort of yours will go in vain. You will be rewarded for your pain. Your hard work will bring you a lot of gains. Well done. Your achievements speaks itself about your capabilities. Slow and steady makes it to the top! Good job! Jon

@LuoYun8 6 дней назад

Hello, I'm a small business owner, I make goat milk beauty products, soap, lotion, shampoo, body wash, bath salts, bath bombs. But I would love to get a shop put on our farm. I also am getting into rabbit fur blankets, hats, slippers. And would love to get a grant to start and all updated equipment to complete my business. Thank you *Pecuniary backd0ors* . Till next time. God Bless

@mentzo1 4 дня назад

My brother, you needed this! I already had ideas of raising my score. But I just found more ways because of this. *Pecuniary backdoors* are such a blessing, keep going frl!

@Daniyellasings 4 дня назад

@stevemccollum2011 5 месяцев назад

I believe that this works but if you have automatic payments you should stop them while doing this. If not, then after you pay 2500 (in this example) the credit card may or will make the scheduled payment, as you put all of your money into the payment you will not have any money in your bank account to pay it, then you would have both a overcharge on your bank account and possibly a late payment on your credit card. Yeah I know it does not affect your credit report until it is late for 30 days or more. Doing this while either working overtime OR a side gig could have you paying off your credit card in a very short period of time

@DrFinancialLiteracy Месяц назад

Amen!

@jynettelewis1514 Месяц назад

That BILT card is AMAZING. No fees to pay your rent with that card. And you get points for it❤️

@jynettelewis1514 Месяц назад

Mortgage, bills, or rent

@DrFinancialLiteracy Месяц назад

@@jynettelewis1514does it do cash back?

@seeufilms 2 месяца назад

Semper Fi! The snowballing method works ....I have used it.

@DrFinancialLiteracy Месяц назад

Amen!

@barnabusdoyle4930 5 дней назад

Most methods on the internet will work as long as you stop using the cards and are actually determined to pay off the debt. I used 0% balance transfers to juggle the debt to all cards that have the introductory 0% and have knocked my credit card debt from over $30k down to $15k and paid off a car payment as well. I have one card with a zero balance and a $24k limit that I’m waiting for a balance transfer offer from so I can move debt over to it when interest starts on the other cards in a few months. The balance transfer method can be one of the best ways to attack credit card debt

@lydiasalinas5106 2 месяца назад

say not to loans..., keep doing the VB strategies and then apply for a line of credit once your debt to income ratio and credit score improves

@DrFinancialLiteracy Месяц назад

Amen!

@jenepa5 2 месяца назад

Thank you for explaining it better than others out there. This has been a confusing topic for me to understand

@DrFinancialLiteracy Месяц назад

Amen!

@DrFinancialLiteracy Месяц назад

Have you started velocity banking yet?

@GoodLifeLena 25 дней назад

This is great but seems like it only works for one card. What if you have multiple maxed out cards?

@miriamdavis2988 17 дней назад

This is my 1st month trying this. It makes sense but it's Def very scary! Just gotta take the plunge!

@carolejackson5 Месяц назад

This sounds great EXCEPT: the balance is going only down by the amount of the monthly payment! The math isn’t mathing on this “velocity banking” idea. It’s not a scam, but it does underscore that including all the factors, including the monthly interest that he’s excluding, are so important in any consideration of finances.

@DrFinancialLiteracy Месяц назад

Amen!

@DrFinancialLiteracy Месяц назад

It has worked well for me. I have elimanted about $20,000 in debt in 7 months.

@quensettadavenport8165 Месяц назад

Everyone that speaks on velocity banking always fails to mention that, the credit card balance is only going down the day you make the payment. The balance on the card does not go down that fast due to the interest. It just looks like it does temporarily. The math ain’t mathing.

@TommyEgan.7 4 месяца назад

I've tried this but the interest on purchases keeps adding up. My $28K CC is at a $17K balance and it's hard to decrease the balance because even though I do the trick you talked about... I keep getting added about $200 plus every month on interests alone. I think that a debt consolidation loan would help tremendously but my score has dropped to 675 Fico so not high enough to get that loan.

@gina77duc44 2 месяца назад

Don’t get into that trap. A loan is front loaded with interest and it will make it worse. Now you will have an additional debt

@TommyEgan.7 2 месяца назад

@@gina77duc44 then what's the answer ? Because a loan at least has a final date while the credit card keeps charging u interest forever it seems like.

@DrFinancialLiteracy Месяц назад

Amen!

@DrFinancialLiteracy Месяц назад

Give a call or email to walk through this.

@DrFinancialLiteracy Месяц назад

@@gina77duc44 Loans can help in some situations. I three loan mortgage and they are paying for themselves and then some.

@DrFinancialLiteracy Месяц назад

I have done this over the past 6 months and have reduced about $15,000-$20,000 in debt along with a 30 year mortgage. Please give it a try.

@davidl8723 2 месяца назад

The math is off on this. He says income at 5k a month, when in reality after taxes and deductions and 401k its more like 3500 a month.

@DrFinancialLiteracy Месяц назад

Amen

@anfdelarosa Месяц назад

Also people don’t usually get paid once per month so he’s making the assumption that you receive this 5000 as a one payment when you would receive probably a 2250 payment once and then another 2250 payment later in the month. With that you most likely have expenses throughout the month that you will have to use some of those funds for yes I understand putting majority of the funds on a credit card but you still have things that you need to do such as groceries, gas, etc that you will most likely put on the credit card.

@DrFinancialLiteracy Месяц назад

@@anfdelarosa Awesome. Thanks

@futureofwhat 10 дней назад

he also forgot to add cc interest to the amount due next month. This video is only accurate in a world with no interest and no taxes 😂 So like, life through a child's eyes. Cool!

@KBezzi 7 дней назад

It's a frickin example.. think for yourself to apply it

@aprilwelsh9796 2 месяца назад

Applying for a line of credit is a much better choice as opposed to a loan because the loan provides a fixed rate and payment and does it go down like a credit card or a line of credit does

@DrFinancialLiteracy Месяц назад

Amen!

@DrFinancialLiteracy Месяц назад

Loans can help in some instances.

@jeniferszpytek6946 2 месяца назад

I pay my utilities on my CC

@coedshowers 5 месяцев назад

if you ask them to lower apr do you just call them and ask? do they re-run your credit with a hard pull?

@NaamWynn 5 месяцев назад

Nope, just ask

@DrFinancialLiteracy Месяц назад

Amen

@quensettadavenport8165 Месяц назад

Asking to lower interest is a hard pull. Tried it and regretted it.

@futureofwhat 10 дней назад

Except that $400 payment also includes interest. And more will be added next month. so the new balance after 1 month isn't going to be $9600, it will be $9725 (assuming 20% interest charged on $7500). Also some cc only give you a 21 day interest free period. And most people get paid every 2 weeks. Further skewing the math and throwing off the plan. You'd get the same result more reliably if you just stopped using the card and made your $400 payment every month. Better yet, do a balance transfer.

@cadiotsavant2397 Месяц назад

I’m curious. Could you put the whole check into the card. Then use a Venmo or other free way of sending money needed for non credit card bills back to your bank account? Hence expediting the payoff process?

@DrFinancialLiteracy Месяц назад

Amen!

@DrFinancialLiteracy Месяц назад

I use convience checks, cash advances, and HELOC to pay off credit lines. Good luck!

@dmarz86 5 дней назад

Guess i'm not "average", have to put in alot of OT to hit $5k a month. Starting this strategy this week.

@NaamWynn 5 дней назад

Lets go!

@lilbits693 5 месяцев назад

Balance:$17,400 APR: 18% help! I already applied for a PL($15000)but I’m unsure if my job is secure.. should I pay off my car loan($13,500 APR:4.79%) or my CC? Wish I would have seen this before I applied for the personal loan

@thecuzzoshan8814 5 месяцев назад

Definitely you CC cause your credit card has a way higher APR than your Car loan

@MeMyself-y5n 2 месяца назад

I would say to pay off the car, because you need that to make money. Kinda pays for itself. And you might need it to live out of someday.

@DrFinancialLiteracy Месяц назад

Use this method!

@jacquelinecook8435 2 месяца назад

Would i include that credit card payment in the monthly expense and add to balance, pay to cc?

@mary_mary777 2 месяца назад

Figure out what has to be paid by cash/chequing account. The rest of it goes into the credit card. Use the credit card throughout the month on the rest of your bills. Gas, groceries etc.

@dorothyterrell3860 2 месяца назад

Not if the amount you deposited on the credit card is more than the payment amount. You satisfied that payment with the deposit.

@DrFinancialLiteracy Месяц назад

Would it

@katel3962 5 месяцев назад

Explain how to pay off Maxed Out Credit Cards with monthly Social Security Income of $1200 and monthly expenses that exceed $1200!! Rent, utilities, food, car insurance, gas, cell phone ($35 monthly) exceeds my income > $1200

@brianbutterworth6107 2 месяца назад

Just get a job making 5 grand a month then it's easy, just like this video showed.

@DrFinancialLiteracy Месяц назад

Amen!

@DrFinancialLiteracy Месяц назад

In california there are a number of jobs paying above $60,000 that are going unfilled.

@kalitzina 13 дней назад

You need a job.

@Roguelivin650 2 месяца назад

How the heck is the average person making 5 k a month

@lukahb6215 Месяц назад

They don’t. I thought that too

@DrFinancialLiteracy Месяц назад

Amen!

@DrFinancialLiteracy Месяц назад

That is just an average but many people in the skilled trades and professionals are making above $60,000.

@cmp319 19 дней назад

also, who is getting a lump sum payment. Paid bi weekly and cards and things need pmnts different times through out the month

@DrFinancialLiteracy 19 дней назад

@@cmp319 1,000s are making that amount.

@TheSelf_EmployedBudget Месяц назад

This won’t work because of the interest rates. Especially with the large CC balance.

@DrFinancialLiteracy Месяц назад

Amen!

@DrFinancialLiteracy Месяц назад

Wrong. I have paid off $20,000 with this method.

@blakberree1217 Месяц назад

FYI.. you can use your credit card for some rental places

@NaamWynn Месяц назад

correct!

@DrFinancialLiteracy Месяц назад

Amen!

@LaToyaPlansLife Месяц назад

This sounds great, but what if it's a maxed out card but a store card where you can't put other expenses on it. How would that work?

@DrFinancialLiteracy Месяц назад

Amen!

@Battleofthetwins1 Месяц назад

@@DrFinancialLiteracyyou didn’t answer the question

@TiffanyBedford 9 дней назад

I've done this and it works!! ❤

@NaamWynn 8 дней назад

Great to hear!

@dorothyterrell3860 2 месяца назад

So it seems this would help someone who has a high interest cash advance on that card. From what i understand any amount you pay on your credit card that is above the amount due has to be applied to the highest interest amount on that card. So being that cash advances carry the highest interest it would eliminate that high interest portion on the card.

@DrFinancialLiteracy Месяц назад

Not necessarily. I have cash advances but the credit card company applies my payment to purchases 1st and then to my cash advances. I have done this with 3 credit cards so far with cash advances.

@dorothyterrell3860 Месяц назад

@@DrFinancialLiteracy yes anything you pay over the monthly amount is required by law to go towards the item that has the highest interest.

@aliabdul-qadir8334 21 день назад

I use my credit card to pay my bills car insurance phone bill some of rent 6 month in advance on my way to financial freedom🎉

@NaamWynn 20 дней назад

Awesome!

@marcusmobley5411 Месяц назад

That's the same as your minimum payment....and that's without apr factored in. This seems very dumb

@MeMyself-y5n 2 месяца назад

I have very low balances on my couple of cards as compared to their limits, but I'm thinking about doing this anyway. My only question is why he did not take into account the interest, so that the debit would not really be the whole four hundred.

@DrFinancialLiteracy Месяц назад

Amen!

@DrFinancialLiteracy Месяц назад

He just overlooked it. Have you started VB yet?

@karenpujols2940 Месяц назад

Great video!

@DrFinancialLiteracy Месяц назад

Amen!

@paulasanda1486 Месяц назад

What do you do with 25.000$/ year

@MrQuon87 7 дней назад

Can this work if I have a $300 n $400 credit....an my monthly bills are $500 I pay ?I make $2000-$3000 month

@FSSRKeyno 5 месяцев назад

Why pay off our debts?

@FSSRKeyno 5 месяцев назад

The middle class is gone. Only the rich and poor. The American dream is gone. Nobody can afford a house, car, medical, food ect. 34 trillion in debt. It is all going down. Crash and burn. So what are the benefits of good credit after the reset?

@DrFinancialLiteracy Месяц назад

Amen!

@naegleriafowleri2230 Месяц назад

@@FSSRKeyno people hold on to it out of fear, that they may need it for emergency but all the money you paying for maxed out cards with raping interest, just file bankruptcy or stop paying and now you have thousands of dollars into your savings every month, before you know it in one year you have a considerate savings for emergencies and chances are you can still keep a credit or open one 1 or 2 years later

@FSSRKeyno Месяц назад

@@naegleriafowleri2230 unfortunately there'll be never enough, only one major illness will wipe out your emergency savings.

@MotherOfThings Месяц назад

The take home pay is less. They take $1000 off the bat, retirement, taxes.

@DrFinancialLiteracy Месяц назад

I agree it is a challenge

@lakramonwilkins5431 Месяц назад

Your numbers are way off. 5k a month is the gross. Where I’m from I pay high state taxes and federal taxes along fica. Just be more realistic when you tell people about paying off credit card debt.

@LuisLopez-d2y 4 дня назад

That will not work because credit card companies will not release the funds till 14 days after you pay them

@kimberlycorrine 4 месяца назад

How do you do it if you have several cards at max?

@DjA.Sauce5 2 месяца назад

If you can do a balance transfer to avoid interest charges.

@mary_mary777 2 месяца назад

If you do not qualify for a line of credit because of your current credit score choose the credit card that will free up the most cash. Meaning, focus on the credit card with the largest minimum monthly payment. Use this card to “park your pay cheque” and use throughout the month for expenses like gas, groceries etc. And, continue to pay the minimum monthly payments on the rest of your credit cards. Hope this helps!

@DrFinancialLiteracy Месяц назад

Amen!

@TutStore 5 месяцев назад

How to pay off debts: have money. Simple.

@NaamWynn 5 месяцев назад

That does help

@GoSamOoo 5 месяцев назад

Use your money to make money before you spend it

@naegleriafowleri2230 Месяц назад

but you didnt get shit by paying them off, your score will remain shit to average as it already was, just file for bankruptcy if you are maxed out and getting raped by interest if thats not possible just stop paying altogether, now you can build up your savings big time probably over a thousand if not more every month

@diamondbrightxxx7531 2 месяца назад

Omg credit card debt is so stressful. I am done using them until I pay them off. I just can't stand it.

@aeromedical6776 2 месяца назад

That mindset is what will help you to reduce debt and build wealth. My wife and I have no credit card debt and haven’t used them in over a dozen years. Our net worth is nearly $1M

@DrFinancialLiteracy Месяц назад

I use them for cash rewards to build my net worth towards $1 million. I love credit cards!

@DrFinancialLiteracy Месяц назад

@@aeromedical6776 I use them for cash rewards to build my net worth towards $1 million. I love credit cards!

@Sludgedump 2 месяца назад

It feels like im the only person on planet earth who isn't in a mountain of debt. How do you even find enough things to buy to max out a credit card? I don't get it

@DrFinancialLiteracy Месяц назад

Consumption and sometimes emergency personal and business.

@Bruhman5thflr 5 месяцев назад

What if you have multiple credit cards?

@NaamWynn 5 месяцев назад

Same process

@DrFinancialLiteracy Месяц назад

Same manner to reduce debt

@christypollock5874 Месяц назад

I am confused. 🤔

@sheneathahollowell2750 2 месяца назад

I started trying to do this but it backfired bc the creditor lowered my available credit. I waited too long with maxed out balances.

@DrFinancialLiteracy Месяц назад

Amen!

@DrFinancialLiteracy Месяц назад

Sorry to hear that happened!

@naegleriafowleri2230 Месяц назад

lol you got fucked i did that once and these mofos did that since then i only pay minimum for them fuk them but now im considering stop paying cause is getting to a point where interest is too high and almost maxed out is literally impossible to get out of debt almost my whole paycheck is going to pay credit cards and their stupid interests

@Lilly-mz6fi Месяц назад

None of my credit card companies are willing to lower rstes

@DrFinancialLiteracy Месяц назад

Amen!

@thedetroitrecruiter7438 22 дня назад

Ppl he clearly said 5k was the take home! It assumes taxes have been removed 🤦🏽‍♂️

@shawana2744 10 дней назад

Yeah good video but you put half your paycheck on the credit card but you still have to pay whatever you put on the card plus the monthly payment! 🤷🏽‍♀️

@ninamatthews8747 Месяц назад

So with this method you pay off 400 a month, which is what you would've done anyway. I could understand if he did the interest calculation and the average daily balance significantly affects the interest charged. But he didn't even consider that. This is so silly.

@Juice421fs 2 месяца назад

Im so bad with money! I just dont get it.

@sunnyvibes8528 Месяц назад

If you’re maxed on your card you can’t use it for NON-card expenses!!

@naegleriafowleri2230 Месяц назад

stop paying or file for bankruptcy

@DrFinancialLiteracy Месяц назад

Those are option.

@brianbutterworth6107 2 месяца назад

Hilarious! This should be called "Paying off maxed out credit cards with no savings is easy when you make 5 g's a month and have only 2100 in expenses.

@DrFinancialLiteracy Месяц назад

I did it with $3,390 a month in CA.

@truckn 2 месяца назад

*He used the 4 letter word. LOAN is a dirty word.*

@DrFinancialLiteracy Месяц назад

Is it my neighbor who took out a $50,000 loan and sold his home for about $800,000 now it last sold for $2.6 million. SMH

@valeriemaddox3611 2 месяца назад

Velocity banking

@DrFinancialLiteracy Месяц назад

Super right

@nanah2000 Месяц назад

You copied another video word for word..

@DrFinancialLiteracy Месяц назад

The process and methods are similar just different delivery styles. Great video

@Artlife0831 15 дней назад

Yeah true, but damn he still copied his video line for line

@DrFinancialLiteracy 15 дней назад

@@Artlife0831 Are you practicing velocity banking?

@DrFinancialLiteracy 15 дней назад

@@nanah2000 Which video, I would like to check it out?

@LightGesture 2 месяца назад

But if you can't open an account n this is irrelevant.. im to far gone

@julius.150 5 месяцев назад

Sell adult content online to pay off debt

@DrFinancialLiteracy Месяц назад

Funny

@Slowly_We_Rot 9 дней назад

RAH

@user-zs1fr7im6l 5 месяцев назад

How To PAY OFF MAXED Out Credit Cards With NO SAVINGS ! BANKRUPTCY ! LOLOLOLOLOLOLOLOL

@NaamWynn 5 месяцев назад

Unethical life hack

@DrFinancialLiteracy Месяц назад

Lol.

@ComicArts-et2wl 6 дней назад

@mentzo1 4 дня назад

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@Daniyellasings 4 дня назад

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