I also paid off $300,000+ in full 100% after i completed 3 of my degrees. i personally don't like to pay more than minimum payments, unless it's super high interest rate. i would consider the opportunity cost and use it to invest and generate more. so i actually use the money to invest instead of paying the loans, then i ended up tripling my investment, so i paid off my student loans fast that way. i just posted a video about how i paid off $300,000 on my channel. please check it out and let me know what you think too 😃
This is great information, but I have a counter to what you say in this video: Your plan is not taking into consideration of the interest accrued on your line of credit. Banks actually calculate the interest on a daily basis. So, using a line of credit interest calculator you will quickly see you cannot pay off the $15,000 line of credit in 10 months, rather it will take you about 11 months. Anyways, after doing some math (shown wayyyyy below of this comment), you will see that that you have to pay a total interest of $11,221.75 by the time your loans are done (This includes the interest accrued on the loans + the interest accrued on the line of credit). Though is is far better than the $44,006.31 paid in interest for the traditional payment, I feel like there is a better way to go about it. Instead of getting a line of credit, if you just threw in the $1500 cash flow directly into the principle every month, you total interest accrued would only be $9,561.47. Advantages to just paying off your principle every month is: 1: You save $1660.28 overall. 2: Your credit score won't plummet. (You should never spend more than 30% of your line of credit every month to improve your credit score. Preferably, stay within 10%. With your method, you were spending 75% of your credit line and this is not good). 3. You can still get a $25,000 line of credit and you will have all that $25,000 for a rainy day. Just use a little bit every month (from your $2000 expenses) and pay it off every week. This will dramatically improve your credit score. 4. Your plan assumes the interest rate's line of credit is only 8%. The range is usually 7% to 25% from what I have seen. Unless you have a great credit score, it would be tough to get 8% interest rate on your line of credit. If you get a higher interest rate, you are only paying more in interest to the line of credit. Point to take home is that don't spent more money on the credit card than what you have in your checking/saving account. Only exception to this is if the loan interest rate is much higher than your line of credit interest, then you may consider it after doing some math. ______________________________________________________________________________ See below only if you actually want to see the math for my point: Here is the scenario you provided: 1. Loan Borrowed: $80,000 2. 6% Interest accrued during 1 year deferment: $4,800 3. New Principle amount: $84,800 Using traditional method & Karla's mortgage calculator: 1. Monthly payment: $715.59 2. Total interest paid by the end of 15 years: $44,006.31 3. Total payment by the end of 15 years = $84,800 + $44,006.31 = $128,806.31 According to your plan: 1. Get a line of credit for $20,000 w/ 8% interest 2. Use $15,000 to pay off a huge chunk of the principle. 3. Pay off the $15000 balance on the line of credit using your cash flow of $1500 --> so theoretically you should be able to pay off the loans in 10 months. But this is the first place where your calculation is wrong. B/c the banks charge interest on a daily basis, to pay off the $15,000 loan w/ 8% interest in 10 months, you have to pay $3,568.88 per month. However your income is only $3500 so you cannot pay it off in 10 months. It will take you 11 months to pay off the $15,000. Of these 11 months, you will pay your entire $3,000 paycheck towards the line of credit for the first 10 months, and on your 11th month, you will just have to pay $2,728 out of your $3,500 income. So, during that 11th month, you will still have $772 left over. (Use Bankrate's line of credit calculator [just google search it] to figure out these numbers). It's pretty simple. 4. I am going to assume that you are going to use that left over $772 as cash flow to pay off your loans. So, instead of paying $15,000 every 10 months, you actually pay $15,000 the first month, and $15,772 every 11th month ($15,000 from the line of credit and $772 left over cash flow from the 11th month). 5. Putting in these values into Karla's mortgage calculator ($15,000 on the first extra payment, and $15,772 every 11th month), it will take you 4 payments $15,000 from your line of credit. 6. Interest paid during these 11 months (used Bankrate's Line of credit calculator online) --> $728. 7. So, the amount of interest accrued for the 4 cycles of $15,000 borrowed from the line of credit = 4 * $728 = $2,912. 8. Amount of total interest accrued on the principle by end: $8,309.75 (This is great compared to the $44,006.31 from traditional method). 9. Total interest you had to pay by the end = $8,309.75 + $2,912 = $11,221.75 10. Total payment by the end = $84800 + $8309.75 + $2912 = $96,021.75 My counter-method to this: 1. Instead of getting a line of credit, just put the $1500 cashflow that you have left over every month directly towards the principle. 2. So instead of paying ~$15,000 every 10th or 11th month, you are putting in $1500 extra payment every month. 3. Total interest paid by the end of term: $9,561.47 (as opposed to the $11,221.75 according to your plan) 4. Total payment by the end = $94,361.47 (as opposed to the $96,021.75 according to your plan).
Tarun Kakumanu, the essence of what u r sharing is absolutely correct. the essence of her stategy that works is 'don't have any emergency fund'. if u have a financial emergency and if the creditors remove your credit, then u r screwed. but if not, yes, it gets paid faster. but here's why this whole strategy is messed up: dollars are worth half as much after 10 years. so paying a loan off slowly is usually actually a *better* idea because inflation turns some disadvantages of debt up-side-down and makes it advantageous is some ways. i pay off my home loan as slowly as possible not as fast as possible because i *invest* that extra cashflow that gives me a higher return than the interest that i'm paying on my loan.
@tarun It does. When you are paying alot on your credit line, the interest in very low. Lower than the credit card and lower than the student loan debt. The method works
@@KayDejaVu no, the interest is not low when u r paying it off fast. the amount of interest is *totally* dependent upon your interest rate, which is why the part of this method to get a higher interest loan and pay that off is *much* more expensive than avoiding that mistake. but because the rest of the method does pay down the debt faster, then the whole process is faster than normal. but the faster way is avoiding that expensive credit card.
Im confused, doesn't the student loan continue to accrue interest? I don't see this accounted for anywhere. So if you pay 15000 every 11 months, the first year there is still 65,000 accruing interest, and so on! Can someone explain this to me.
There are not too many proven system credit but I know an individual (system expert) who repairs credit and clears debt not for only me but for a whole lot of others. I met him on Quora and I trust him enough to help me handle issues like this ever since he helped me get 30k credit line. His name is Conner, I am sure he will be willing to help you if you get in touch with him today. Contact him on his regular email PATCHCREDIT GMAIL COM!
Geez.....the way ypu explain and the dry erase board makes it so easy to follow. I love your videos and your board. Lol keep posting more.....I'm hooked.
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wow wow wow Laura you've done it again! Plugging in my numbers and seeing I would end up paying DOUBLE in interest, God forbid. This strategy has me MIND BLOWN! Def going to do more research to see how I can incorporate this method
I liked your video. I am a little concerned about the 75% chunks but your heart is in the right place. I would like the chunk at 6K. It’s better for your credit utilization. Just do these chunks more frequently. This plan could also work with a credit card but it’s a lot trickier as cash advance issues would come into play. Keeping the LOC at 30 percent will build your credit over time and after six months ask for an increase in the line. Apply the 30 percent limit to the increase as well. Keep the videos coming!
Wish you were still making videos with current webcams. Your videos are very helpful. We used your mortgage video to help us pay off debt using a credit card and how to live on a credit card during the pandemic which we racked up 17k credit card debt. It took us 6 months to pay off our credit card with the help of the 1 time stimulus check, other wise we would of played off our debt in 10 months.
Can you explain the benefits of paying all your bills using this line of credit, since you would be accruing interest on things that didn't have interest to begin with? I understand the difference between the types of loans, I'm just trying to understand the benefit of putting all your income and debts on a line of credit, and not just put the student loan itself and apply any cash flow, including saving directly to the line of credit.
So the amortization interest requires you to pay interest first. The credit card accrues interest every month. Her theory is that you will pay less interest by paying more at once using a cc than paying more in the amortization loan.
There is no such thing as 'amortization interest'. Amortization is just a way to calculate payments. If interest was truly 'front loaded' as she describes, then you would have to pay the same amount of interest in either scenario. You will note she doesn't compare her method with just paying extra every month, and she ignores the interest you would have to pay on the line of credit (it would take longer than 10 months to pay off 15,000 on the line of credit if you are only paying 1,500/month). Her interest comparisons are misleading at best, and her statements on the difference between 'amortization interest' and 'simple interest' are incorrect. The most charitable interpretation of her statements is that she is ignorant of how interest works, and I wouldn't trust her advice (or anybody else who makes such a simple error). In her example, it would be faster (and cost less in interest) to just take the $1,500 extra you have every month and pay down the loan directly than using her method. That being said, this method would pay off the debt faster if the interest rate on the line of credit is equal to or less than the interest rate of the loan you are trying to pay off.
Hey Laura , Just Wondering if i could use PLOC instead of HLOC for Mortagage ? Will it work the same ? I cant have HELOC because i dont have equity in my home.
THANK YOU SO MUCH! you don’t know how great help is this. I was so worried of getting student loans. But when I watched this and learned as well on how interest works it help me have a better understanding and planning on how I took good care of paying my loans. Thanks sooo much!!!
I also paid off $300,000+ in full 100% after i completed 3 of my degrees. i personally don't like to pay more than minimum payments, unless it's super high interest rate. i would consider the opportunity cost and use it to invest and generate more. so i actually use the money to invest instead of paying the loans, then i ended up tripling my investment, so i paid off my student loans fast that way. i just posted a video about how i paid off $300,000 on my channel. please check it out and let me know what you think too 😃
This is a great idea thank you so much, the only thing this might affect will be your credit score as you will be using 3/4 of credit card balance, however, I rather lose credit score than paying more overtime👍🏽 Keep up the good work
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Is the revolving line of credit perk worth losing the protections borrows have for federal student loans? I feel as if this method makes sense if you only address private student loans.
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This may seem silly, but for this purpose, is a line of credit and a credit card the same thing? Do they both work equally as well for this system or is there some difference that would be important to know about? Thank you!
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What if I do not have the cash flow near 1500 what if a persons cash flow is well under 1500 per month but still postie Do you have suggestions when a person credit has some issues and can not get the 20 K line of credit. Do you suggest if they can not get this they pay there current student loans and do this later in life???? .
Very good video btw, I wish you provided this video to every person who is just about ready to leave high school and go off to college so there is a good plan of attack before during and after college.
Hi Jay, thank you for your question my first suggestion is to watch this video of mine as I do go over how to increase cash flow : th-cam.com/video/Luu3ETRDleE/w-d-xo.html then work on improving your credit score, but in the mean time you do not need to wait you do not need limit that high to do this either, you generally want a limit that is higher than your net monthly income, but you can do this even with a line of credit limit that is smaller than your net monthly income you will just have to track your expenses separately and use that line of credit towards loan pay down.
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@@laurapitko6404 , You are a menace on TH-cam. You lack of basic finance will rob young students of valuable income and may cause undue hardship. If people could sue for bad advice on TH-cam, you would be bankrupt. Please stop posting on finances.
I don't understand how this works. the only thing I see is now you have two bills now to pay off. both credit card and the other the student loan. how does this help? maybe im missing something here. thank god my student loan is not that high.
Yes, a personal line of credit will provide you with the tools to make those payments, a lot of times you can just move the money over to your checking account from the personal line of credit to make that student loan payment.
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Hi Laura, Quick question. I watched both of your videos about paying off mortgage and school loans... which I’m currently trying to do (very informational video btw). My question is, is there a difference between your approach using a line of credit verses if I throw all of my extra savings per month against the principal of my school loans as I go (instead of into savings)?
Hi Jackie, thank you for watching, I am actually working on putting out a video which will be the next video I upload answering this question, please stay tuned.
Thumbs up! Very cool concept and it definitely would work! Something that may help you for other videos you may make. You're discussing a financial concept called TVM (Time Value of Money). You can use a TI-84 calculator to do most of the calculations that you performed. There are a bunch of TH-cam videos on it as well.
In a scenario where a person has multiple debts it sometimes yes, makes more sense to pay off other smaller debts to free up the cash flow. So my suggestion is run both scenarios in an amortization calculator for yourself with what ever line of credit tool you can get, with your current net monthly income and cash flow and see what will be best.
Hi Laura I made huge chunk payment on my student loan using a HELOC and student loan service lowered my monthly payment. My question is do I keep paying the original monthly payment or pay the new lowered balance.
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I also paid off $300,000+ in full 100% after i completed 3 of my degrees. i personally don't like to pay more than minimum payments, unless it's super high interest rate. i would consider the opportunity cost and use it to invest and generate more. so i actually use the money to invest instead of paying the loans, then i ended up tripling my investment, so i paid off my student loans fast that way. i just posted a video about how i paid off $300,000 on my channel. please check it out and let me know what you think too 😃
After the student loan is paid off wont you still have a balance on the line of credit? All you did was transfer your debt somewhere else. Yes the student loan is gone but now there is the personal loan! Am I missing something????
Hello you can implement this strategy using a credit card too so if you can get a credit card at 0% introductory apr with a good limit then your limit will get increased you will build your credit history then you can go back to the bank and try to get a personal line of credit again if needed you can always get a personal line of credit at any other bank besides the one you have your checking account with if you are going to use a credit card then one way to use a credit card to make payments on loans is by linking your credit card as overdraft protection onto your checking account, if your bank does not allow you to do this as there are a couple that do not there are other ways using pay pal or other servicing outlets like it, or an easier way all together is getting a line of credit account that allows you to make those payments directly or provide you with tools that make it easier & such an account would be a personal line of credit so as I mentioned check with other banks.
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No, I am not talking about consolidation, I mean contact your current bank that your checking account is at or another bank is fine too and ask what type of line of credit accounts they can offer you and what are their term, then you will use that line of credit account to start to aggressively pay off the student loan debt.
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Question: Wouldn't the interest be compounded monthly? Or does deferment play a role in that? If compounded monthly, I believe your calculation for loan value after the first year at 6% interest would be $84,934.22. (Not sure it actually matters since you are just explaining deferment and interest)
I’m trying to keep my student loan for as long as possible because it helps my age of credit and it’s such a low rate. However, it’s a small balance with a manageable monthly payment.
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Hello, thank you for your comment one way to use a credit card to make payments on loans is by linking your credit card as overdraft protection onto your checking account, if your bank does not allow you to do this as there are a couple that do not there are other ways using pay pal or other servicing outlets like it, or an easier way all together is getting a line of credit account that allows you to make those payments directly or provide you with tools that make it easier & such an account is a personal line of credit which you want to get that allows you to move money back and forth between the line and your checking account without any fees or limits. This chucking method is extremely resilient to interest changes so yes it makes sense, but of course everyone's financial situation is unique, so my advice is see what type of line of credit you can get, go over the terms and your finances and create a plan using this strategy.
This sounds like an excellent tactic. I have a question though. I have a credit card with a $30000 Limit and alot of my debt student loans and other things don't allow me to pay with credit cards should I ask for a cash advance?
Hello, thank you for your comment one way to use a credit card to make payments on loans is by linking your credit card as overdraft protection onto your checking account, if your bank does not allow you to do this as there are a couple that do not there are other ways using pay pal or other servicing outlets like it, or an easier way all together is getting a line of credit account that allows you to make those payments directly or provide you with tools that make it easier & such an account would be a home equity line of credit (which you can get if you own a home) or a personal line of credit.
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Another thing, I had a personal loan and tried to pay the principal balance and they kept refusing saying I had daily interest accrued so couldn't make a payment specifically to principle only, every payment deducted interest then applied the rest to principle
THAT'S HOW IT WORKS, THEY GET $120 INTEREST EVERY MONTH FROM ME, $4 DAILY. I HAVE SUB AND UNSUB LOANS, I PAY OFF THE INTEREST OF BOTH AND THEN PAY AHEAD, THEN I JUST PUT ALL MY EXTRA ON JUST ONE. IT'S A PAIN BECAUSE NAVIENT MAKES ME DO IT OVER THE PHONE, JERKS. $120 OF MY MONEY TO SERVICE $23,000. I AM SICK OF PAYING THESE GUYS. I SHOULD BE DONE BY THE END OF THIS SUMMER. KEEP GOING, THERE IS LIGHT AT THE END OF ALL THIS. JUST IMAGINE ALL THAT CASH THAT WILL BE YOURS.
I also paid off $300,000+ in full 100% after i completed 3 of my degrees. i personally don't like to pay more than minimum payments, unless it's super high interest rate. i would consider the opportunity cost and use it to invest and generate more. so i actually use the money to invest instead of paying the loans, then i ended up tripling my investment, so i paid off my student loans fast that way. i just posted a video about how i paid off $300,000 on my channel. please check it out and let me know what you think too 😃
Hello, I break down the interest associated on a line of credit and show you how to calculate it in this video: th-cam.com/video/J9978byclgk/w-d-xo.html
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What is the purpose of depositing your entire net income into your line of credit account when you're only going to withdraw all of your living expenses from it every month? Wouldn't it be just as effective to only deposit your cash flow funds on a monthly basis?
Hi Lara the personal line of credit account charges you interest so by depositing your entire net income you reduce the amount of interest you pay because it lowers the balance you carry if you would like a more detailed explanation on this you can view this video going over how the interest is calculated: th-cam.com/video/J9978byclgk/w-d-xo.html also by depositing your entire net monthly income and using the account actively like per my example will increase your limit.
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I'm so grateful for this video but confused on something... I feel like that amortization schedule can't be right because it shows continuing to post 715 when really we should only be paying off the credit line with our 1500 cash flow for the 10 months and leave the loan alone until the next 15k chunk. What do you think Laura or anyone?
I also paid off $300,000+ in full 100% after i completed 3 of my degrees. i personally don't like to pay more than minimum payments, unless it's super high interest rate. i would consider the opportunity cost and use it to invest and generate more. so i actually use the money to invest instead of paying the loans, then i ended up tripling my investment, so i paid off my student loans fast that way. i just posted a video about how i paid off $300,000 on my channel. please check it out and let me know what you think too 😃
Federal student loans are simple interest rate loans as are most private education loans. Just pay more on the student loan and it will be automatically applied to principal.
Hi Erica, if you do not have any credit cards and cannot get a personal line of credit, another option is a home equity line of credit that is if you own your own home then you can get this line of credit if none of these are available to you then you can get a secured credit card to start the process and over time build your credit to increase the limit and qualify for better term on a line of credit then in 6 months go back to the bank and see if they can offer a better line of credit product and then switch over to that.
fist of all the mortgage bank don't allow anyone to make payments to the principal specifically with any credit card! cuz interest accrued daily! would you mind explaining that in detail please?
Hello Sam, I am about to be putting out a video which will answer this question in more detail, but you will be using the line of credit to pay the monthly minimum mortgage or loan payment: one way to use a credit card to make payments on loans is by linking your credit card as overdraft protection onto your checking account, if your bank does not allow you to do this as there are a couple that do not there are other ways using pay pal or other servicing outlets like it, or an easier way all together is getting a line of credit account that allows you to make those payments directly or provide you with tools that make it easier & such an account would be a home equity line of credit or a personal line of credit.
I liked tha way you write the nr 8 :) ....Whould you like to be my personal finance advisor? i could use your help to build up my own bank and cash flow. And i could help you to make more outstanding videos (as i'm a freelancer videographer). You share some cool knowledge in your channel, is it all truth and whats your personal experience by creating your own BOLI? Do you have any step by step about this process ....who to contact or meet up (agencies, lawyers)? Thank You Laura for being here and sharing some knowledge with us! Respect!
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Occupation: Biochemist, Cancer Research PhD Completion: 2015 Salary: $52,000 per year May 2016 Balance: $51,000 March 2020 Balance: $4,292 Earliest Zero Balance Date: June 1, 2020
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Hello Alex, I may make another tax strategy video, but I did make 2 videos on tax write-offs: th-cam.com/video/QkLQjmJl9ug/w-d-xo.html & th-cam.com/video/tT1uhgSzpmc/w-d-xo.html
Good info, Thanks!. It works if you have 0% APR for cash advance credit card, the loan should be paid in cash. Also you have a guid line to follow. Good job ;)
Hi Rachel, what topic in particular would you like me to cover? Because I did make this video on paying off a home mortgage faster: th-cam.com/video/4GonTct2WMk/w-d-xo.html
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Hi Laura, my students are $78,678 to the penny! However, I haven't begun to pay any amount! I would like to attack it aggressively. just paying it seems that ? Are there any programs to assist with these loans such as forgiveness and get rid of the debt? The loans doesn't seem to go away! Also I am in a Deferment currently! Maybe I know the answer to the question maybe I am wasting time!🤔
To aggressively attack your student loans you could implement this strategy, but prior to doing so be sure you have full and complete understanding so you can get the most of it! There is no way to get rid of student loan debt.
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I also paid off $300,000+ in full 100% after i completed 3 of my degrees. i personally don't like to pay more than minimum payments, unless it's super high interest rate. i would consider the opportunity cost and use it to invest and generate more. so i actually use the money to invest instead of paying the loans, then i ended up tripling my investment, so i paid off my student loans fast that way. i just posted a video about how i paid off $300,000 on my channel. please check it out and let me know what you think too 😃
You are a genius and an angel, Laura! Thank You for sharing Your knowledge and not just keeping it to Yourself. I used to live paycheck-to-paycheck, but thanks to increased income I am finally able to apply Your principles and get rid of my debt faster.
Thanks Laura, I came across your videos late last year & I have been using this strategy to pay off my super high car note of 21.21%. Currently 2 months away from getting out of that situation.
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Instead of making the $715/month payments just pay the $1,500/ month payment. Am I missing something. A lot of bank interest rates do apply on a daily rate as well.
Alexa, this Q&A video explains in more detail why using a credit card or a line of credit to pay off a loan has more advantages, you can see that video here: th-cam.com/video/vwxaVwjxyZg/w-d-xo.html
This is exactly what I needed help with. Thank you so much! My student loan is about $9500 so I can probably get it paid off much sooner than I expected with the strategy you used. I will have to research PLOC because I am not very familiar with it. But this is a start! LOVE your videos, they are so helpful🤗
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call your finance company and arrange to pay the total amount split between every 2 weeks. so if you owe $400/mo, pay $200 every other week. this gets you 1 or 2 extra payments in and cuts down on interest charged per day. or you can just throw something extra towards the principle when you have it.
Lisa McCoy finance with a credit union, they have lower APR % rates. For a credit score 600-649 they offer a 5.65% APR % for 24 months. Houston federal credit union does for my upcoming car purchase.
It's not the full $35k savings, you did not include the 8% interest over the ~3 years it took to pay off the loan. It should be $35k - PLC @8% for 3 years.
Yes!!! I was thinking this the whole time!! You actually end up paying ~$9K more to pay it off faster due to the 8% interest rate. But you shave off ~12 yrs, including being able to save the cash flow during that time. I have not done the calculation to which is better for net worth yet.
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I tried this! Flop. Could not make payments from my MasterCard to mortgage etc. has anyone actually done this because sounds great but can’t make payments with credit
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A line of credit is not a credit card. It's an unsecured personal line of credit you get from your bank or credit union. Ask your bank about applying for one.
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Dang! $80.000!?! Im happy i live in Norway. I had only around $2500 student loan (17 years ago). And NO, i did not work after school. We get a small but BARELY sufficient funding by the state over here, and so we dont need to take high loans. I remember one person still took around $10.000 loan for just 1 year, but i believe the average was around $3500...
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You Don’t save money but you do save 12 years of your time and “cash flow” so you decide. In her calculations the total you pay at 15 yrs is $128,806. But with using PLOC, over 3yrs, it’s $92,833 total paid. Hold on; through my calculation paying around $11,444 interest on PLOC each time you do the 15k, and if done 4x=45,776. Thus paying total of $138,609!!!! It costs you $9803 more to pay it off in 3 yrs rather than 15 years! It’s the cost of your freedom, from being a slave to student loan debt! You may break even or ACTUALLY save money IF you have a comparable or smaller interest rate than your student loans. But banks are not usually inclined to do so 😏
Please see this video:th-cam.com/video/4GonTct2WMk/w-d-xo.html it will make more sense as this is a follow up video. Thank you, also after reviewing please feel free to send me a private message.
You have not added interest on the LOC. You say 8%, bit you are not applying the interest charge to the account. When you consider the interest at 8%, you are not reducing the LOC by $1500 per month, therefor you do not pay off the student loan cheaper. Why not use the app you mention. Enter 15k debt in at 8% for 10 months. You will then see that $1500 per month will not repay the 15k debt in 10 months, so you will not be able to transfer $15k to the other debt as you claim.
I think there is more help on TH-cam about student loans than in actual colleges unfortunately...
I also paid off $300,000+ in full 100% after i completed 3 of my degrees. i personally don't like to pay more than minimum payments, unless it's super high interest rate. i would consider the opportunity cost and use it to invest and generate more. so i actually use the money to invest instead of paying the loans, then i ended up tripling my investment, so i paid off my student loans fast that way. i just posted a video about how i paid off $300,000 on my channel. please check it out and let me know what you think too 😃
This is great information, but I have a counter to what you say in this video:
Your plan is not taking into consideration of the interest accrued on your line of credit. Banks actually calculate the interest on a daily basis. So, using a line of credit interest calculator you will quickly see you cannot pay off the $15,000 line of credit in 10 months, rather it will take you about 11 months. Anyways, after doing some math (shown wayyyyy below of this comment), you will see that that you have to pay a total interest of $11,221.75 by the time your loans are done (This includes the interest accrued on the loans + the interest accrued on the line of credit). Though is is far better than the $44,006.31 paid in interest for the traditional payment, I feel like there is a better way to go about it.
Instead of getting a line of credit, if you just threw in the $1500 cash flow directly into the principle every month, you total interest accrued would only be $9,561.47.
Advantages to just paying off your principle every month is:
1: You save $1660.28 overall.
2: Your credit score won't plummet. (You should never spend more than 30% of your line of credit every month to improve your credit score. Preferably, stay within 10%. With your method, you were spending 75% of your credit line and this is not good).
3. You can still get a $25,000 line of credit and you will have all that $25,000 for a rainy day. Just use a little bit every month (from your $2000 expenses) and pay it off every week. This will dramatically improve your credit score.
4. Your plan assumes the interest rate's line of credit is only 8%. The range is usually 7% to 25% from what I have seen. Unless you have a great credit score, it would be tough to get 8% interest rate on your line of credit. If you get a higher interest rate, you are only paying more in interest to the line of credit.
Point to take home is that don't spent more money on the credit card than what you have in your checking/saving account. Only exception to this is if the loan interest rate is much higher than your line of credit interest, then you may consider it after doing some math.
______________________________________________________________________________
See below only if you actually want to see the math for my point:
Here is the scenario you provided:
1. Loan Borrowed: $80,000
2. 6% Interest accrued during 1 year deferment: $4,800
3. New Principle amount: $84,800
Using traditional method & Karla's mortgage calculator:
1. Monthly payment: $715.59
2. Total interest paid by the end of 15 years: $44,006.31
3. Total payment by the end of 15 years = $84,800 + $44,006.31 = $128,806.31
According to your plan:
1. Get a line of credit for $20,000 w/ 8% interest
2. Use $15,000 to pay off a huge chunk of the principle.
3. Pay off the $15000 balance on the line of credit using your cash flow of $1500 --> so theoretically you should be able to pay off the loans in 10 months. But this is the first place where your calculation is wrong. B/c the banks charge interest on a daily basis, to pay off the $15,000 loan w/ 8% interest in 10 months, you have to pay $3,568.88 per month. However your income is only $3500 so you cannot pay it off in 10 months. It will take you 11 months to pay off the $15,000. Of these 11 months, you will pay your entire $3,000 paycheck towards the line of credit for the first 10 months, and on your 11th month, you will just have to pay $2,728 out of your $3,500 income. So, during that 11th month, you will still have $772 left over. (Use Bankrate's line of credit calculator [just google search it] to figure out these numbers). It's pretty simple.
4. I am going to assume that you are going to use that left over $772 as cash flow to pay off your loans. So, instead of paying $15,000 every 10 months, you actually pay $15,000 the first month, and $15,772 every 11th month ($15,000 from the line of credit and $772 left over cash flow from the 11th month).
5. Putting in these values into Karla's mortgage calculator ($15,000 on the first extra payment, and $15,772 every 11th month), it will take you 4 payments $15,000 from your line of credit.
6. Interest paid during these 11 months (used Bankrate's Line of credit calculator online) --> $728.
7. So, the amount of interest accrued for the 4 cycles of $15,000 borrowed from the line of credit = 4 * $728 = $2,912.
8. Amount of total interest accrued on the principle by end: $8,309.75 (This is great compared to the $44,006.31 from traditional method).
9. Total interest you had to pay by the end = $8,309.75 + $2,912 = $11,221.75
10. Total payment by the end = $84800 + $8309.75 + $2912 = $96,021.75
My counter-method to this:
1. Instead of getting a line of credit, just put the $1500 cashflow that you have left over every month directly towards the principle.
2. So instead of paying ~$15,000 every 10th or 11th month, you are putting in $1500 extra payment every month.
3. Total interest paid by the end of term: $9,561.47 (as opposed to the $11,221.75 according to your plan)
4. Total payment by the end = $94,361.47 (as opposed to the $96,021.75 according to your plan).
Tarun Kakumanu, the essence of what u r sharing is absolutely correct. the essence of her stategy that works is 'don't have any emergency fund'. if u have a financial emergency and if the creditors remove your credit, then u r screwed. but if not, yes, it gets paid faster. but here's why this whole strategy is messed up: dollars are worth half as much after 10 years. so paying a loan off slowly is usually actually a *better* idea because inflation turns some disadvantages of debt up-side-down and makes it advantageous is some ways. i pay off my home loan as slowly as possible not as fast as possible because i *invest* that extra cashflow that gives me a higher return than the interest that i'm paying on my loan.
@tarun It does. When you are paying alot on your credit line, the interest in very low. Lower than the credit card and lower than the student loan debt. The method works
@@KayDejaVu no, the interest is not low when u r paying it off fast. the amount of interest is *totally* dependent upon your interest rate, which is why the part of this method to get a higher interest loan and pay that off is *much* more expensive than avoiding that mistake. but because the rest of the method does pay down the debt faster, then the whole process is faster than normal. but the faster way is avoiding that expensive credit card.
Im confused, doesn't the student loan continue to accrue interest? I don't see this accounted for anywhere. So if you pay 15000 every 11 months, the first year there is still 65,000 accruing interest, and so on! Can someone explain this to me.
There are not too many proven system credit but I know an individual (system expert) who repairs credit and clears debt not for only me but for a whole lot of others.
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His name is Conner, I am sure he will be willing to help you if you get in touch with him today. Contact him on his regular email PATCHCREDIT GMAIL COM!
Geez.....the way ypu explain and the dry erase board makes it so easy to follow. I love your videos and your board. Lol keep posting more.....I'm hooked.
Being the visual person that I am, I truly appreciate all illustrations and examples. Thank you so much Laura.
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wow wow wow Laura you've done it again! Plugging in my numbers and seeing I would end up paying DOUBLE in interest, God forbid. This strategy has me MIND BLOWN! Def going to do more research to see how I can incorporate this method
I love this idea, I prayed for financial education and you showed up in my feed 🙏💖
I liked your video. I am a little concerned about the 75% chunks but your heart is in the right place. I would like the chunk at 6K. It’s better for your credit utilization. Just do these chunks more frequently. This plan could also work with a credit card but it’s a lot trickier as cash advance issues would come into play. Keeping the LOC at 30 percent will build your credit over time and after six months ask for an increase in the line. Apply the 30 percent limit to the increase as well. Keep the videos coming!
Wish you were still making videos with current webcams. Your videos are very helpful. We used your mortgage video to help us pay off debt using a credit card and how to live on a credit card during the pandemic which we racked up 17k credit card debt.
It took us 6 months to pay off our credit card with the help of the 1 time stimulus check, other wise we would of played off our debt in 10 months.
My only question with that personal line of credit how does it affect your credit score?
well I took my SL's serious today and paid a few thousand along with a spreadsheet to tackle in the next year ..... so thanks
Dave Ramsey just had a heart attack after watching this video...
I consider going on Zoloft every time I listen to Ramsey.
Keep the videos coming Laura, you are doing a great service and we appreciate it
Can you explain the benefits of paying all your bills using this line of credit, since you would be accruing interest on things that didn't have interest to begin with? I understand the difference between the types of loans, I'm just trying to understand the benefit of putting all your income and debts on a line of credit, and not just put the student loan itself and apply any cash flow, including saving directly to the line of credit.
Yes, I am working on a video right now answering your question.
So the amortization interest requires you to pay interest first. The credit card accrues interest every month. Her theory is that you will pay less interest by paying more at once using a cc than paying more in the amortization loan.
There is no such thing as 'amortization interest'. Amortization is just a way to calculate payments. If interest was truly 'front loaded' as she describes, then you would have to pay the same amount of interest in either scenario.
You will note she doesn't compare her method with just paying extra every month, and she ignores the interest you would have to pay on the line of credit (it would take longer than 10 months to pay off 15,000 on the line of credit if you are only paying 1,500/month). Her interest comparisons are misleading at best, and her statements on the difference between 'amortization interest' and 'simple interest' are incorrect. The most charitable interpretation of her statements is that she is ignorant of how interest works, and I wouldn't trust her advice (or anybody else who makes such a simple error).
In her example, it would be faster (and cost less in interest) to just take the $1,500 extra you have every month and pay down the loan directly than using her method. That being said, this method would pay off the debt faster if the interest rate on the line of credit is equal to or less than the interest rate of the loan you are trying to pay off.
How do you do this method and the one with the mortgage together? Would we use 2 separate cc for this or can we still use one?
Hey Laura , Just Wondering if i could use PLOC instead of HLOC for Mortagage ? Will it work the same ? I cant have HELOC because i dont have equity in my home.
THANK YOU SO MUCH! you don’t know how great help is this. I was so worried of getting student loans. But when I watched this and learned as well on how interest works it help me have a better understanding and planning on how I took good care of paying my loans. Thanks sooo much!!!
I also paid off $300,000+ in full 100% after i completed 3 of my degrees. i personally don't like to pay more than minimum payments, unless it's super high interest rate. i would consider the opportunity cost and use it to invest and generate more. so i actually use the money to invest instead of paying the loans, then i ended up tripling my investment, so i paid off my student loans fast that way. i just posted a video about how i paid off $300,000 on my channel. please check it out and let me know what you think too 😃
This is a great idea thank you so much, the only thing this might affect will be your credit score as you will be using 3/4 of credit card balance, however, I rather lose credit score than paying more overtime👍🏽 Keep up the good work
Thank you!
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What about the payments you have to make on your student loans? So you are doubling your payments the entire time to pay it off sooner ?
Is the revolving line of credit perk worth losing the protections borrows have for federal student loans? I feel as if this method makes sense if you only address private student loans.
I think my student loan is 3.5% simple interest. Would this strategy work for me as well with 6% HELOC loan?
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This may seem silly, but for this purpose, is a line of credit and a credit card the same thing? Do they both work equally as well for this system or is there some difference that would be important to know about? Thank you!
What are The significance of study for the multiple loans repayment?
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Great effort on this video. Very clear and methodical explanation.
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What if I do not have the cash flow near 1500 what if a persons cash flow is well under 1500 per month but still postie Do you have suggestions when a person credit has some issues and can not get the 20 K line of credit. Do you suggest if they can not get this they pay there current student loans and do this later in life???? .
Very good video btw, I wish you provided this video to every person who is just about ready to leave high school and go off to college so there is a good plan of attack before during and after college.
Hi Jay, thank you for your question my first suggestion is to watch this video of mine as I do go over how to increase cash flow : th-cam.com/video/Luu3ETRDleE/w-d-xo.html then work on improving your credit score, but in the mean time you do not need to wait you do not need limit that high to do this either, you generally want a limit that is higher than your net monthly income, but you can do this even with a line of credit limit that is smaller than your net monthly income you will just have to track your expenses separately and use that line of credit towards loan pay down.
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@@laurapitko6404 , You are a menace on TH-cam. You lack of basic finance will rob young students of valuable income and may cause undue hardship. If people could sue for bad advice on TH-cam, you would be bankrupt. Please stop posting on finances.
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I don't understand how this works. the only thing I see is now you have two bills now to pay off. both credit card and the other the student loan. how does this help? maybe im missing something here. thank god my student loan is not that high.
Super helpful. Thanks. Request video on cash flow do's and dont's please.
What if your not qualify for that kind of credit limit?
Does a personal line of credit have a checking and routing number because that is the only option I have to pay the balance...
Yes, a personal line of credit will provide you with the tools to make those payments, a lot of times you can just move the money over to your checking account from the personal line of credit to make that student loan payment.
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Hi Laura,
Quick question. I watched both of your videos about paying off mortgage and school loans... which I’m currently trying to do (very informational video btw). My question is, is there a difference between your approach using a line of credit verses if I throw all of my extra savings per month against the principal of my school loans as I go (instead of into savings)?
Hi Jackie, thank you for watching, I am actually working on putting out a video which will be the next video I upload answering this question, please stay tuned.
Thumbs up!
Very cool concept and it definitely would work!
Something that may help you for other videos you may make. You're discussing a financial concept called TVM (Time Value of Money).
You can use a TI-84 calculator to do most of the calculations that you performed. There are a bunch of TH-cam videos on it as well.
Thank you for the suggestion Matt, much appreciated!
@laura So if I have a mortgage of 600,000 and a student loan of 40,000, should I pay off my student loan first to increase my cash flow?
In a scenario where a person has multiple debts it sometimes yes, makes more sense to pay off other smaller debts to free up the cash flow. So my suggestion is run both scenarios in an amortization calculator for yourself with what ever line of credit tool you can get, with your current net monthly income and cash flow and see what will be best.
Hi Laura, Thanks for the great videos. Please can you make a video on how to pay off a $90k car loan.
Hi Laura I made huge chunk payment on my student loan using a HELOC and student loan service lowered my monthly payment. My question is do I keep paying the original monthly payment or pay the new lowered balance.
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Hey lady this actually helps a TON I'm going to pay my school loan is 2 years or 24 months. Thank You :D
I also paid off $300,000+ in full 100% after i completed 3 of my degrees. i personally don't like to pay more than minimum payments, unless it's super high interest rate. i would consider the opportunity cost and use it to invest and generate more. so i actually use the money to invest instead of paying the loans, then i ended up tripling my investment, so i paid off my student loans fast that way. i just posted a video about how i paid off $300,000 on my channel. please check it out and let me know what you think too 😃
After the student loan is paid off wont you still have a balance on the line of credit? All you did was transfer your debt somewhere else. Yes the student loan is gone but now there is the personal loan! Am I missing something????
Xavier Hicks yeah then you have just have more debt 🤦🏾♀️
My bank does not provide PLOCs. Any suggestions where to get one??
Hello you can implement this strategy using a credit card too so if you can get a credit card at 0% introductory apr with a good limit then your limit will get increased you will build your credit history then you can go back to the bank and try to get a personal line of credit again if needed you can always get a personal line of credit at any other bank besides the one you have your checking account with if you are going to use a credit card then one way to use a credit card to make payments on loans is by linking your credit card as overdraft protection onto your checking account, if your bank does not allow you to do this as there are a couple that do not there are other ways using pay pal or other servicing outlets like it, or an easier way all together is getting a line of credit account that allows you to make those payments directly or provide you with tools that make it easier & such an account would be a personal line of credit so as I mentioned check with other banks.
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Does an offset Account help if you have one
Laura did you say can contact bank to see if they would be willing to do a debt consolidation for the school loans?
No, I am not talking about consolidation, I mean contact your current bank that your checking account is at or another bank is fine too and ask what type of line of credit accounts they can offer you and what are their term, then you will use that line of credit account to start to aggressively pay off the student loan debt.
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Question: Wouldn't the interest be compounded monthly? Or does deferment play a role in that?
If compounded monthly, I believe your calculation for loan value after the first year at 6% interest would be $84,934.22. (Not sure it actually matters since you are just explaining deferment and interest)
I’m trying to keep my student loan for as long as possible because it helps my age of credit and it’s such a low rate. However, it’s a small balance with a manageable monthly payment.
Hi Laura, Does Living Expenses you listed include the student loan monthly payment?
Nevermind, it does include it.
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What about fees to take out the money? Cash advance fees, variable interest rates??? Does this model still makes sense??
Hello, thank you for your comment one way to use a credit card to make payments on loans is by linking your credit card as overdraft protection onto your checking account, if your bank does not allow you to do this as there are a couple that do not there are other ways using pay pal or other servicing outlets like it, or an easier way all together is getting a line of credit account that allows you to make those payments directly or provide you with tools that make it easier & such an account is a personal line of credit which you want to get that allows you to move money back and forth between the line and your checking account without any fees or limits. This chucking method is extremely resilient to interest changes so yes it makes sense, but of course everyone's financial situation is unique, so my advice is see what type of line of credit you can get, go over the terms and your finances and create a plan using this strategy.
This sounds like an excellent tactic. I have a question though. I have a credit card with a $30000 Limit and alot of my debt student loans and other things don't allow me to pay with credit cards should I ask for a cash advance?
Hello, thank you for your comment one way to use a credit card to make payments on loans is by linking your credit card as overdraft protection onto your checking account, if your bank does not allow you to do this as there are a couple that do not there are other ways using pay pal or other servicing outlets like it, or an easier way all together is getting a line of credit account that allows you to make those payments directly or provide you with tools that make it easier & such an account would be a home equity line of credit (which you can get if you own a home) or a personal line of credit.
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Do a balance transfer to your bank account of the 30k
Another thing, I had a personal loan and tried to pay the principal balance and they kept refusing saying I had daily interest accrued so couldn't make a payment specifically to principle only, every payment deducted interest then applied the rest to principle
ThaManOf ThaHour yes, this is what I thought as well. I thought for most federal student loans, they don't let us make payments to the principle only
They don't. I just called mine today and was told b/c interest accrues everyday, we can't just pay the overage towards the principal.
foreveropti79 Hill this is how they get people stuck for life
Omgosh... THIS happened to me too, BUT I persevered and knocked Sallie Mae out!!! We got this folks, don't give up!! 😉
THAT'S HOW IT WORKS, THEY GET $120 INTEREST EVERY MONTH FROM ME, $4 DAILY. I HAVE SUB AND UNSUB LOANS, I PAY OFF THE INTEREST OF BOTH AND THEN PAY AHEAD, THEN I JUST PUT ALL MY EXTRA ON JUST ONE. IT'S A PAIN BECAUSE NAVIENT MAKES ME DO IT OVER THE PHONE, JERKS. $120 OF MY MONEY TO SERVICE $23,000. I AM SICK OF PAYING THESE GUYS. I SHOULD BE DONE BY THE END OF THIS SUMMER. KEEP GOING, THERE IS LIGHT AT THE END OF ALL THIS. JUST IMAGINE ALL THAT CASH THAT WILL BE YOURS.
Man how I hate student loans!!! Thanks for the break down!! Love your hair btw :)
I also paid off $300,000+ in full 100% after i completed 3 of my degrees. i personally don't like to pay more than minimum payments, unless it's super high interest rate. i would consider the opportunity cost and use it to invest and generate more. so i actually use the money to invest instead of paying the loans, then i ended up tripling my investment, so i paid off my student loans fast that way. i just posted a video about how i paid off $300,000 on my channel. please check it out and let me know what you think too 😃
I have a question of your other video . Did you factor the apr on your house loan video ?
Hello, I break down the interest associated on a line of credit and show you how to calculate it in this video: th-cam.com/video/J9978byclgk/w-d-xo.html
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Is it important to fully payoff the credit balance before adding more?
Hi Jeremiah, you do not have to pay off the line of credit balance you can add onto the existing balance.
Is this the same as revolving credit?
What is the purpose of depositing your entire net income into your line of credit account when you're only going to withdraw all of your living expenses from it every month? Wouldn't it be just as effective to only deposit your cash flow funds on a monthly basis?
Hi Lara the personal line of credit account charges you interest so by depositing your entire net income you reduce the amount of interest you pay because it lowers the balance you carry if you would like a more detailed explanation on this you can view this video going over how the interest is calculated: th-cam.com/video/J9978byclgk/w-d-xo.html also by depositing your entire net monthly income and using the account actively like per my example will increase your limit.
Would you recommend credit cards with points?
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I'm so grateful for this video but confused on something... I feel like that amortization schedule can't be right because it shows continuing to post 715 when really we should only be paying off the credit line with our 1500 cash flow for the 10 months and leave the loan alone until the next 15k chunk. What do you think Laura or anyone?
I also paid off $300,000+ in full 100% after i completed 3 of my degrees. i personally don't like to pay more than minimum payments, unless it's super high interest rate. i would consider the opportunity cost and use it to invest and generate more. so i actually use the money to invest instead of paying the loans, then i ended up tripling my investment, so i paid off my student loans fast that way. i just posted a video about how i paid off $300,000 on my channel. please check it out and let me know what you think too 😃
great info! very useful, practical, and well explained. 👌
Thank you!
Federal student loans are simple interest rate loans as are most private education loans. Just pay more on the student loan and it will be automatically applied to principal.
Thank you 😊
What if I don’t qualify for a line of credit? How can I apply my principle amount another way?
Hi Erica, if you do not have any credit cards and cannot get a personal line of credit, another option is a home equity line of credit that is if you own your own home then you can get this line of credit if none of these are available to you then you can get a secured credit card to start the process and over time build your credit to increase the limit and qualify for better term on a line of credit then in 6 months go back to the bank and see if they can offer a better line of credit product and then switch over to that.
fist of all the mortgage bank don't allow anyone to make payments to the principal specifically with any credit card! cuz interest accrued daily! would you mind explaining that in detail please?
Hello Sam, I am about to be putting out a video which will answer this question in more detail, but you will be using the line of credit to pay the monthly minimum mortgage or loan payment: one way to use a credit card to make payments on loans is by linking your credit card as overdraft protection onto your checking account, if your bank does not allow you to do this as there are a couple that do not there are other ways using pay pal or other servicing outlets like it, or an easier way all together is getting a line of credit account that allows you to make those payments directly or provide you with tools that make it easier & such an account would be a home equity line of credit or a personal line of credit.
I liked tha way you write the nr 8 :) ....Whould you like to be my personal finance advisor? i could use your help to build up my own bank and cash flow. And i could help you to make more outstanding videos (as i'm a freelancer videographer). You share some cool knowledge in your channel, is it all truth and whats your personal experience by creating your own BOLI? Do you have any step by step about this process ....who to contact or meet up (agencies, lawyers)? Thank You Laura for being here and sharing some knowledge with us! Respect!
Don't credit cards use compound interest, not simple interest?
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Wow this is a lot of info....Im ok with how im paying off my debt
Occupation: Biochemist, Cancer Research
PhD Completion: 2015
Salary: $52,000 per year
May 2016 Balance: $51,000
March 2020 Balance: $4,292
Earliest Zero Balance Date: June 1, 2020
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awesome video! Any tips on business write-offs?
Hello Alex, I may make another tax strategy video, but I did make 2 videos on tax write-offs: th-cam.com/video/QkLQjmJl9ug/w-d-xo.html & th-cam.com/video/tT1uhgSzpmc/w-d-xo.html
Good info, Thanks!. It works if you have 0% APR for cash advance credit card, the loan should be paid in cash. Also you have a guid line to follow. Good job ;)
Wow this is great! Can I go through a credit union for PLOC?
Could you do a video for first time homeowners?
Hi Rachel, what topic in particular would you like me to cover? Because I did make this video on paying off a home mortgage faster: th-cam.com/video/4GonTct2WMk/w-d-xo.html
Good video, subscribed.
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Hi Laura, my students are $78,678 to the penny! However, I haven't begun to pay any amount! I would like to attack it aggressively. just paying it seems that ? Are there any programs to assist with these loans such as forgiveness and get rid of the debt? The loans doesn't seem to go away! Also I am in a Deferment currently! Maybe I know the answer to the question maybe I am wasting time!🤔
To aggressively attack your student loans you could implement this strategy, but prior to doing so be sure you have full and complete understanding so you can get the most of it! There is no way to get rid of student loan debt.
Whats the name of the app for morgage calculation
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thanks for information sharing!
Thank you!
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I wish I would have found these videos 6 years ago. I still owe a lot . I’ve made no dent in the actual loan over 6 years.
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I also paid off $300,000+ in full 100% after i completed 3 of my degrees. i personally don't like to pay more than minimum payments, unless it's super high interest rate. i would consider the opportunity cost and use it to invest and generate more. so i actually use the money to invest instead of paying the loans, then i ended up tripling my investment, so i paid off my student loans fast that way. i just posted a video about how i paid off $300,000 on my channel. please check it out and let me know what you think too 😃
You are a genius and an angel, Laura! Thank You for sharing Your knowledge and not just keeping it to Yourself. I used to live paycheck-to-paycheck, but thanks to increased income I am finally able to apply Your principles and get rid of my debt faster.
Thanks Laura, I came across your videos late last year & I have been using this strategy to pay off my super high car note of 21.21%. Currently 2 months away from getting out of that situation.
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Instead of making the $715/month payments just pay the $1,500/ month payment. Am I missing something. A lot of bank interest rates do apply on a daily rate as well.
Alexa, this Q&A video explains in more detail why using a credit card or a line of credit to pay off a loan has more advantages, you can see that video here: th-cam.com/video/vwxaVwjxyZg/w-d-xo.html
This is exactly what I needed help with. Thank you so much! My student loan is about $9500 so I can probably get it paid off much sooner than I expected with the strategy you used. I will have to research PLOC because I am not very familiar with it. But this is a start! LOVE your videos, they are so helpful🤗
Happy to hear that!
BLACKAHTnVEEZY I
Do you offer financial planning? :) would LOVE to plan with you...
Hi Larry, please email me at Laura@epcinvestments.com to connect.
GREAT VIDEO
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Can you do a video to pay off car loans quickly?
call your finance company and arrange to pay the total amount split between every 2 weeks. so if you owe $400/mo, pay $200 every other week. this gets you 1 or 2 extra payments in and cuts down on interest charged per day. or you can just throw something extra towards the principle when you have it.
Lisa McCoy finance with a credit union, they have lower APR % rates. For a credit score 600-649 they offer a 5.65% APR % for 24 months. Houston federal credit union does for my upcoming car purchase.
Great information thank you for sharing 😊
It's not the full $35k savings, you did not include the 8% interest over the ~3 years it took to pay off the loan. It should be $35k - PLC @8% for 3 years.
Yes, what is the cost of the personal line of credit interest? The interest “savings” should be reduced by that cost
Yes!!! I was thinking this the whole time!!
You actually end up paying ~$9K more to pay it off faster due to the 8% interest rate. But you shave off ~12 yrs, including being able to save the cash flow during that time. I have not done the calculation to which is better for net worth yet.
You are great😄
I think I’m in love,,,,, again, lol.
Me too. I can listen to her all day
you are an answered prayer! Thank you for taking the time to share your knowledge.
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Team Credit!
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#brilliant. Thanks!
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Thank you
👌🏾👌🏾👌🏾👌🏾 great advice
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I tried this! Flop. Could not make payments from my MasterCard to mortgage etc.
has anyone actually done this because sounds great but can’t make payments with credit
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A line of credit is not a credit card. It's an unsecured personal line of credit you get from your bank or credit union. Ask your bank about applying for one.
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Dang! $80.000!?! Im happy i live in Norway. I had only around $2500 student loan (17 years ago). And NO, i did not work after school. We get a small but BARELY sufficient funding by the state over here, and so we dont need to take high loans. I remember one person still took around $10.000 loan for just 1 year, but i believe the average was around $3500...
Excellent presentation!
Thank you!! I
Why not just pay $1,500 a month toward principle?
then u would be broke
You are so smart :)
Perfect
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You Don’t save money but you do save 12 years of your time and “cash flow” so you decide.
In her calculations the total you pay at 15 yrs is $128,806.
But with using PLOC, over 3yrs, it’s $92,833 total paid. Hold on; through my calculation paying around $11,444 interest on PLOC each time you do the 15k, and if done 4x=45,776. Thus paying total of $138,609!!!!
It costs you $9803 more to pay it off in 3 yrs rather than 15 years!
It’s the cost of your freedom, from being a slave to student loan debt!
You may break even or ACTUALLY save money IF you have a comparable or smaller interest rate than your student loans. But banks are not usually inclined to do so 😏
Perfecto
That way instead of paying the government at a higher rate vs Credit Union!🤔 at a more reasonable rate.
🤩
I don't understand😞
Please see this video:th-cam.com/video/4GonTct2WMk/w-d-xo.html it will make more sense as this is a follow up video. Thank you, also after reviewing please feel free to send me a private message.
You have not added interest on the LOC. You say 8%, bit you are not applying the interest charge to the account. When you consider the interest at 8%, you are not reducing the LOC by $1500 per month, therefor you do not pay off the student loan cheaper. Why not use the app you mention. Enter 15k debt in at 8% for 10 months. You will then see that $1500 per month will not repay the 15k debt in 10 months, so you will not be able to transfer $15k to the other debt as you claim.
This is fine but no way a bank will lend money because you income to dept is to high! Must be less then 40 percent!