@destra0909 , Each account was between 1500 and 2300. It's really about being dedicated to discipline. Paying as much as you can on each account. No purchases outside of a need, such as rent, food, gas, and other bills. Absolutely no shopping or eating out.
I just started following your advise and we are super happy to tell you we started clearing credit cards and store cards. We just knocked off 3 so far. 3 more to go and finances looking good. Next we will go for our mortgage. Thank you for all your awesome work.
This is awesome! People need to try this to prove to themselves that it works. It IS working for me too!!! I read SO MANY negative comments from people that do not understand the concept.
For many years we have lived under the lie that we cannot afford many things because we lived paycheck to paycheck. I’m already considering new things, like a new car and lessons for our girls and more. I wish I had learned this sooner, but it is not too late. Her principles are definitely working for us. Like you said, once people try it , the system proves itself. I am happy for you too.
I feel like God has brought me to your channel 🙏🏽 I want to completely turn around my financial state and become way way way smarter about money and never look back!!!!!
I have watched so many of your videos and I am going to start velocity banking starting in Nov 2023. I have shared this with some of my family members, but they are not willing to try until they see if I succeed. Thank you for sharing this valuable information! I can't seem to find the words to express how appreciative I am. So, all I can say is Thank you!!!! Keep the videos coming. I have already applied for a LOC and they didn't give me what I wanted, but I'm not discouraged. I decided to use one of my credit cards as my line of credit.
Just watching this 1 video I paid off 2 of my 3 credit cards. 3rd CC will be done in 2 months. GOD Bless you Christy Van and thanks for Blessing those of us that trust Velocity Banking.
This requires financial discipline which most people in high amounts of debt don’t have. If they had it they wouldn’t be in it in the first place. With that said I’m going to try it.
Not always, I was married my ex took me to the cleaners, and now I am left with all the debt. He should be helping and he hasn't. I know that is an excuse, but it's my reality.
If you don’t have a line a credit you could try what we are doing, use a credit card with a higher open balance and use it as a line of credit. Once you eliminate the credit balances then your credit score will be better and then if you wish you could get a line of credit.
True.My bank almost cancelled all my credit cards but I had some credit cards,that did not show up on my credit report, the ones with 0 balance that I could use.When traveling for work,it is not convenient not to have credit cards in my possession,plus being a homeowner,there is always other expenses with repairs.
I was, too. So I got a smaller plock. Only transfered in 1000. Paid back 500. Moved it to saving. I put it on my credit card. Lowered my payment. And did the same again. My credit union had rules that I had to follow. You still have 500. In your line of credit, if you mess up . And you lowered your credit card 500.00. I had to think outside the box.
3 major brackets to help understand: one …a lower interest rate is what you searching for .( line of credit ..around 11%) two…satisfy the idea that if you spend the money from your savings to pay of debt immediately you might not have it available for emergency .by using the line of credit to pay off your credit cards you free up the credit for emergencies and keep your savings which satisfies your emergency plan.thirdly this is all about choosing a point to stop increasing your savings by adding to it .and then begin using only your most current cash flow to create a scenario in which you only begin reducing your debt with your monthly income. Not involving your savings but only using what you make at that moment monthly. Low interest rates and positive cash flow planning
Please help me. I have very good credit and I'm like this fella with 4 CCs. What does LOC mean? I don't understand how to consolidate all my CCs. I don't understand acronyms or bank lingo. I've been putting my paycheck into one CC, but how do I get them all in one? Please help. Thank you so much.
@samsmom400 you probably already found out, but just in case... An LOC is a line of credit that you apply for at a bank or credit union. It's NOT a loan! Don't be fooled. Make sure to make it clear that you want a line of credit, not a loan.
I’ve been using your methods and I’ve gone from $39,000 worth of debt last June. Now I’m at around $15,000. I may be in a position now to get a line of credit, how and where do I get one please? I thank Jesus for you everytime I watch your videos. I was ready to go under before I found you
I didn’t achieve financial freedom until I turned 40. As a US citizen, I raised capital by taking out a home equity loan. The interest rate was much lower than other loans, which made it a smart choice. With patience and discipline, I reinvested my earnings and avoided impulsive decisions. This strategy helped me grow my wealth, eventually allowing me to buy a new home and a car. If you’re looking to raise capital and achieve financial freedom, consider this approach
How were you able to take the home equity loan ... as i've met several personel they dont even seem to be real .. I'll like to know your source. Please throw more light
Thank you so much for your invaluable tips for lowering debt. I stumbled across one of your videos today, and I am so glad I did. I watched several more, and now I am addicted. Right now my credit score is too low to get a PLOC, but I will be working on bringing them down enough to increase my score so that I can get a PLOC to pay them off along with my personal loan, school loan, and medical bills. I subscribed to your channel and look forward to watching more of your videos in the future. Again, thank you!
I was wondering the same. I must be missing something... how do you move your ENTIRE income (no interest) into an interest-barring account? Do you land up paying interest on electric bill, internet, groceries, and just regular no-interest spenditures? The monetary movement for CCs make sense; however, dropping the entire income into that interest account doesnt. I need more information 🤔
You would actually be at an ACTUAL BreakEven at month 10 plus 2 weeks. If you calculate $1545 (the supposed “Cash Flow”) which in fact is you’re money left over after all expenses paid, multiply that by 10 and a 1/3 of a month (10.3) you would get your breakeven in its totality as it pertains to Expenses and CC’s.. Again $1545 x 10 (months) = 15,450 If you took your money left over and dumped it into your credit cards, you’d be in the same exact spot!.
Right! By getting a line of credit can easily knock off half of it. The american way. Been doing the credit game for a while. I understand the concept. Great vid by teaching people who don't know the credit game. All about leveraging credit.
I can usually keep up with these videos. But I’m a little confused on this one. Mainly because in the demo, the living expenses ($1850) are only shown as being deducted after the income is applied each month. What about the other expenses shown ($2715). Are those not being paid within the LOC on a monthly basis also?
I have this question also.. nothing on-screen adds up to $2,715, and it's not being spoken of. @Christy, if you take all of the $4,260 income, what happens with the $2,715?
Thank you for sharing this great technique, the reality is when you owe some much in credit card you have low chance of getting a line of credit. I think this is a great strategy to buy more time to conquer this.This can happen!
Unfortunately, NFCU isnt very assisting with lines of credit. They are basically “emergency funds”. As a non active service member, the most you can qualify for is $3K. 5K if you’re currently an active military service member. They kind of barricade you into a debt consolidation loan. What choices would i have, besides another bank?
Am confused, why not subtract the 1850 in monthly expenses from your income directly instead of adding it to the credit debt, would that not ultimately pay less accrued interest? am sorry if am missing something, am new to financial planing
Love to see this one again explained in more detail. Can this work if you owe 10K and cc rate is less than 10%? Please give us another example. Thank you!
I used your same numbers except I did thinks a little differently. First I did method 1 where I did a standard payment schedule where you pay the minimums then add the chase glow to pay the overall debt. I didn’t see your apy on cc so I went with 25%. Then I did a second sim where I did everything the same except I consolidated the whole cc debt into one PLOC. Both were paid off in exactly 9 months but on the LOC I paid $739 and on the standard I paid $1638 in interest. Obviously, the loc is lower in interest than the CC in this example. In other words. The only difference, the reason why this works is because of the lower APY. Don’t see the point of going through the hassle when you could get a balance transfer which is much lower. Doing it with a 3% balance transfer fee, you’d blah it off in 9 months too but with only $476 dollars in fees
The expenses dont add up to me. Top left you have them at 2715, but you are only using 1850 every month. I know paying off the cards takes care of some of that, but theres still $385 unaccounted for. What did I miss?
She’s using the $1850 because that is the rent + living expenses, but I’m not sure where the $2715 comes from. $2715 - $1850 = $865. I’m not sure where that extra $865 is coming from in the expenses.
Watch more of her videos so you can grasp it, it took me 6 videos since we've ALL been trained in government schools. This system WORKS, I am doing it on unemployment
De problem is when we can get a line of credit, and I believe that happens very often. I would like to see the same example without a line of credit and 3 o 4 more credit cards. We need to learn how to move those numbers without a line of credit . I am trying to pay one o 2, then pay one o 2 more. We need the strategy, but from this situation ,no line of credit. Thanks.
Hi there! Newbie here. Im not understanding how he can put the entire $4,260.00 towards his PLOC each month if he has rent for $1,175.00? Is he able to pay his rent from the PLOC? Also, i have done 0% interest balance transfers on 3 of my 4 credit cards. Should i not include those in a PLOC until they near the end of their 0% period? I'm loving the VB concept, wanting to get started. Thanks to anyone that can help me out. ❤
On payday you make sure you set aside money for Any Bill's like rent/ mortgage etc that cannot be paid by the cc or loc and then you make sure to deposit all the rest onto your loc or credit card
You should do a comparison, pain and extra 3 to 4000 a month towards principal versus lump sum, spread out an equal amount of time and show the difference. Also large sums like 100 K versus 20 K chunks.
And that the perfect example that I said, you are used the maximum of your line of credit and the maximum of your credit card, so we need a strategy to pay the credit cards using our income and learn to move the numbers. I can't have a line of credit even that my credit score is ok. So I have several credit cards, and I am using her technique, but little by little.
Add your income into the LOC and pay debt from the LOC. This should free up the payment you were already making on the LOC as cash flow. You can then use the cashflow to paydown the LOC or CC.
I believe when she says "get a line of credit" she is strictly referring to anyone who has a house/property that has enough equity in it so the person can present any bank with such scenario and ask for a Heloc/Line Of Credit. Correct?
@vanntastic The reality is most are not paid monthly to chuck (as in many examples) one’s total income into the line of credit. Also, what happens with the “cash flow?” I have been stressing out why I am not getting what is being presented!!😂😅 But, it sounds nice.
I believe the objective is to use the LOC as your bank account. When you get paid, you deposit the money on your LOC, when you need to pay bills or make purchases, you use the LOC. When you get paid again, you deposit the money on your LOC again. Providing your monthly bills/expenses don't surpass your monthly income, your debt balance will be paid off!
@@jayframes4967 Yes thank you, I understand that is the perfect way of it. But it didn’t answer my questions. The examples all use the total of one’s income being deposited monthly. Also, no mention of what happens with the monthly cash flow. To the other point offered not all bills may be paid using a credit card or a LOC. Again, thank you for the response.
@@lbrown8040 The example shows "Monthly" Progress! It doesn't state "When" Payments were made, or "When" Deposits were made. Monthly Totals! The so called " cash flow" is the balance remaining of his monthly income after paying monthly expenses, and it is now being deposited onto the LOC to pay debt down quicker! Obviously Any payments that can't be paid by LOC , the amounts would have to be held back in bank account, not deposited onto LOC YOUR WELCOME
What happened to the other expenses listed? It shows 2715 at the top and even if you subtract the cc bills (480) and living expenses (1850) that still leaves $385 a month unaccounted for. So was his cashflow really $1930 to begin with?
I think the premise is based on using the HELOC money to pay off all of the credit card debt at the very beginning, therefore eliminating the 480/mo payment, using that money toward paying off the loan. At the bottom on the left, it shows that the loan was not enough by a little over 800 to fully pay the cc debt, so that is added at the top of the payback column where it is paid off with the first deposit. The problem that I see is where that the 'cash flow' money is bundled into the full monthly income deposit and the figures do not show how that is used and we have to assume that 675 in' living expenses' cannot include things like auto insurance, gas, food, clothing, all things beyond utilities that eat away at us, even just for one person. On the other hand, maybe in this case it does!! :)
I get lost at the same point in many of these videos, and I would appreciate if someone could explain to me what I am missing. If this hypothetical guy pays 15K on his credit card with the LOC, and then turns around and pays the LOC with his entire income ($4,260) with what does he pay his bills?
The best way to do it is pretend the LOC is your checking account. You're paying off the credit with your income but since it's credit and not a loan, the money is available.
When you put in the income as then the next step is to pay your expenses, that's when you pay your bills. Pay it with the LOC account. Sometimes with a CC you can't pay things like a mortgage so you have to leave that out and pay with your regular checking account. But an LOC acts like cash/checking account. It's usually linked to your bank. Hope this helps ❤
After watching this a number of times I am understanding the "income in and then using the credit to expenses out" my question would be, I must pay from my checking account for my rent I have private landlord. Could this formula still work when having to use some of income to pay part of out expenses. Sorry for the confusing question. but this persons CC debt and amount of cards is almost identical to us. Thank you for your time.
I didn’t want to get a line of credit, because I’m waiting to get it for down payment for a house in the future. So what I’m doing is paying bills with a credit card then use the cash that was for the bills to pay off another card. Then before the closing date I put the money back to the card that I used to pay bills. I do this with multiple cards. It’s going to take longer but they already increased my credit limit in 6 cards so far. I trick the credit card algorithm. The debt is still there but little by little I think I can knock them down.
Question, when you get a LOC approved and use it to transfer your amount from your credit cards over to it to pay them off, do you still have access to use your credit cards to use later on ( meaning they are not closed out)?
Question: I assume interest paid on PLOC is not tax deductible. What about HELOC, might that interest payments be tax deductible like mortgage interest?
For expenses at the top you have 2715 but you are only taking out rent and living if you are putting the whole paycheck on the LOC where do you get the other 865.00 in expenses accounted for?
I have an AMEX at $25,000 and a Care Credit at $5,000, and BOTH are at zero interst until January 2025. I have been pulling double shifts and I am able to pay $3,000 per month. Please advise....
low income need help getting into a 515,000 house don’t know what to do plus i have debt aswell my daughter helping aswell but she has her on debt scared don’t know what to do new home owner
I would recommend watching as many of her videos as possible and you will find several that will most likely answer the questions you have. You stated 2 separate things,...you have a new home and high mortgage over $500k but then stated you are trying to get a high mortgage...? If you do not already have this mortgage maybe hold off then until you learn VB and work the debts off first ?
My focus score is at 6:10 right now which only has to do with my credit card balance is being high so I don’t know how to get my focus score up so that I can get approved for a line of credit ideas. Thank you.
So, what you want to do is look at all your bills and see which ones will allow you to pay using a debit/credit card. Think phone bill, utilities, streaming services you already have, or cable. Add those bills up. Then set them up for autopay with your credit card. Then, when you get paid, transfer that total amount( of the bills you just set up autopay) to that credit card. Of you need to split it between 2 checks, do that, but make sure you are transferring enough to cover the autopay bills that will come out before your next check, AS WELL AS THE MINIMUM PAYMENT. Then keep doing this, each time you get paid. Once you've paid down that credit card, move on to the next one.
So does this method (paying my expenses with cc) reduce interest? I’m trying to understand how does this reduce my balance if my cc already has a balance.
Excellent strategy. However, when I tried to implement this method for myself. I was shocked to discover that most banks and credit unions in my area do NOT offer personal lines of credit. Do you have any referrals that offer PLOC's?
I went to my credit union. I used them for over 10 years, I have had two cars and all paid for with them, I have a credit card with them, I have good credit , and they still would not give me a loan.
I added more positions to my investment portfolio. Still amazed at how I managed to increase my financial situation to six figures, I feel very satisfied. The joy you feel knowing that you will never run out of money.
The joy you feel knowing that you will never run out of money again must be incredible, I hope to experience that one day. Would you mind sharing how you achieved this?
Working with a professional/mentor who has in-depth knowledge of the market is the best way to achieve success. I made my first 500,000. investments in currencies and stocks after investing 50,000 with the help of a professional in this field. That's why I work with ~Teresa Lynn Hansen.~~
I completely agree, emotions like fear and greed are problems for most people who try to invest on their own and end up losing their capital. Can I invest with your Trader?
I need to get my debt down and I ran into your video here and I don't understand it. How can he put all his income into the LOC? he still has his everyday living expenses.
Wait…. I’m lost….. I’m in the same situation, just not as a high enough credit score as said example. After you put all the CCD into the LOC, now the LOC is maxed out, and you then put rent and utilities back into the CCs while still paying down the LOC? Which to me, if you can’t pay it down to under 30%, preferably 10%, that’ll ruin his credit, right?
If using a LOC, you don't use the credit cards any more. All living expenses will be set up to be paid through the LOC, you basically use it instead of your checking account. You pay off the ccs, set up autopayment via the LOC (using the due dates spread out through the month), and when you get paid, move your paychecks into the loc.
Having the 4 maxed out credit cards already is hurting his credit in this example. You may have a month that the balances on the credit cards are still showing their high balance and the loc reports, but then once those balances report 0 to update, the score will be similar to original credit score minus a few points for the new line of credit being opened. If not looking to utilize the score for a new loan, then it can tank and then couple months later be even higher than it was since not maxed out multiple credit cards
I juat bought my first house. I have a little CC debt, and I want to pay off my truck, which I have about 12 more payments left to do. How could I approach my CU? Would I qualify with hardly any equity on my new home?
Question: What happens to the $1545 that used to be his cash flow each month? Is he just putting that towards the line of credit each month? So is this consolidating CC's to one LOC and basically tripling the payment amount he use to make while disrupting the interest rate of the LOC by making those big deposits?
The $1545 cash flow doesn’t matter, the part that matters is the 4K income, she basically saying get the LOC to pay your cards off than put your whole income into the LOC repayment every month but still use your LOC to pay your monthly expenses( the monthly expenses changes because the credit cards are gone) this is to get people out of debt, the Loc interest rate example is %12
I watched another video she made using just one credit card and she advised putting all income toward the credit card balance each month and then use the same credit card to charge ALL living expenses that would fall into the cash flow category. This is assuming you would not charge more than the amount of your cash flow each month. She said that this would improve your credit rating as well as paying off the cc debt. With this video using a HELOC instead of a credit card, I, too, wonder about how basic things like clothes, food and gas fit in this process. Her figures show that the entire income goes in the loan repayment column and there does not seem to be a deduction for the cash flow as it is used. Please let me know if you figure it out!!
So I’m understanding this right… you take out a line of credit $15k then you pay off all cards and you’ll pay your expenses through the line of credit?? Is that right?
I paid off 3 credit cards from your valuable advice. 4 more to go!
Wow! 🤩
WOW!
Keep going !!! I believe in you!!!
That’s amazing!!! And inspiring! How long did it take you? And what were your balances? If you don’t mind sharing of course 😊
@destra0909 , Each account was between 1500 and 2300. It's really about being dedicated to discipline. Paying as much as you can on each account. No purchases outside of a need, such as rent, food, gas, and other bills. Absolutely no shopping or eating out.
I'm hooked; line up my debts on a spreadsheet; look for a bank or credit union that will give me a PLOC; move my income to the PLOC!!!
How do you move the income and expenses in?
How do you move it ??
You my dear, have changed my life with your channel, tears of gratitude, I actually feel a glimmer of hope from the deep dark tunnel of CC debt 🥰
@monicanithyanishkrodha SO HAPPY FOR YOU!
I'm so blessed that The Most High led me to you!
Likewise, people like these truly should be push in the algorithm of TH-cam. This lady is a blessing!
Ma’am thank you on behalf of all of us who’ve benefited from your immaculate teachings. Thank you, thank you, thank you.
I just started following your advise and we are super happy to tell you we started clearing credit cards and store cards. We just knocked off 3 so far. 3 more to go and finances looking good. Next we will go for our mortgage. Thank you for all your awesome work.
This is awesome! People need to try this to prove to themselves that it works. It IS working for me too!!! I read SO MANY negative comments from people that do not understand the concept.
For many years we have lived under the lie that we cannot afford many things because we lived paycheck to paycheck. I’m already considering new things, like a new car and lessons for our girls and more. I wish I had learned this sooner, but it is not too late. Her principles are definitely working for us. Like you said, once people try it , the system proves itself. I am happy for you too.
Was it simple to get the LOC??
I feel like God has brought me to your channel 🙏🏽 I want to completely turn around my financial state and become way way way smarter about money and never look back!!!!!
I have watched so many of your videos and I am going to start velocity banking starting in Nov 2023. I have shared this with some of my family members, but they are not willing to try until they see if I succeed. Thank you for sharing this valuable information! I can't seem to find the words to express how appreciative I am. So, all I can say is Thank you!!!! Keep the videos coming. I have already applied for a LOC and they didn't give me what I wanted, but I'm not discouraged. I decided to use one of my credit cards as my line of credit.
How has it been working for you? I just discovered this method.
Its April 2024 how's it going?
Just watching this 1 video I paid off 2 of my 3 credit cards. 3rd CC will be done in 2 months. GOD Bless you Christy Van and thanks for Blessing those of us that trust Velocity Banking.
This requires financial discipline which most people in high amounts of debt don’t have. If they had it they wouldn’t be in it in the first place. With that said I’m going to try it.
Not always, I was married my ex took me to the cleaners, and now I am left with all the debt. He should be helping and he hasn't. I know that is an excuse, but it's my reality.
so are u saying your one of the ones without discipline?
@@iamOAKland I definitely am. That’s why I’m watching these videos to begin with.
Agreed
Better have good overdraft on your checking account
Omg this went way over my head. 😮 I will watch it all over again.
Confusing and complicated. Safer to keep money in checking , that way you won’t bounce checks and go into overdraft
Wow. I remember when you had 2k followers and now I see you are over 100k. Amazing!
What if you don't have a line of credit to work off of
If you don’t have a line a credit you could try what we are doing, use a credit card with a higher open balance and use it as a line of credit. Once you eliminate the credit balances then your credit score will be better and then if you wish you could get a line of credit.
Im just scared of putting all my income in the credit line and then not be able to use it!! Fear of letting it go!!
with a ploc and heloc loan they give you a credit card and checks to use for expenses
I can just transfer funds in and out online its super easy
True.My bank almost cancelled all my credit cards but I had some credit cards,that did not show up on my credit report, the ones with 0 balance that I could use.When traveling for work,it is not convenient not to have credit cards in my possession,plus being a homeowner,there is always other expenses with repairs.
I was, too. So I got a smaller plock. Only transfered in 1000.
Paid back 500. Moved it to saving. I put it on my credit card. Lowered my payment. And did the same again. My credit union had rules that I had to follow. You still have 500. In your line of credit, if you mess up . And you lowered your credit card 500.00.
I had to think outside the box.
What happens when they cancel ploc and raise your rate..lol velocity is too complicated and risky
Oh wow, this is incredible! I'm going to use this exact pay off debt model to pay off my CC's as well. Thank you so much. New sub here, YEE HAW!
Would be nice you make a excel spreadsheet of your mortgage thing so we can run our own numbers.
Even charge for the spreadsheet...I would buy it.
Your commitment sparks transformation! 🌪 -- "The clock is irrelevant on the quest for dreams-persevere.."
3 major brackets to help understand: one …a lower interest rate is what you searching for .( line of credit ..around 11%) two…satisfy the idea that if you spend the money from your savings to pay of debt immediately you might not have it available for emergency .by using the line of credit to pay off your credit cards you free up the credit for emergencies and keep your savings which satisfies your emergency plan.thirdly this is all about choosing a point to stop increasing your savings by adding to it .and then begin using only your most current cash flow to create a scenario in which you only begin reducing your debt with your monthly income. Not involving your savings but only using what you make at that moment monthly. Low interest rates and positive cash flow planning
@schukerD Oh really? Where? whats their name please thanks
@schukerD I think I heard of them before. Thanks I appreciate it
Please help me. I have very good credit and I'm like this fella with 4 CCs. What does LOC mean? I don't understand how to consolidate all my CCs. I don't understand acronyms or bank lingo. I've been putting my paycheck into one CC, but how do I get them all in one? Please help. Thank you so much.
@@samsmom400LOC = Line of Credit
@samsmom400 you probably already found out, but just in case... An LOC is a line of credit that you apply for at a bank or credit union. It's NOT a loan! Don't be fooled. Make sure to make it clear that you want a line of credit, not a loan.
I’ve been using your methods and I’ve gone from $39,000 worth of debt last June. Now I’m at around $15,000. I may be in a position now to get a line of credit, how and where do I get one please? I thank Jesus for you everytime I watch your videos. I was ready to go under before I found you
I didn’t achieve financial freedom until I turned 40. As a US citizen, I raised capital by taking out a home equity loan. The interest rate was much lower than other loans, which made it a smart choice. With patience and discipline, I reinvested my earnings and avoided impulsive decisions. This strategy helped me grow my wealth, eventually allowing me to buy a new home and a car. If you’re looking to raise capital and achieve financial freedom, consider this approach
I'm considering an home equity loan but I still haven't gathered much information on here that will place me on the right spot.
👏👏👏
Check my bio if you need more info on the home equity
How were you able to take the home equity loan ... as i've met several personel they dont even seem to be real .. I'll like to know your source. Please throw more light
Thank you so much for your invaluable tips for lowering debt. I stumbled across one of your videos today, and I am so glad I did. I watched several more, and now I am addicted. Right now my credit score is too low to get a PLOC, but I will be working on bringing them down enough to increase my score so that I can get a PLOC to pay them off along with my personal loan, school loan, and medical bills. I subscribed to your channel and look forward to watching more of your videos in the future. Again, thank you!
I got lost, will watch it again
me also
Confusing
You're a blessing
I am curious where the $2,715 Expenses and $1,545 Cash Flow factor in with all this?
Yes, thank you! it's not included, so how does it make sense in the equation??
I was wondering the same. I must be missing something... how do you move your ENTIRE income (no interest) into an interest-barring account? Do you land up paying interest on electric bill, internet, groceries, and just regular no-interest spenditures?
The monetary movement for CCs make sense; however, dropping the entire income into that interest account doesnt.
I need more information 🤔
You would actually be at an ACTUAL BreakEven at month 10 plus 2 weeks.
If you calculate $1545 (the supposed “Cash Flow”) which in fact is you’re money left over after all expenses paid, multiply that by 10 and a 1/3 of a month (10.3) you would get your breakeven in its totality as it pertains to Expenses and CC’s..
Again $1545 x 10 (months) = 15,450
If you took your money left over and dumped it into your credit cards, you’d be in the same exact spot!.
I wish I seen this video earlier, cause I would not be in a consumer proposal now Ugg, this is so easy, and I and from Canada, your awesome.
Right! By getting a line of credit can easily knock off half of it. The american way. Been doing the credit game for a while. I understand the concept. Great vid by teaching people who don't know the credit game. All about leveraging credit.
Amazing advice, perfect! Thank you!
I can usually keep up with these videos. But I’m a little confused on this one. Mainly because in the demo, the living expenses ($1850) are only shown as being deducted after the income is applied each month. What about the other expenses shown ($2715). Are those not being paid within the LOC on a monthly basis also?
I have this question also.. nothing on-screen adds up to $2,715, and it's not being spoken of. @Christy, if you take all of the $4,260 income, what happens with the $2,715?
Isn’t that the expenses with the credit card payments? His new expenses with the cards paid off is now $1850
I can’t a find a bank that does lines of credit. The only one I have is with Navy Fed for only $3000
I just realized I wasn't subscribed! I kept missing your recent videos and not knowing why. LOL! Anyway, new subscriber, old time watcher :D
Thank you!
Thanks again. It makes such good sense!
God Bless You!
OK...OKAY...okkkkk this might actually be something I need to try
This woman is so amazing, Van I need you.
Thank you so much
Thank you very much for this information. I am in a similar situation with several credit cards and this information has really been informative
I got a raise to $2k/week and paid off $30k credit cards in 1 yr and put 20k in my emergency fund.
@stoveguy2133 Excellent!
I could really use your help......
Thank you for your caring.
My pleasure
HELP!! 🙏🏻 I Need to do this NOW! But not sure how to get started? Please advise me how I can proceed forward?
Thank you for sharing this great technique, the reality is when you owe some much in credit card you have low chance of getting a line of credit. I think this is a great strategy to buy more time to conquer this.This can happen!
Always great to see and hear from you! ❤
Came across this this morning. It makes sense but trying to figure out how I could work this in my situation without having a freed up LOC or CC.
I lost on adding your income into the line of credit, and maintaining your cash expenses
What if your Bank will not give you a line of credit without it being a secured line? Your thoughts please.
Ask another financial institution for one.
You’re using the wrong bank or credit union.
I agree I have tried and no one will give me a loan.
Use your CC as your LOC
Use Her links below!
Unfortunately, NFCU isnt very assisting with lines of credit. They are basically “emergency funds”. As a non active service member, the most you can qualify for is $3K. 5K if you’re currently an active military service member. They kind of barricade you into a debt consolidation loan. What choices would i have, besides another bank?
Dido
Am confused, why not subtract the 1850 in monthly expenses from your income directly instead of adding it to the credit debt, would that not ultimately pay less accrued interest? am sorry if am missing something, am new to financial planing
Love to see this one again explained in more detail. Can this work if you owe 10K and cc rate is less than 10%? Please give us another example. Thank you!
I used your same numbers except I did thinks a little differently. First I did method 1 where I did a standard payment schedule where you pay the minimums then add the chase glow to pay the overall debt. I didn’t see your apy on cc so I went with 25%.
Then I did a second sim where I did everything the same except I consolidated the whole cc debt into one PLOC.
Both were paid off in exactly 9 months but on the LOC I paid $739 and on the standard I paid $1638 in interest. Obviously, the loc is lower in interest than the CC in this example.
In other words. The only difference, the reason why this works is because of the lower APY. Don’t see the point of going through the hassle when you could get a balance transfer which is much lower. Doing it with a 3% balance transfer fee, you’d blah it off in 9 months too but with only $476 dollars in fees
The expenses dont add up to me. Top left you have them at 2715, but you are only using 1850 every month. I know paying off the cards takes care of some of that, but theres still $385 unaccounted for. What did I miss?
Yes please explain Christy Vann, thanks 😊
$480 from the credit cards paid off with the line of credit
She’s using the $1850 because that is the rent + living expenses, but I’m not sure where the $2715 comes from. $2715 - $1850 = $865. I’m not sure where that extra $865 is coming from in the expenses.
@@neneppete4737even without the $480, there’s still $385 unaccounted for.
Watch more of her videos so you can grasp it, it took me 6 videos since we've ALL been trained in government schools. This system WORKS, I am doing it on unemployment
De problem is when we can get a line of credit, and I believe that happens very often.
I would like to see the same example without a line of credit
and 3 o 4 more credit cards.
We need to learn how to move those numbers without a line of credit . I am trying to pay one o 2, then pay one o 2 more.
We need the strategy, but from this situation ,no line of credit.
Thanks.
Plenty of videos on this channel demonstrating that exact thing.
Search her videos for your answer
Thank you!
Hello,
How do you move your income and all expenses into the LOC?
Hi there! Newbie here. Im not understanding how he can put the entire $4,260.00 towards his PLOC each month if he has rent for $1,175.00? Is he able to pay his rent from the PLOC? Also, i have done 0% interest balance transfers on 3 of my 4 credit cards. Should i not include those in a PLOC until they near the end of their 0% period? I'm loving the VB concept, wanting to get started. Thanks to anyone that can help me out. ❤
What type of LOC is that, because personal loans aren’t revolving and credit cards can’t pay rent payments so this is where I’m confused.
Thank you so much ❤
You look great in green!! 😊
What if I can't get approved for a Line of credit but I've room in my other credit cards? Can u suggest me an example?
Thanks in advance
H.
How would this work to pay off loans if they do not accept credit card payments and there is no LOC to utilize?
That’s my question or if cards are maxed out and getting ready to go into collections
On payday you make sure you set aside money for Any Bill's like rent/ mortgage etc that cannot be paid by the cc or loc and then you make sure to deposit all the rest onto your loc or credit card
what if you dont have any income left over and your in the negative what should you do?
Does a line of credit come from the bank? Like a loan i guess? Apparently you can treat one like a checking account? Make deposits and withdrawals?
Thanks 👍🏾
You should do a comparison, pain and extra 3 to 4000 a month towards principal versus lump sum, spread out an equal amount of time and show the difference. Also large sums like 100 K versus 20 K chunks.
What if you can't open a line of credit?
What if you are close to the limit on a LOC and credit cards are close to max?
And that the perfect example that I said, you are used the maximum of your line of credit and the maximum of your credit card, so we need a strategy to pay the credit cards using our income and learn to move the numbers.
I can't have a line of credit even that my credit score is ok.
So I have several credit cards, and I am using her technique, but little by little.
Add your income into the LOC and pay debt from the LOC. This should free up the payment you were already making on the LOC as cash flow. You can then use the cashflow to paydown the LOC or CC.
What if your credit is so low that you can't get a Line of Credit? How can you pay those credit cards?
I believe when she says "get a line of credit" she is strictly referring to anyone who has a house/property that has enough equity in it so the person can present any bank with such scenario and ask for a Heloc/Line Of Credit. Correct?
@JH-hc5dv No. A HELOC needs a home, but a PLOC is unsecured
Thanks!
@vanntastic The reality is most are not paid monthly to chuck (as in many examples) one’s total income into the line of credit. Also, what happens with the “cash flow?”
I have been stressing out why I am not getting what is being presented!!😂😅 But, it sounds nice.
I believe the objective is to use the LOC as your bank account. When you get paid, you deposit the money on your LOC, when you need to pay bills or make purchases, you use the LOC. When you get paid again, you deposit the money on your LOC again. Providing your monthly bills/expenses don't surpass your monthly income, your debt balance will be paid off!
@@jayframes4967 Yes thank you, I understand that is the perfect way of it. But it didn’t answer my questions. The examples all use the total of one’s income being deposited monthly. Also, no mention of what happens with the monthly cash flow. To the other point offered not all bills may be paid using a credit card or a LOC. Again, thank you for the response.
@@lbrown8040 The example shows "Monthly" Progress! It doesn't state "When" Payments were made, or "When" Deposits were made. Monthly Totals! The so called " cash flow" is the balance remaining of his monthly income after paying monthly expenses, and it is now being deposited onto the LOC to pay debt down quicker! Obviously Any payments that can't be paid by LOC , the amounts would have to be held back in bank account, not deposited onto LOC YOUR WELCOME
What happened to the other expenses listed? It shows 2715 at the top and even if you subtract the cc bills (480) and living expenses (1850) that still leaves $385 a month unaccounted for. So was his cashflow really $1930 to begin with?
I think the premise is based on using the HELOC money to pay off all of the credit card debt at the very beginning, therefore eliminating the 480/mo payment, using that money toward paying off the loan. At the bottom on the left, it shows that the loan was not enough by a little over 800 to fully pay the cc debt, so that is added at the top of the payback column where it is paid off with the first deposit. The problem that I see is where that the 'cash flow' money is bundled into the full monthly income deposit and the figures do not show how that is used and we have to assume that 675 in' living expenses' cannot include things like auto insurance, gas, food, clothing, all things beyond utilities that eat away at us, even just for one person. On the other hand, maybe in this case it does!! :)
I get lost at the same point in many of these videos, and I would appreciate if someone could explain to me what I am missing.
If this hypothetical guy pays 15K on his credit card with the LOC, and then turns around and pays the LOC with his entire income ($4,260) with what does he pay his bills?
5:15 With the LOC.
The best way to do it is pretend the LOC is your checking account. You're paying off the credit with your income but since it's credit and not a loan, the money is available.
When you put in the income as then the next step is to pay your expenses, that's when you pay your bills. Pay it with the LOC account. Sometimes with a CC you can't pay things like a mortgage so you have to leave that out and pay with your regular checking account. But an LOC acts like cash/checking account. It's usually linked to your bank. Hope this helps ❤
@@jennm5675 Thank you
After watching this a number of times I am understanding the "income in and then using the credit to expenses out" my question would be, I must pay from my checking account for my rent I have private landlord. Could this formula still work when having to use some of income to pay part of out expenses. Sorry for the confusing question. but this persons CC debt and amount of cards is almost identical to us. Thank you for your time.
What ways can you pay off bills if you can’t get a line of credit
How can you use a credit card to do this
She has videos on how to use credit cards
I didn’t want to get a line of credit, because I’m waiting to get it for down payment for a house in the future. So what I’m doing is paying bills with a credit card then use the cash that was for the bills to pay off another card. Then before the closing date I put the money back to the card that I used to pay bills. I do this with multiple cards. It’s going to take longer but they already increased my credit limit in 6 cards so far. I trick the credit card algorithm. The debt is still there but little by little I think I can knock them down.
Question, when you get a LOC approved and use it to transfer your amount from your credit cards over to it to pay them off, do you still have access to use your credit cards to use later on ( meaning they are not closed out)?
Question: I assume interest paid on PLOC is not tax deductible. What about HELOC, might that interest payments be tax deductible like mortgage interest?
is there a video with a simple and basic explanation of the idea here?
For expenses at the top you have 2715 but you are only taking out rent and living if you are putting the whole paycheck on the LOC where do you get the other 865.00 in expenses accounted for?
I have an AMEX at $25,000 and a Care Credit at $5,000, and BOTH are at zero interst until January 2025. I have been pulling double shifts and I am able to pay $3,000 per month. Please advise....
low income need help getting into a 515,000 house don’t know what to do plus i have debt aswell my daughter helping aswell but she has her on debt scared don’t know what to do new home owner
I would recommend watching as many of her videos as possible and you will find several that will most likely answer the questions you have. You stated 2 separate things,...you have a new home and high mortgage over $500k but then stated you are trying to get a high mortgage...? If you do not already have this mortgage maybe hold off then until you learn VB and work the debts off first ?
Great info. I havent worked since 2020 to an illness. I have zero income and huge credit card debt. Is bankruptcy best?
Thank You
It's back now. I restarted the video.
My focus score is at 6:10 right now which only has to do with my credit card balance is being high so I don’t know how to get my focus score up so that I can get approved for a line of credit ideas. Thank you.
So, what you want to do is look at all your bills and see which ones will allow you to pay using a debit/credit card. Think phone bill, utilities, streaming services you already have, or cable. Add those bills up. Then set them up for autopay with your credit card. Then, when you get paid, transfer that total amount( of the bills you just set up autopay) to that credit card. Of you need to split it between 2 checks, do that, but make sure you are transferring enough to cover the autopay bills that will come out before your next check, AS WELL AS THE MINIMUM PAYMENT. Then keep doing this, each time you get paid. Once you've paid down that credit card, move on to the next one.
So does this method (paying my expenses with cc) reduce interest? I’m trying to understand how does this reduce my balance if my cc already has a balance.
What if you get paid twice per month,? You can't put your income into the debt all at once to make a big impact on the interest.
She said this still works, put your income in every time you are paid whether it's weekly, bi weekly, monthly. ...or
Excellent strategy. However, when I tried to implement this method for myself. I was shocked to discover that most banks and credit unions in my area do NOT offer personal lines of credit. Do you have any referrals that offer PLOC's?
I had to go to a credit union not a bank
I went to my credit union. I used them for over 10 years, I have had two cars and all paid for with them, I have a credit card with them, I have good credit , and they still would not give me a loan.
@@irismartinez5753 wow that is horrible! I searched for open line of credit banks online maybe they could work
I could not find a credit union either.
@@kimwatts6338 I googled some online banks that offer lines of credit and found some
I added more positions to my investment portfolio. Still amazed at how I managed to increase my financial situation to six figures, I feel very satisfied. The joy you feel knowing that you will never run out of money.
The joy you feel knowing that you will never run out of money again must be incredible, I hope to experience that one day. Would you mind sharing how you achieved this?
Working with a professional/mentor who has in-depth knowledge of the market is the best way to achieve success. I made my first 500,000. investments in currencies and stocks after investing 50,000 with the help of a professional in this field. That's why I work with ~Teresa Lynn Hansen.~~
I completely agree, emotions like fear and greed are problems for most people who try to invest on their own and end up losing their capital. Can I invest with your Trader?
Yes, look her up.
I found her ! I looked her up online, thanks.
I need to get my debt down and I ran into your video here and I don't understand it. How can he put all his income into the LOC? he still has his everyday living expenses.
Then They will be paid out of the line of credit. Income in-expenses out.
Where does the $2715 Exp. come from?
Wait…. I’m lost….. I’m in the same situation, just not as a high enough credit score as said example. After you put all the CCD into the LOC, now the LOC is maxed out, and you then put rent and utilities back into the CCs while still paying down the LOC? Which to me, if you can’t pay it down to under 30%, preferably 10%, that’ll ruin his credit, right?
If using a LOC, you don't use the credit cards any more. All living expenses will be set up to be paid through the LOC, you basically use it instead of your checking account. You pay off the ccs, set up autopayment via the LOC (using the due dates spread out through the month), and when you get paid, move your paychecks into the loc.
@@mariadouglas1980Yes, I missed the part when she said his INCOME goes back into LOC. Thanks 🤦🏽♀️
Just thinking about this
Hey! Love your LOC banking concept! I have one concern though and that is doesnt the high utilization from your LOC just devastate your credit score?
I think it depends on how long your balance stays above 70%
Having the 4 maxed out credit cards already is hurting his credit in this example. You may have a month that the balances on the credit cards are still showing their high balance and the loc reports, but then once those balances report 0 to update, the score will be similar to original credit score minus a few points for the new line of credit being opened. If not looking to utilize the score for a new loan, then it can tank and then couple months later be even higher than it was since not maxed out multiple credit cards
I’m confused by LOC, is it like a personal loan or credit card? I think it has to be a credit card to be able to add living expenses to it.
How are you calculating the interest?
I juat bought my first house.
I have a little CC debt, and I want to pay off my truck, which I have about 12 more payments left to do. How could I approach my CU? Would I qualify with hardly any equity on my new home?
pay check to unemployment new house high mortgage 515,000 loan plus i have debt what to do
where does the CC company get money to give you credit on your card ???
Hello. How do I get this Playlist and what is the cost of emailing you the numbers I'm working with? My wife and I are big fans. 😊
Links are in description. Thanks for watching!
Question: What happens to the $1545 that used to be his cash flow each month? Is he just putting that towards the line of credit each month? So is this consolidating CC's to one LOC and basically tripling the payment amount he use to make while disrupting the interest rate of the LOC by making those big deposits?
The $1545 cash flow doesn’t matter, the part that matters is the 4K income, she basically saying get the LOC to pay your cards off than put your whole income into the LOC repayment every month but still use your LOC to pay your monthly expenses( the monthly expenses changes because the credit cards are gone) this is to get people out of debt, the Loc interest rate example is %12
I watched another video she made using just one credit card and she advised putting all income toward the credit card balance each month and then use the same credit card to charge ALL living expenses that would fall into the cash flow category. This is assuming you would not charge more than the amount of your cash flow each month. She said that this would improve your credit rating as well as paying off the cc debt. With this video using a HELOC instead of a credit card, I, too, wonder about how basic things like clothes, food and gas fit in this process. Her figures show that the entire income goes in the loan repayment column and there does not seem to be a deduction for the cash flow as it is used. Please let me know if you figure it out!!
Love your channel!!!!!!!!!!!!!!!!!!!!!!
@gabrielespinoza5328 THANK YOU!!!!!!!!!!
So I’m understanding this right… you take out a line of credit $15k then you pay off all cards and you’ll pay your expenses through the line of credit?? Is that right?
Yes