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

Naam Wynn 219 views

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how does this work with multiple credit cards at once?
Comment from : @joshprice32000

Who gets paid monthly in one lump sum? This isn’t realistic, what do you do if you get paid weekly?
Comment from : @lorib6509

Why not just make the $400 payment? How is this a benefit
Comment from : @danaerickson3403

You got looooong explaination took a while
Comment from : @Jewelqld8

What if I don't have the 2500 up front? I can only put it in installments per month ei 500 a qeek
Comment from : @1963tlaw

What if you have multiple credit cards? Your system works for one cc but what if you have several? 3:51 pm 1/29/25
Comment from : @denisechick6878

Any advice if I there are more than 1 card?
Comment from : @natan_abdala

I have about 8 cards about 12,000 total debt, no income I was homeless with my girls I was thinking of filing chapter 7 Any advise I feel i need a freah start
Comment from : @jojosanchez2117

Discover takes interest out of my credit line AND still charges it on my monthly statement brSo if I have $300 available credit they charge the $355 interest out of my line of credit and I still have to pay the $350 interest on my statement!! Is this normal?
Comment from : @mosalinas3797

why do people always do this and ignore the interest? 1/2 of a $500 payment may go to interest on a high rate card, so you're not making nearly the progress he shows
Comment from : @marshajenakovichvania7785

Can you do this when you have multiple credit cards with high balances? This looks easy for one credit card with a high credit limit
Comment from : @eleonoraminino4049

Wow, I've never heard of velocity banking explained in such a way! Thanks!
Comment from : @MrBoxofplastic

What if you have multiple cards? Should you do one card at a time or spread your money over the cards each month?
Comment from : @mamag8628

Sooo to summarize: I pay off my maxed out credit cards with a least $15k of my savings but it is "NO SAVINGS"?? Did I get that right? 🙄
Comment from : @mikef879

❗️❗️❗️In your example, when the person pays $400, you show it all going directly to principal balance The balance would have also accrued interest in all cases except if the card had zero interest So, your calculations are offbrbrThe general concept helps reduce the budget, just not as good as shown on the video
Comment from : @Jalle6673

Isn’t this called velocity?
Comment from : @jeffortiz8136

thnx!
Comment from : @ReeInvesting

❤❤❤
Comment from : @kevinhuxley9252

Lot of scam comments in here lol
Comment from : @justinguarino201

The math is flawed Because you can't simply ignore the monthly interest payment And to suggest that people work more when most of us are already at our limit is not really a solution
Comment from : @jerrysamuels1113

What are the score requirements for the 0 percent apr cards?
Comment from : @circusmodern

Anyone here got a interest reduction calling CC companies ?? Not me … help
Comment from : @adricruz9740

I must be slow… how is there $400 wiggle room if the card will get maxed out again because the expenses are $2500? Sooo coupled with the checking account expenses brings you back to 5000 which would be maxed out?
Comment from : @renitalewis1188

No no please don’t get a loan Instead get a personal line of credit
Comment from : @cmarie9817

Wouldn’t the standard $400 bill for the credit card in this scenario still be due regardless of how much money you’re putting into it? For example, you said the user puts 2500 in there, it’s not at the full balance therefore wouldn’t the remainder (7500) bill still be due each month? Because the user isn’t paying the bill on the statement due date, wouldn’t the bank automatically be direct debiting the $400 from the checking account anyway? And if you switched off direct debit, wouldn’t the bill for that same month still be sent to you because the total balance is not yet fully paid?
Comment from : @YY-jv4uu

400 hundred actually will be needed paying if you pay near the dd date as they will normally still take payment
Comment from : @darrenjohnson1952

0:55 People who weren't disciplined enough to not rack up credit card debt to begin with, now have all the sudden have the wisdom and control of monks to use "velocity banking"? Nah man, that ain't the move
Comment from : @Krynale

Just be careful I try it they closed my account lol 😂
Comment from : @FarooqHaider-q3j

Average American🤣🤣🤣palyou are so obviously so out of touch and or believe the BS put out by the government statistics , " "average" American earns much much less than that
Comment from : @memeishere1

Please make a video explaining the importance of using this method before the closing date and statement date etc to help the people understand how you’re actually eating down the interest over time lol so many comments are saying it won’t work because they don’t understand how making a payment at a certain time of the month is the glue to everything sticking together and being successful
Comment from : @KatieLee0823

That's easy when you have only 1 CC maxed out, but what about when you have 5, 6 or more CC maxed out I don't think this method works
Comment from : @rondonc

I wish i could get Zelenski to pay it off for me i demand it 😂
Comment from : @desperadopharaoh2361

Oorah
Comment from : @606pretty

This scenario does not include taxes/insurance, your monthly take home pay would not be $5k on a $60k yearly salary…
Comment from : @computerboy2k

Thank you for your explanations of how credit cards "are just another operating account for your money transactions "brWOW 😊 thank you
Comment from : @gaila8830

What about tax?
Comment from : @elijahkalil7866

Why doesn't anyone talk about the monthly and daily interest rates credit cards charge The annual rate they only charge once a year
Comment from : @citomp1240

I’ve had the same credit card for 20 years and when i asked the to reduce my rate they said i was already at their lowest rate of 26 Insane they can charge that much
Comment from : @angiegracie6954

I don't understand If I use the whole $5000 a month, regardless of what pot it's in it still all gets spent but now I'm spending more money out of my maxed out high interest credit card
Comment from : @connievaugn1737

People, please understand This isn't even close to how this works This is extremely poor advice to take if you are interested in being financially healthy and wise
Comment from : @bmichele83

thank you for your service
Comment from : @christinemitchell9260

Hello Naam great video Most of us get paid weekly If I did this every week, will this have the same affect? Will my credit improve if I did this weekly?
Comment from : @derekadams267

That will not work because credit card companies will not release the funds till 14 days after you pay them
Comment from : @LuisLopez-d2y

Guess i'm not "average", have to put in alot of OT to hit $5k a month Starting this strategy this week
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Comment from : @dilyaabrarova1977

Can this work if I have a $300 n $400 creditan my monthly bills are $500 I pay ?I make $2000-$3000 month
Comment from : @YODADY-YD

I've done this and it works!! ❤
Comment from : @TiffanyBedford

RAH
Comment from : @Slowly_We_Rot

Yeah good video but you put half your paycheck on the credit card but you still have to pay whatever you put on the card plus the monthly payment! 🤷🏽‍♀️
Comment from : @shawana2744

This is my 1st month trying this It makes sense but it's Def very scary! Just gotta take the plunge!
Comment from : @miriamdavis2988

Ppl he clearly said 5k was the take home! It assumes taxes have been removed 🤦🏽‍♂️
Comment from : @thedetroitrecruiter7438

This is great but seems like it only works for one card What if you have multiple maxed out cards?
Comment from : @GoodLifeLena

So with this method you pay off 400 a month, which is what you would've done anyway I could understand if he did the interest calculation and the average daily balance significantly affects the interest charged But he didn't even consider that This is so silly
Comment from : @ninamatthews8747

If you’re maxed on your card you can’t use it for NON-card expenses!!
Comment from : @sunnyvibes8528

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

What do you do with 25000$/ year
Comment from : @paulasanda1486

That BILT card is AMAZING No fees to pay your rent with that card And you get points for it❤️
Comment from : @jynettelewis1514

I am confused 🤔
Comment from : @christypollock5874

stop paying or file for bankruptcy
Comment from : @naegleriafowleri2230

Be careful doing this in 2024 Some credit card companies may lower your credit limit after you make a large payment If that happens you will not have access to funds to pay out your bills as planned Its better to start with lower amounts maybe $400 - $500 one months and check a available balance Remember interest charged is not shown in this video
Comment from : @betitos11

That's the same as your minimum paymentand that's without apr factored in This seems very dumb
Comment from : @marcusmobley5411

You copied another video word for word
Comment from : @nanah2000

The take home pay is less They take $1000 off the bat, retirement, taxes
Comment from : @MotherOfThings

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

FYI you can use your credit card for some rental places
Comment from : @blakberree1217

This sounds great EXCEPT: the balance is going only down by the amount of the monthly payment! The math isn’t mathing on this “velocity banking” idea It’s not a scam, but it does underscore that including all the factors, including the monthly interest that he’s excluding, are so important in any consideration of finances
Comment from : @carolejackson5