🚀Velocity Banking: How to Pay Off Credit Card Debt Fast 🚀

#howtopayoffcreditcarddebtfast Velocity Banking is THE strategy when you need to know how to pay off credit card debt fast! And when you're dealing with multiple credit cards, bill matching is a CRITICAL component of that strategy.

Thank you #ChristyVann @VanntasticFinances for explaining how #velocitybankingwithacreditcard works! I paid down $8,000 in credit card debt in 10 weeks!

Discover the power of Velocity Banking for rapid credit card debt payoff! Learn how to strategically match bills to credit card payments, prioritize your primary card, and leverage multiple cards to slash debt. Dive into this effective financial strategy step-by-step for faster debt elimination.

NOTE: I am not a financial advisor and I do not provide professional financial advice; the information presented on this channel is presented for information and edutainment purposes only. Following any words, actions, or advice in this video or on this channel as professional financial advice is not intended and is the responsibility of the viewer, not the video creator. This is my personal journey for getting out of credit card debt.

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[bethmitchell]

Molly when are you coming back? Really missing your videos. God Bless

[connieh]

Good grief, Molly, thank you for this reminder! I'd forgotten all about sleeping those cards and put, not one, but two bills on the wrong card. You just saved me a hundred dollars in cashflow this month. (Next month, it'll be 200. It was too late to change one of the bills to the correct card :) Don't know why this concept is so hard to cement but my money-in-envelopes brain just keeps trying to kick back to old programing.

[donna]

Hi Molly a m I first? Lol great explaination.

[DK-bmrg]

I still dont understand this if you are paying 20% interest. Every time i spend the minimum amount due. The statement balance gets higher each month with all the interest.

[SamIAmJam]

I just got a hit from a credit card company that lowered my limit by $200 which was supposed to pay a bill. Also when I should be way ahead I keep getting hit with unexpected bills then I spend extra money to make me feel better. The mental game you have to play can be hard but I am going to stick to it. I will win.

[williamemt]

I’ve watched a lot of your videos but cant find any that go over the importance of timeframe. If your credit card statement date is feb 28-March 27 and payment due date is 3/22 then when is the best time to make the card payment to have it report best on your credit report? I understand the statement end date is your reporting date so in this case March 27th. But I have 2 bills that I want to include in this method which are due on the 24th of each month, $700 total. So if I make a payment of $900 total by the 22nd (card payment +bills) then charge the 2 bills on the 24th my card will report only $200 less on the 27th? (Not $900 less)

[missysunshine]

What happens when you can’t pay a credit card with another credit card because the card u need to pay on will only take a debit or checking account? At least that’s what it says online for payments (Cap One).

[abzautoparts]

Hi thank you for this! One question so if I’m paying $200 to cover that bill and it’s supposed to cover the $186 minimum isn’t it really $14 extra? Because there is still a minimum that is due and next month I will have another minimum due and I pay $200 again it’s the same cycle I don’t see how I free up that $186 I’m a little confused unless this is a card with a zero balance in that case there wouldn’t be any minimum due? i’m just looking at it as if you still have to pay a interest charge for the month. Thank you for your help!

[lynettevandyk]

I have a question. I only have 2 cc's. The 2nd one does not carry a large balance. Do I put ALL my bills on the 2nd cc, and the variables on my primary. Or do I put 1 bill on the 2nd cc and the other bills on my primary as well

[Monotarian]

But that 200 that you sent to pay that 186 cc bill is still being spent and not only that but they will want that money back in 30 days? I do not follow how you freed up the 186 yes you met the demand but the 200 still came from your cash flow to pay it originally. Maybe I am confused

[twistedstitchesembroideryd]

I have some questions Molly. I have a couple CC's that are zero interest. One has a $9K balance from a previous balance transfer. Say that pmt is $121/month. The other 0% is new and I just transferred a $1500 high interest card to that. I have a few cards that have zero balances and I have maybe 3 cards that have a balances, and 2 store cards that can't be used for anything other than that., they both have a balance of about $1400 (for furniture). I'm just not sure which of these cards to use as my primary and what gets charged to that etc. can you send me a message please? I'm starting the velocity banking now. Thank you :-)