How to Pay Off Your Credit Card FAST

How to Pay Off Your Credit Card FAST! If you have lots of credit card debt and you want to learn how to get out of debt faster and become debt-free, by the time you're done watching this video, you're going to be on your way to paying off your debt completely!

It is reported that the United States consumers have about $1 Trillion Dollars of Credit Card Debt as of April 2019. This is an all-time record high for the United States Consumers. This is getting to become a SERIOUS problem for the U.S. economy as credit cards tend to have a higher interest rate but also sucks away cash flow from your monthly financials.

So let's dig right into the strategy...

The strategy involves in "consolidating" or replacing your credit card debt with a Revolving Line of Credit. This can also work for business credit cards as well! A popular form of a Line of Credit for personal use is a Personal Line of Credit. (PLOC). For those that are looking to pay off your business credit card, you can work with Business Line of Credit. (BLOC). You're going to take a good chunk of your line of credit and pay a principal payment against your credit card. It's kinda like doing a balance transfer but you're making a regular principal payment.

Now that you are carrying a balance on your line of credit, you're going to treat your line of credit as a savings/checking account by putting all of your income and cash reserves into the line of credit. The reason why we do this is to reduce the average daily balance on the line of credit which helps you save time and money on interest. Plus, you're taking advantage of the lower interest rate on the line of credit.

For businesses, this can help you stabilize your cash flow each month.

Simply doing that can help you get out of credit card debt faster, pay off credit card debt, and save money on interest. I know this isn't your regular Dave Ramsey method but I had HUNDREDS of my clients use this strange strategy to save both money and time to ultimately become debt free.

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The Kwak Brothers are millennial real estate investors who have acquired over 76 Units of Rental Units and have raised over $20,000,000 in capital for their real estate deals. They are based out of the Chicago-land area and they are dedicated to helping ordinary people become real estate investing champions and rockstars! They specialize in owner financing negotiations and multi-family rentals.

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Video Created by:
Christopher Dorsano - YouTube Producer

---DISCLAIMER--- The suggestions, advice, and/or opinions that are given by Sam Kwak (The Kwak Brothers) are simply opinions. There are no guarantees of set outcomes. Listeners, guests, and attendees are advised to always consult with attorneys, accountants, and other licensed professionals when doing a real estate investment transaction. Listeners, guests, and attendees are to hold Sam Kwak, Novo Elite, Inc. and the Kwak Brothers brand harmless from any liabilities and claims. Not all deals will guarantee any profit or benefits. Listeners, guests, and attendees are to view and listen to all materials and contents furnished by the Kwak Brothers as a perspective based upon experience.

[UCESO]

I just applied for a PLOC through my CU after watching this vid. I got approved for 5k, thanks.

[galato]

Thank you for this interesting video. I have a question: How do you know that credit cards give you 21 days without interest? thanks.

[takahawk]

So if I have a heloc, it can be the same strategy?

[spcurrie]

Can't you use a HELOC the same way? To pay off your credit card? Why a PLOC? Thank you!

[StephenSnowman]

Ok I get the fact of using a PLOC but Most of my CC's are maxed out because of a home remodel that got out of control. How do we get a PLOC if our credit is 600ish?

[kylebaxter]

OK maybe I'm confused here, but all I'm learning from this is that if you can move some of your balance from your high interest credit card to a Personal Line of Credit that has a lower interest rate then you save money, which seems pretty obvious. I understand the concept of average daily interest being calculated from your average daily balance, but I only see this being helpful here in that moving a chunk of your high interest balance away to a lower interest account saves money. What am I missing?

[Nana-vxmt]

Just had this conversation with my banker just yesterday.Thanks for the confirmation.

[ursulaarchuleta]

Do you recommend this same process using a HELOC vs PLOC?

[lldd]

Would you open me personal line of credit? because if you have more than 30% of your credit used - banks won't. and when you have credit card dept - your credit utilization is usually more than that...

[afc]

Are banks even allowing PELOCs right now? I understand that Helocs have lower interest rates because it is tied to my house. But what about PELOCs? What is it tied to?

[topsecretbear]

Good info & strategy. I was doing the same thing but with another credit card but this is better. Save all that interest. Also using cards for expenses like gas & groceries will earn sweet points on the better cards.

[eulamanning]

yes please, this was helpful but confusing

[aron-c]

22.49% was what i got offerred for PLOC. no difference.

[Alessandro]

Great video, thank you. It's my first time here. I have some questions: 1) How can I know when is my grace period? May I look it up online or I have to ask to my bank?
2) Do I have to ask the PLOC to my bank? Is 100% that they give me the PLOC?

[sharonsmith]

Check your credit card terms and conditions for details on how grace periods are handled and when interest begins accruing on charges that are carried over into the next billing cycle.

[christinakarlhoff]

Soooo, what if i transfer from the PLOC to checking and continue to utilize my visa debit?

[timsabstracts]

You still need to cut expenses right? If you keep spending on the credit card, then the cycle just continues, right? And you aren’t actually cutting debt?

Following your example, saying you “transfer” $5000 from CC to PLOC, then spend $5000 on credit card within grace period, even if you pay $5000 from checking to PLOC, you are back at $10000 on the credit card.

What am I missing?

[davidledesma]

What if you don't qualify for a ploc cause to low of a credit score

[rebeccagutierrez]

Thank you so much for explaining this, Sam. Good job!

[missdesireindependance]

I prefer balance transfer because it’s interact free. Even with it if the card is paid in full you avoid intreast.