DON'T Do Velocity Banking Without Understanding this One CRUCIAL thing

Velocity Banking appears to be a phenomenon that is being pushed on people as a way to save tens of thousands and thousands on debt.

There are many issues with how people portray velocity banking, but here's one of the biggest red flags that may not save you money and actually cost you time.

Here's what we are going to cover in this video covering Velocity Banking.

Chapters:
0:00 Intro
1:40 Velocity Banking Example: Does it work?
5:00 Is Velocity Banking Worth It?
6:15 What's Next?

#velocitybanking #debt

License code: TTMRV4TBR11Z6ZHJ

[SarahCapelesOficial]

It’s worth the hassle if you really are serious about paying off the debt. I’m doing it and it works for me.

[teluvv]

I will also add along with the previous comment that this concept is a no-brainer. And it's working for me even though there are some things that I cannot pay off with a credit card. understanding this gives me more financial power and more financial options. I'm just getting started but I can already tell the snowball effect Uber time. It will be tremendous. But the points that you made are valid and someone needs to be honest in assessing their finances before diving into this. Thank you for sharing. I really enjoyed your video.

[doublex]

You're forgetting the most important part. Getting a Heloc or Peloc to put your car loans in, then that eliminates those payments into cash flow. thanks

[hollyhockhousegardens]

You should probably do a little more research on information that You just heard about the day before. You obviously have not done your research well enough. It works amazingly well.

[tobydobo]

Sounds like you have alot of questions how it actually works. Been doing the credit card method for 2 months and paid off 2 cards 3k total, and freed up 1000 in cash flow.

[AGloriousLife]

I think you're over-complicating the process. You don't need to figure out how to direct deposit your funds into a cred card - you simply make a payment. With most credit cards, there is minimal or no delay in updating your credit limit/balance. Also, I've not seen anyone not acknowledge that certain payment, like rent or credit card payments or loans, could not be paid by credit cards. I'm of the mind that any amount of daily interest saved would be worth the effort.

[robertmccully]

I think you're explaining this wrong. You need a line of credit that allows you to pay any type of bill. Than you pay off everything with the line of credit, , , and then just pay the line of credit down as fast as you can. But the danger is, if you use the line of credit for anything beside the existing bills you started with, your going to get in so deep you will sink the ship.

[zapzone]

When they talk about velocity bank, most use a heloc not a credit card. A home equity line of credit, acts more like a variable loan. Put check in and borrow what you need for payments as needed.

[roguenerdd]

All my answers to those questions were positive! 90% of my bills can be paid by card

[stricklybiz]

Don't listen he works for the bank

[spicyphilly]

Oh funny I wonder if I was the one that started your deep dive into velocity banking. Aug 21st I told Justin that's what I've done successfully in the past for smaller debt, and I'm doing it again for this current debt. As long as the co-debtor cooperates making his payments it will work, otherwise I'll have to look at the alternatives we discussed previously again. Thanks for all your assistance through this difficult financial situation. The information and resources are much appreciated 🙏

[ChristinaBastilla-yxhj]

Velocity Banking works people. I use it. It’s beautiful. 🥰

[betitos]

Velocity banking works best with a personal line of credit PLOC or HELOC. From those accounts you can pay just about all your payments. Your example with a credit card is the hardest to do.

[psecdocumentary]

I've never heard the term until recently, but you're right that its not a "one size fits all" t-shirt. For some folks, these sorts of strategies will work perfectly. For others, not so much. For me personally, most of my expenses CAN be paid with a credit card. So I pay most things with my card, and then pay my card off with my checking, and ta-da. Its workable for me. I also find it odd that you can't pay your electric bill using a credit card. Where I live, you can.

[myreviews]

In some of the examples she talks about depositing the income minus mortgage, maybe not all of them have that. Ideally a HELOC in the same bank as your checking account would be best as you can transfer funds immediately. If you have a HELOC then you can easily transfer money into checking and pay mortgage.

[patrickharrison]

Found your video this morning. It was made 1 month ago. Right off bat, you were curious about Vb. Now.keep studying this. You had great guestion. However, you missed an essential part of the map. Those bills (mortgage, car payment) can't be paid with cc. So keep that amount in checking, or use convince check or cash advance ways to pay those.

[MrLocomechanic]

Yeah you missed the points of velocity banking, you should go back and do your research again. This is very diss informed.

[ThePrezExTV]

Most velocity banking examples I've seen are not using credit cards. I mean you can but line of credit is the move preferably.

[CookingwithGrace-bhmt]

Thank you for sharing! You have help me to understand what’s VB is all about! 🎉

[audreywoodcock]

Most people take home 1000.00 to 3000.00 a month how does it work?