Credit Card Interest Is Eating Up My Income!! Help!

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[@MaximizedNow]

You should create a T-shirt: "I make the suggestion. You make the decision." Love it!

[@VanntasticFinances]

I already have it! 😂😂

[@MaximizedNow]

@@VanntasticFinances Awesome!!!

[@evanchriston3300]

This is a good example of why I say that transferring a large balance over to another credit card is worth paying the transfer fee if the math makes sense.

[@ComdrStew]

Kind of what we just did. Discover has options all the time for 0% cash for 10-15 months. I got $5500 off of my Discover back in February for 12 months 0% for a car. We had to fix up our house and a couple other things. The Discover was paid down to $4000 and I took out another $3100 for 0% for 10 months for the 4% advance and moved everything over to it. Our expenses are 2400 and Income is $3400, so $1000 cash flow. Discover is one of the best cards we have ever used. We do have a house that is paid off, so that is a huge plus for us. I want to thank you Christy for showing people this it has already helped us. God Bless!!

[@ericalewis1084]

I'm looking into doing a balance transfer of $10k at 0% for 12mos. to pay off my 13.99% bill @$14k balance but still working the numbers to make sure I can pay on it since my cash flow is low.

[@ComdrStew]

@@ericalewis1084 Here is what I would do. Take the balance transfer and pay it onto the 14K. Now move all of your monthly expenses and income onto that card. Pay the minimum payment on the 10k until the first card is paid off. Then move all expenses and income over to the 10k card. I don't know your numbers, so I do not know exactly what you have to work with. I helped my wife's friend from bankrupting because of Christy's little tricks. She was negative cash flow and she was behind $1000 on a car payment. She was able to get a balance transfer of 15k on a new discover card for 12 months and we paid off the 12k she owned on the car first. You can talk to credit card and loan companies to lower your monthly payments also. I talked to all of her CC companies and they lowered her payments. She went from a negative cash flow to a positive $1000. The other thing is after a couple months her credit score skyrocketed up to 780.

[@knowledgeapplied]

​@@ericalewis1084Whatever you decide to do, you will still pay less at a 0% APR than a 13.99% APR which keeps you (all of us) stuck in the same place. Time is of the essence.

[@hughmoss9884]

Your main page says you're an 80's lady, I think you're a 2020's lady too ! 5 days ago I got my PLOC, and put 8K on my mortgage; today I put 1k onto the PLOC and will get paid in a week and will put 1700 o0n the account. Lucky for me, I can put more and I also have a separate income to maintain our lifestyle and at this rate I should have 130k paid off in maybe 6 years instead of 26. I really want to thank you. I think that is why some people send you 'gifts', we are all very grateful to you, and of course you are a Godsend ! Thank you, and thank the Lord who as he says, we can't outgive ! I only wish everyone would concentrate and give it a try !

[@ericalewis1084]

This is my goal. The repayment of the LOC is of concern to me. I get putting the LOC in the mortgage. I've been studying other Vann videos today.

[@nurygarcia1860]

Your information is the best! No one really explains this quite like you do.

[@amymcneill3496]

Thank you for sharing your expertise!! It is so good and exciting to have someone who cares about people showing us the ropes!

[@mimiseeyou]

When you asked if it was a good decision, I was screaming “If they are going to pay it down!” Lol because really people have to stop spending. I’m having surgery Wednesday and you helped me dig out of a baaad whole. God bless!

[@VanntasticFinances]

Wonderful! Thanks for sharing!

[@kristinbrooks6079]

Thank you for what you do! We had heard something kind of like this about 15 years ago, but didn't understand due to it not being explained clearly. Because of your videos, we are invigorated to maximize our cash! We just got appoved today for a fresh HELOC. Only awaiting the appraisal. Doing what we can in the waiting time. Thank you, thank you, and God bless you!!

[@porterhouse7260]

So a 700 credit score got them a 0% $30k loan with these debts? Who's lending like that?

[@RealLifeFinance]

Exactly - I want that card

[@maxlove4906]

Yeah! Me too... I'd like one of those!!

[@porterhouse7260]

@@maxlove4906 Maybe Navy Credit Union, but they should say where these loans are available, JMO!

[@anpsteph]

Citi Bank & Chase-- they have been a lifesaver for me. Citi often has 0% balance transfer offers. They give credit lines according to your income and credit score. 700 is a good score. Credit Karma will show you offers based on your credit score.

[@johnfromthegrove3206]

Discover seems to be the best. I am sure individual numbers play a part of actual limits. Example, I got my wife a Discover card with $8000 limit with a 680 score. 0% for 15 months.

[@ginafumi3010]

Thank you for helping us to renew our minds! We have learned sooo many bad habits from the worlds system! ❤

[@CarolHewett-g1c]

Bless you

[@sonjamccart1269]

I got a 0% credit card and immediately got monthly cash flow related to interest expense deduction of over $200. That felt good and we can get some interest relief while we use the LOC to pay off all other interest-bearing accounts for 15 months while that no-interest card is working for us. The minimum payment is now 1% instead of 3%.

[@VanntasticFinances]

So happy for you!

[@banc8704]

I’m trying to do this velocity banking thing thanks

[@kellythompson1441]

Banks are onto your system. My credit rating is over 800 cash flow $3500. No bank will extend me a line of unsecured credit. If you do not have a high limit cc that is not maxed you are out of luck

[@kerrytakashi12]

Yes, they know this now. No financial company wants to issue POC or HELOC instruments. Plus cards are now freezing accounts without warning. So you could be stuck with all your extra in the card to keep it revolving but it is now locked.

[@michaelgeorgeprice1366]

thank you!

[@ntercrs1]

Hello and thank you for all of your videos. I have been thinking about getting a PLOC to use velocity banking to eliminate my debt. I don't owe any credit card debt. The only debt I have is my mortgage and 2 car loans. Would the PLOC and velocity banking be more efficient than making extra payments?

[@daleparker9801]

You always talk about LOC but what if your credit is shot and can't get credit? I have home equity that I can't access because of my current credit score? HELP

[@johnfromthegrove3206]

Credit Unions are the best place to start if you can. The minimum score is between 640 and 670. the Higher the score the better. I am basically in the same situation. I want to wait until I get to a 700 plus.

[@DocHolliday219]

So why are we reducing the actual balance of the 2nd credit card down from $ 14,901 to $12,901? Where did that 2k go?

[@ZiggyD12]

Hi there! Love your videos. I have been trying to figure out the best way to pay our high interest credit card debt down. I feel like I get it, but we have about 15 credit cards/store cards between my boyfriend and myself with balances ranging from 200 to 2000, up to 3500. I just don't know where to start because there are so many different cards and due dates...my bf recently got approved for a few balance transfer cards but some of the high balances are in my name. He is the one working full time right now and above 700 credit score, so I cannot do anything from my side. Do you have any suggestions on how to tackle this if you have multiple cc's? Is this something you would be able to coach us on? Thank you!

[@garyCauser]

Remember they are working with her paying off this debt because they can’t stop spending. And this method pays off the cards so they can go shopping!

[@kjy29]

Where do you get a 0% loc with negative cash flow a month? How does a person get a 700 credit score with existing loc maxed out?

[@kaylaguillory57]

So what happened to the remaining 2k on CC#2? She only transferred $12901, not the full $14901

[@daleneb24]

What about a -$56.09?

[@GOKUBK77]

I got a loan for 26,500 it’s for 120 months I have 111 months left. My payment is $360 and it’s at 9.99% should I roll it over to a credit card that has a limit of 30,000 at 25% Christie ?

[@garyCauser]

Try it. If it doesn’t work you can always borrow again

[@veronicam1726]

I am getting turned down for a 0% card or any card for that matter because I have too many open accounts. Should I start closing them or will that be a negative towards me also?

[@VanntasticFinances]

No…that would plummet your score.

[@veronicam1726]

@@VanntasticFinances I figured that. I am trying to figure out what I can do so I can get some relief. I started to throw little amounts onto my one card as you suggested and when I reached paying near the half way mark they went and cut my limit and of course that point is where I needed to be to start vb. Frustrating.

[@sh839c]

Who is going to give out a 30K limit 0 percent interest credit card?

[@justthetruth6197]

Where are these $40k limit credit cards for such a low income and high debt? I don't think this is true..

[@Ingrid_Abrams]

A high credit score will get you that.

[@Gabrie-the-Carnivore]

I Dont see an email address to send you a few questions?

[@scotthess6689]

Where do you find a 0 interest card with that high of a limit?

[@VanntasticFinances]

Bank of America, Citi

[@Thesimplelife00]

​@Vannfinances Yes! BOA has a 21 month 0% interest on balance transfers right now...Thanks for ALL that you're doing to help!

[@scotthess6689]

Are there any cards that have 0 transfer fees?

[@Ty-or7sw]

What happens if you don't have access to use the cards ie closed them, but still have to pay?

[@cgonzalez0401]

hOW CAN I ADQUIRE A 0 % CREDIT CARD? THANK YOU

[@taunyawren8020]

How do you find the 0% credit card?

[@VanntasticFinances]

Online

[@taunyawren8020]

@@VanntasticFinances We just got a offer in the mail. I was reading about it. I think it said if you do a balance transfer the interest rate applies. So I’m wondering if that is not a good choice, or if I’m wrong?

[@VanntasticFinances]

Yes, that’s normal if you’re not looking for 0%.

[@taunyawren8020]

@@VanntasticFinances Ok so we need to look for one that is just 0%. Got it.

[@russellbess1774]

Those cards don't exist, i know from experience bc I've applied few times in last year and declined even with a 720 score and 88000 income 9:38

[@VanntasticFinances]

🤔…ok

[@barbaralhebel9236]

Christy, when you pay off a cc or loc do you close it?

[@johnfromthegrove3206]

HELOC (LINE OF CREDIT) is always there when you need it. CC's as well long as you do not close them.

[@karenware459]

If I where to get a zero interest card should I use it to pay down a card at 29% for 9,000 payment 350$ or should I use it to pay down a card with 16% but the amount is 21,000 with a payment of 500$. 🤷🏻‍♀️

[@johnfromthegrove3206]

I am pretty sure you want to start with the Highest interest first then the next highest interest CC and so on.

[@garyCauser]

16% of 21000 is 3600 per year. 29% of 9000 is 2610 per year….good by 21000

[@datnohi8612]

Dave Ramsey total money make over, I had that issue that book helped

[@donniethesportsguy893]

Solution for negative cash flow: Fake death and collect life insurance hahaha jk

[@willzamor3580]

WOW! Just stumbled across this video searching for debt elimination examples, you have really given me hope with this information and I am very confident I will be in a much better financial position 12 months from now. Thank God for you and thank you for what you do for us.

[@VRachelPhoto]

Help! We want to start but this will mostly be me on my own! I’m not great with these thing and my husband just works too many hours to help me do the legwork. Where do I start?

[@Hawksforever99]

She must spend a king's ransom on whiteboard markers! 😂

[@franciscovelez2714]

HI. HOW DO I SEND ME FINANCIAL WORKSHEET TO YOU

[@Vibes.562]

Ohhh I needed this. Cus Man the inter

[@brucemarshall7067]

So, it seems that: with V/Banking, the main focus is not on (as in this example) utilization percentages! Meaning, it is more relevant (when applying Velocity Banking methods) to pay as little to no interest as possible; and, as regular V/Banking chunks and payments are made, that (in itself) will lower (on a regular basis) the utilization percentages, particularly with Credit Cards when balances are transferred to these cards, thus bringing a high utilization percentage to the card (which will actually be temporary).

[@Jesus-kt5dc]

The most important thing in velocity banking is cashflow. Cashflow is what allows you to pay down debt. The higher the cashflow the less interest you pay, by default. You are parking it in your line, decreasing the ADB. So the ideal LOC would be a PLOC, HELOC, BLOC because these lines allow you to place your entire income in the line. Have a great day.

[@luvthedoh7325]

Would you pay off a 401k loan or a mortgage first? Thank you!

[@Jesus-kt5dc]

Myself I would go after the mortgage because you can save a lot more interest and once paid down (not paid off) you can apply for a HELOC and pull the money and payoff the 401K loan. Have a great day.

[@luvthedoh7325]

@@Jesus-kt5dc Makes sense, thank you!

[@Jesus-kt5dc]

@@luvthedoh7325 Remember, you attacking the principal on your home is what's building up the equity in your home. You could also get a PLOC attack the mortgage, then apply for a HELOC. Then use the HELOC to attack the mortgage and the 401K loan at the same time. Then your HELOC becomes your main LOC and the PLOC becomes your emergency LOC in case they close your HELOC. These are just scenarios of how I think of things. Better yet leverage the PLOC for infinite banking. Have a great day.