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!
Go to debtfreeaccelerator.com to get access to your Calculator, eBook, and our In-Depth Training Webinar on how to become debt-free 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:
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--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.

[@TheKwakBrothers]

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[@travisdeming8645]

Speaking from experience, 'haxedge solutions' have the most effective strategies in clearing out your debts and boosting credit score. Look them up on Google for contact.

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[@HustleMillennial]

Thank you so much for this awesome video!

[@rebeccagutierrez1960]

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

[@familyfirst3081]

Excellent! Great video

[@Nana-vx6mt]

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

[@dennisrepetitonmiskowski7677]

That was a great video I've seen this in the past and actually forgot about it thank you for putting it back into my memory great job

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[@4UCESO]

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

[@DrFinancialLiteracy]

How is it going with the PLOC?

[@topsecretbear9918]

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.

[@jennifermeade687]

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[@eulamanning4892]

yes please, this was helpful but confusing

[@jacksmith8879]

Yeah i got all my cc from dumpsl on telegram. Trusted and good vendor Thank me later.

[@jrccandleco7939]

i am in love with this strategy!!! im going to this!!

[@TheKwakBrothers]

Boom!

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[@Alessandro92772]

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?

[@sharonsmith6592]

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.

[@galato4234]

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

[@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?

[@christinakarlhoff1058]

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

[@johnreesor1450]

Sounds like a lot of work for little payoff

[@spcurrie]

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

[@Nico-pq2ky]

do we have this in the philippines? id like to try this

[@takahawk7806]

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

[@lldd11]

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...

[@a22fc]

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?

[@aron-c8207]

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

[@tpeters5002]

Just like velocity banking.

[@davidledesma7762]

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

[@isidoramartinez6510]

Confused big time

[@kylebaxter3456]

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?

[@takahawk7806]

So first transferring most debt you can to peloc. Then looks like you utilize your credit card to pay all your expenses that you can. Then paying those expenses with your p.l.o.c. While using all of your checking account funds towards Peloc. I can see with the difference of your expenses and your checking account funds , added with the less interest rate costs in the long term will break down the debt when using this cycle. That's how I understood it unless I'm missing something.

[@ReadOnMedia]

I’m confused why not just use your income to pay the CC….

[@ursulaarchuleta4461]

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

[@DrFinancialLiteracy]

Yes

[@shannonmercer2281]

Where do I get personal line of credit? Is that from my credit card company or the bank?

[@TheKwakBrothers]

Hi Shannon, typically your bank will offer a PLOC! Your best bet is to work with the bank that you have a checking account with!

[@wb8264]

Some credit unions as PendFed, BCU, Navy Fed Union and other financial institutions. Other tool is a CLOC (Check Credit Line Of Credit)

[@donnell688]

I have a 5000 PLOC and a cred card debt of 7000 would like to chunk 4000 from ploc onto the cc debt but how? like I said the credit union is saying i can withdraw cash or put into my savings account? Im pretty slow sometimes and this appears to be one of those times. tks

[@blairfell9769]

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[@wb8264]

Transfer money to PLOC to the savings or check account and then transfer money from your savings or check account to the credit card.

[@donnell688]

exactly how do you use the ploc to make payments like car, rent, etc. most loc do have checks attached to them ?

[@TheKwakBrothers]

You can link your checking account to a PLOC to make automatic draws

[@wb8264]

You can transfer money from PLOC to savings or check account and then to do payments to the debts.

[@TheKwakBrothers]

@@wb8264 exactly

[@Ualesi44]

You're assuming people can get a ploc. Just curious because some individuals can't qualify for a ploc or heloc. All they have is credit cards line of credit to pay off Mortgages, bills etc.

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[@bobo2952]

That's only if you have a 1 credit you can do that theory

[@missdesireindependance5194]

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

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[@wb8264]

You can use it, but this strategy is to use money from PLOC ,pay debts, deposit your income into the debts and use again the money if you need.

[@jeffreyfurtado3681]

@@wb8264 he is taking about paying the balance way faster because you are cutting ✂️ avg daily balance. Less interest.

[@misspmissp4692]

What if I can’t get a LOC? I went to my CU last week and got denied.

[@TheKwakBrothers]

What was the reason for the denial?

[@lldd11]

Wait a sec. grace period only works for new balance. If you already have 5k and you charge more - first thing bank will change out of the money you paid is their interest and your old debt. So unless you pay the entire balance next month what you propose does not make sense, as you will be accumulating interest on all your purchases that you could have done interest free if you paid directly from your bank.

[@jeffreyfurtado3681]

All your paycheck and debt goes into the ploc. The ploc is your new checking account. You shift debt to cut daily interest.

[@lldd11]

@@jeffreyfurtado3681 I understand that part but you don't understand my statement. It was about interest that you will be paying on all your purchases made with the money you use out of PLOC vs buying interest free when you pay directly from your bank account with debit card.. You will be paying interest on every purchase you made using money from PLOC, and grace period (as with credit card) won't work in this case. So you burry yourself interest on every purchase you made and your life become much more expensive.

[@jonifernandez868]

How difficult is it to get a PLOC?

[@blairfell9769]

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[@wb8264]

If you have a good credit score and time with the Credit Union or Bank you can get it.

[@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?

[@dfuller0227]

Same thing I was thinking to

[@jeffreyfurtado3681]

You are also adding your paycheck into the ploc mixed with the cc debt. This cuts interest like butter.

[@KahyohBe]

In this video you didn’t explain where to get a the PLOC from 🤔 to pay off the credit card

[@faybury4428]

Your bank or credit union

[@Ualesi44]

@@faybury4428 Yeah, but he Sam assumes everyone can get a personal line of credit. Not as easy as he thinks...a la individuals with less than perfect credit.

[@KayDejaVu]

@@Ualesi44 Use your cc. Similar concept.

[@jeffreyfurtado3681]

@@Ualesi44 680 credit score or higher. Not everyone is a right for this system.

[@donnell688]

Confused: Ploc has 5000 balance,bal now on CredCard, 5000, get that but then adding expenses(groc,gas,etc.) to cred card which is then pd off using the nxt months income put into Ploc, then how is Ploc bal paid off, just make min monthly pmts on ploc ?

[@TheKwakBrothers]

Remember, you're putting your entire income into the PLOC!

[@wb8264]

Your money (income) goes to the saving or chek account and then transfer that money to the PLOC.

[@komoru]

This doesn't work if you don't qualify for a personal line of credit at your bank.

[@KayDejaVu]

Use your cc. Similar conxept. Yes youll pay fees but i the card is being paid off, its not a big deal.

[@komoru]

@@KayDejaVu The problem is that my cards are all maxed out, so I can't use my personal credit cards or get a personal line of credit

[@jeffreyfurtado3681]

@@komoru bi monthly payments will reduce interest.

[@lldd11]

One thing you are NOT saying - you need verifiable eligible investable assets of 100k or more AND perfect credit to get PLOG.

[@marwin4038]

Did you have a video on how to obtain a PLOC?

[@lavishacampbell1985]

Hi I got mine cleared by jakehacks68 he is so good and I hope you drop a positive review about him thank me later

[@vmackey13]

I have some questions.... If you have so much credit card you have to get creative, wouldn't it be hard to get approved for a PLOC? Also, could you not achieve this same goal with doing balance transfers to 0% credit cards? Also, if your currently in the 0% balance transfer period there really is no reason to take out a PLOC correct?

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[@wb8264]

With PLOC you can use the money to pay and to use again if you need it.

[@tiffanygonsalves1763]

You lost me.

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[@peterhodge3369]

I'm finally paying off my last card, all thanks to Credit Patch-UP LLC for helping me get here so far in my debt free journey.

[@donnell688]

I thought the Ploc was 5000 how did it go to 10000??

[@jennifermeade687]

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[@wb8264]

Repeat the cycle until to payoff all 10000

[@lldd11]

what if you have multiple credit card, how that works? again what your personal credit line?

[@kw-vy5jd]

Sorry bro your way is to much complicated too much

[@Jesus-kt5dc]

*PLASTIQ LET'S PEOPLE PAY THEIR MORTGAGE/RENT FOR A 2.5% FEE.*

[@DrFinancialLiteracy]

Awesome

[@ShaneBurnettHOU]

Pay off credit cards, but stay in debt. Some like shell games I guess.

[@ferdinandwang1165]

What do credit cards and smart phones have in common? The less you use them, the happier you'll be.

[@krisla3142]

This strategy has so many flaws...

[@NYCLITT]

This way is a headache Just pay your bills guys!

[@barbaraleszczynski2214]

Yep......too confusing. I'll stick to paying my bills on time and not using my credit card foolishly!

[@VALLYKINGS]

Waste of time.

[@kingjosphfrombrooklyn5627]

this is a stupid idea, paying for food and gas with a credit card

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[@wb8264]

You can get points or cashback paying almost everything with credit card and pay the statement balance on time. No interest in the credit card, best credit score and you received cashback or point/miles. So, your friend advice was good.