The Debt Snowball + Velocity Banking

Debt Snowball Method Explainer Video: • The Debt Snowball Meth...
Velocity Banking Explainer Video: • Velocity Banking for B...
The Debt Snowball Method is a financial strategy where an individual will pay off their debts in order of smallest to biggest. It looks to capitalize on psychological momentum as debts are paid off one by one. Although this strategy doesn’t always make the most mathematical sense, it has worked for many individuals due to its focus on the importance of psychology when it comes to finances.
On the other hand, velocity banking takes a more numerical and strategic approach by leveraging lines of credit to pay off debts rapidly. This often leads many people to see The Debt Snowball Method and Velocity Banking as two competing strategies. So in this video, we are going to take a step back and instead of deciding which strategy is better than the other, focus on how the two strategies can work well together to help supercharge an individual's debt repayment strategy.
Please note that this video is intended for educational and entertainment purposes only and should not be considered financial advice. In presenting examples, we aim for accuracy, but please be aware that our channel does not guarantee their precision, acknowledging the possibility of errors.

[@datnohi8612]

how about using them together

[@flygalteach]

I disagree with your opinion. I tried "debt snowball" and was only successful when I ate "beans and rice" AND had "extra" income e.g. tax refund, extra job. Velocity Banking impowers me to work with my current income. I don't need to cut my expenses or get an extra job to make an impact on my debt. Now, when I use my tax refund on debt I can continue making a bigger impact on reducing it! I'm sorry you don't see it this way