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How To Pay Off A Credit Card with -0- Cash Flow! I am not a Mathematician, but the concept is REAL

Frames How To Pay Off A Credit Card with -0- Cash Flow! I am not a Mathematician, but the concept is REAL

Description How To Pay Off A Credit Card with -0- Cash Flow! I am not a Mathematician, but the concept is REAL

Comments How To Pay Off A Credit Card with -0- Cash Flow! I am not a Mathematician, but the concept is REAL

after month 5 its 8,000 not 7,000 ? Comment from : Spirit Warrior

The interest does not go from 400 to 0, this is flawed, She will still be paying interest on 8000, so more likely she is paying 4-fifths of interest on 400 equals 320 Put another way interest on 8000 after reducing the debt down from 10,000 by 2,000, is now 320 per month Comment from : S H

Amazing you should write a book I never looked at credit in this way This will work especially well for someone who doesn't have a spending problem Just happens to have a low income Absolutely amazing This should be taught in schools Comment from : Gwendolyn Williams,

This explained so much to me, thank you! Also thank you for writing it out as you go along! 👍 Comment from : Danielle

Umm this was good til she got to 7,000 instead of being the 8,000😂😂 but I got the drift of this not bad I like it Comment from : Ana

I don't understand where is the interest for the average balance interest payment? 😊 Comment from : SPORE Monitor

Won’t she be accruing interest on the $8800 balance? Comment from : ChooseLove

Wait, how are you paying the first 2k? If 1k goes to rent and the rest goes to expenses, how are you putting the money that goes to expenses towards the balance? Are you not supposed to pay expenses during this process? It seems flawed Comment from : ZEROWOLF80

6400 plus 1600 is 8000right? Comment from : Trinity Bruns

you are forgetting to add the monthly interest rate on the cardsooo the next month is 7600 PLUS the interest charged on the cardso its more like 7800 ishbut I see your point Comment from : moby1kanob

Does she have $400 extra in month 1 or $225 extra due to the interest that is capitalizing on the credit card each month? If we include interest, the credit card would be paid off in a little over 2 years Comment from : All about those comments!

I’m just here for the mushroom hair cut 🍄 Comment from : PricklyPear111

Doing it this way the balance of the credit card will never be paid off Comment from : KBoyd2737

This doesn’t work as stated Lowering the initial balance from $10,000 to $8,000 DOES NOT eliminate all interest It will only eliminate 20 of the interest generated, so your credit card will still generate $320 of interest This will only bring down the balance by $80 per month It will take about 8-10 years, assuming you can stick to the $2000 a month budget Comment from : Ed Courtney

Very awesome tactic! Thank you for sharing What is web backdoors about? I see it in the comments, but googling it only brings malware articles Comment from : Inverse_Sense

Wow! Thank you for that! I finally get it and passed it on to my sons Comment from : Wendi Coe

Incredible Comment from : Sam P

This is a really remarkable idea! And never ever thought of it What I worry about is the interest that’s not shown I may have to test in real time to see I worry the interest is going to skew this simple math Comment from : shmhdckns

Thank you! I have a card to test your theory out on!!!! ❤ Comment from : Nikki Smith

its really 8,000 at month 6, take about 2 years to pay it off Comment from : Mary Williams

God bless you Comment from : Mary Williams

This does not account for interest added back in every month 🙄 it may save some but if she just paid the 400 every month and didn't use the card she'd come out about the same Comment from : W Dave Morrison

This is so crazy so crazy it just might work Comment from : B W

She is still having 21 interest on the ADB (Which is unrealistic, it is probably more like 28, but it’s your example) That will add $200 month interest to the balance She may be lowering it a little bit, but not near as much as your diagram illustrates Comment from : Jon/Kris Peterson

You are only adding in her $2,000 towards the card and the $1,600 worth of bills Each month there is interest added in My card is $160 This is the only reason you show her bill going down ! Try adding in the MONTHLY interest every single month and watch her bill shoot back up This makes no sense What am I missing? I watched this entire video and you did not show her interest added back in every single month so her bill did not go down like you are saying thousands! Comment from : CTahoe1

Whoa! What bad advice!!! Comment from : Nancy Barringer

6400 + 1600 is 8000 Comment from : *PiNk SpRinkLe*

Hello does this work for lines of credit loans as well? Comment from : Sheepdog3

This is awesome!!! Thank you for sharing so well Comment from : Helen

What about her other bills Like her lights water gas groceries? Comment from : Don Warren

At the 8 minute mark, the balance should be 8000 But still a great video Comment from : S B

What if you don't have a line of credit? Comment from : Rich V

Is there a way I can email you or a consultant about my specific debt and using this formula to pay it off? Comment from : Jay Milton

So basically she is paying the credit card off with the credit card By using the card for purchases instead of cash but she will need to keep a very close eye on not going above her expense cap of $2,000 after rent It's easy to see because the amount is going down by $400 every month If she could somehow drop her expenses from $1,600 ,even by $100 to $1,500 now you're in business because you're paying more than the original $400 payment Last🔥🔥🔥that card once it's paid off Comment from : J-Dub

I have excellent credit and like $15k of cc debt and a great i come but currently very low cash flow bc im paying them off and all my living expenses The debt came from buying materials to fix/ update the home i bought So if the interest was getting to be too much i would transfer to a 0 interest promotion on balance transfers and divide the total by the amount of months of the promo and send each month They’re slowly coming down before the promo ends (had to do this with about 3) and i have 2 that i use for living expenses that u would normally pay anyway like gas, groceries, tolls, internet etc So those get paid off anyway brIf you have interest compounding youre never gonna get out! live within your means, reduce unnecessary expenses and send send send Comment from : Arlene_witha_y

Can some one tell me something? Is the 2000 being paid on the due date instead of the 400 Comment from : E S

Hello what country are you based out of and what city are you in? Comment from : Person Incognito

❤❤❤ Comment from : Jimmy Favereau

retard math you dont need to use credit card alot to raise credit score youc an do it by just borring 45 percent on total allowe just 200 dollars and no credit score to stare at 45 percent max to borrow do this I did used only 4 dollars a month and paid 5 days before end of cycle did it for 6 months and credit score went to 780 and with 7k credit limit from 200 limit its a scam the whole credit system Comment from : keith conti

Youre not adding back in the i terest on the balance owing, why? Comment from : Carol May

Waitwhat? Comment from : borg386

🫨🫨🫨 wow i never thought of this like that Comment from : Mary Avina

How does the $400 interest charge just disappear? Surely she'll still be acrueing interest on the balance? Comment from : Charlotte H

200000 a month at 8 months is already 16,000 you’ve already paid on a credit card balance of only 10,000 dollars……🤷‍♂️ Comment from : Dream244

I have almost all of my income going on credit i don't pay cash for anything there is 96 Left Any senerio this could work for me? Comment from : Diane Stafford

what about the interest that is also accumulating Comment from : Heart of Dixie Flipper

It's wrong because if she had the same $10k balance on that cc for 2 years, that must mean that she charges that card for an additional $400 of expenses, otherwise she would eventually pay down that balance So, you'll need to redo the math on this with another $400 added to the expenses I still think it's a good plan because reducing the balance, even for a short time, will improve your credit score However, you're assuming she will not be spending that extra $400 that she must have been charging back on that card every month Comment from : Chief Supreme

I have zero cash flow and most of my cc are maxed because of reduced income Can you help me? I had 100 on time pmts and now my credit fell below 550 from 720 Comment from : Svanhildr Grímsdóttir

Lol, $8000, not $7000 but I follow what you're teaching us Comment from : 3dbadboy1

Her monthly expenses are $2000/ month not $1600? Comment from : m tchar

6400 plus 1600 is $8000 😂😂😂 Comment from : Tiffany Sweeley

Monthly interest isn't being added Comment from : Trish Vidal

Added wrong on 5th month should be 8000 Comment from : S

The question is how did 10,000 appear on the credit card? It is because they are spending more than $3,000 / month You forget to say how she must stop spending the same amount of money that she has been spending She doesn't need credit in the first place if she is getting into the debt she has Getting a second job would be a very smart thing for her, putting more money into a high interest rate credit card is stupid because you are paying so much interest on the credit card What about having some money for an emergency Credit card is the emergency, my god you are pushing people to use credit cards when life is real better to never have a credit card to begin with Hopefully this works for those who already dealing with credit card debt Comment from : Central Perspective

mmm thats 8,000 not 7000 Comment from : Damn Yankee Fly Shop

Who has an emergency fund that's BORROWED money?? An emergency fund in your OWN cash!! And you actually think that staying in that risky debt for 17 and half months is OK? C'mon! Youtube should cancel your channel You are ridiculous telling people this crap> Comment from : J john

Wonderful presentation! Comment from : Renata Cantave

Also won't work if your credit cards are maxed out You can't pay utilities with a maxed out credit card Comment from : Roblox evade gurl#####gacha

She is still going into debt because she is using cards to pay utilities Comment from : Roblox evade gurl#####gacha

What about money left for food, personal essential and transportation? Comment from : Roblox evade gurl#####gacha

You def messed up that math 6400 plus 1600 is NOT 7000😑 Comment from : Donnell Coleman

Plus if your card gets you miles or cash back, filtering your expenses through a credit card, you're also beefing up earning those rewards Comment from : J H

In what world does $6400 plus $1600 equal $7000?? Comment from : Ricky Mccode

The way my mouth is open right now I don’t think anyone understands Comment from : piindollable88

If I only had known this 5 months ago But I know now and I’m grateful to have came across this Thank you! Comment from : Tanisha LaRie

Your math is horrible Comment from : Meister

Only works if they haven’t already cancelled your accounts for non payment and if you can even qualify for a card with a limit that large Comment from : DragonMyBaggage

I’m not a mathematician, but 6400+1600 is 8000, not 7000 Comment from : Mike Gapanowicz

When you got to the 700000 mark its actually 800000 Comment from : PATRICIA HARRIS

You didn't add right Comment from : PATRICIA HARRIS

Your not adding interest charged Comment from : Jeannie Robertson

Beginning month 5 you added the 6400 plus the 1600 Is 8000 not 7000 Comment from : Teresa Sivers

Thank you for sharing I plan to implement this example next month Comment from : Frank Vilbrun

Wow! 👍 Comment from : the gilded swamp girl

What do you recommend If I have a loan and 4 credit cards that take my full income from disability Im disabled and live with my kids and grandkids During covid no work and only disability income, we racked up the loan and cards with rent, Utilities, car reapirs, medical, gas, Christmas's, Birthdays, extra school activities, etc Now they r back to work, rent raised, etc Im trying to pay down these things but still cover the above list except for rent, utilities' My credit score is good I just cant catch up Thanks for your time, the videos are so help full Comment from : Fairygrl

So…yes, this defrays a little bit of the interest expense But so misleading Where is the interest accrued after month 1? That interest didn’t just magically go away She still have an average daily balance of somewhere between $8000 and $9600 That’s like $150/month It just magically disappears in your analysis This method is basically saving you maybe $20/month on interest But because she explains it in a southern drawl that sounds like she is a kindergarten teacher, people in the comments lap this crap up like she is some savant This saves you a little money, but it doesn’t work as presented here Comment from : Timothy Schutz

that final figue is 800000 not 700000 Comment from : ANYTHG & EVERYTHG

that is very smart thank u for this Comment from : ANYTHG & EVERYTHG

8000 month 5 Comment from : Arina Sid

The worst advice I've heard in my entire life Comment from : Mynson Anderson

Well, you can get 12-18 month 0 APR card 21 of 10,000 is 2,100 so you could pay it off that much quicker using your method but on a 0 card Could potentially keep transferring to avoid interest Comment from : emolasher

This is great! Thank you! Comment from : Nikki Day

Wow! This is great advice for someone like me who is drowning and can't seem to do anything to pay down my CC debt THANK YOU!! Comment from : Andy B Nerdy

7:55 6400+1600 is 8000 Comment from : Dimensionaut

so basically it just lowers the remaining balance by the $400 difference each month a lotta math to just say that so 10,000/400 is the months to pay it off 25 months Comment from : Dimensionaut

What the point of a high credit score She has no money! She shouldn’t even have a credit card Comment from : Nema Girl

How does this work with multiple cc? Comment from : Anthony Barnes

The debt will still stay at a minimum of 10k if her income and expenditure are the same This is basically paying down the balance on the credit card Maybe the interest slightly goes down This process will take a minimum of 225 months not allowing for interest Comment from : Eoin D

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