It’s worth the hassle if you really are serious about paying off the debt. I’m doing it and it works for me.
@AscendFinance
Жыл бұрын
Thanks, Sarah. Can you explain how exactly it is working for you? For example, how is it actually saving you money? I feel that many people think it's creating cash flow and saving them when in reality, it's doing almost nothing or more harm than good.
@flp376
Жыл бұрын
I can explain how I am using a credit card line of credit to pay all my bills. I went through credit union and got a loc card. I can move money to or from card to my checking account with no fees. I get my check direct deposited in my account wait 24 hours then move it all over but my house payment. Then throughout the month I pay my bills with that card. Each week I move money into line of credit so I don't have a payment due on that loc. I have been doing this since 2021 and it does take discipline which most people in debt don't have. People really have to be cared about what they are doing and if their income and employment is not stable and steady I would strongly suggest against it. If you have been able to pay your bills without any late fees or incurred more debt for a consistent period of time then you can probably be successful. This biggest thing that I have seen on other examples of people's expenses is how much money is wasted. Subscriptions, cable TV, eating out, Amazon, ridiculous phone bills,Walmart, just stupid stuff. I have been doing this since 2020 and we have paid everything down but 20k on my house. That will be paid for in about 11 months rather than 2031 when is should be paid off. !!!!!Again I would not recommend this to just anyone!!!!! If you only have one or two small credit cards and have at least 100.00 a month in cash flow then you could probably do this easily more than that be very careful DO NOT throw expenses on your credit card before you have the money to pay for it.
@sarahcapelesfrodelly112
Жыл бұрын
it's all in the budget... you have to have a budget that reflects everything you spend in a year - bills, misc., savings, etc. all those yearly items, divide them by 12 and add that amount to your monthly expenses. You HAVE to adhere to the budget. If you don't, then VB is not for you.
@trmoore0922
11 ай бұрын
@@sarahcapelesfrodelly112 If you adhere to a budget, you already know how much money you have to spare to put towards your CC. There's very little benefit to doing velocity banking vs just paying a normal monthly payment.
@rcoll60743
11 ай бұрын
Yes it do! I use it to, it’s a beautiful concept and it work. It’s amazing when there are a system to help people the haters come out! Wow!
@teluvv66
8 ай бұрын
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.
@AscendFinance
8 ай бұрын
Thank you so much for your feedback and encouragement!
@blood_sausage9620
6 ай бұрын
Can't you just get the heloc from your credit union? Then if you have a checking account with your CU then you can use your CU or CU debit card? Am I missing something?
@AscendFinance
6 ай бұрын
Hey! Great question. So usually HELOCs are through specific companies- such as your current home mortgage company. We also work with NFM lending and Unison that help with home equity, but usually it's through specific firms.
@robertmccully2792
9 ай бұрын
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.
@AscendFinance
9 ай бұрын
Thanks, yes, I 100% understand. This video is more geared to advice from someone I heard that said that you can use credit cards for VB.
@hollyhockhousegardens7826
Жыл бұрын
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.
@AscendFinance
Жыл бұрын
Hey Holly, thanks for the message. After more time, I’m still not convinced. Can you let me know why you are?
@JCOX1982
11 ай бұрын
Agree wholeheartedly. Buddy is missing so many bits and pieces it ain't even funny.
@PatrickBennettJr
9 ай бұрын
The crucial point is to find and use the right credit card - some banks/credit unions offer credit cards with $0 cash advance, balance transfer, and overdraft protection fees. A credit card with these features, or a HELOC or PLOC can be used to pay any bill.@@AscendFinance
@AscendFinance
8 ай бұрын
Thank you for the info!
@doublex632
Жыл бұрын
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
@AscendFinance
Жыл бұрын
Thanks, I mentioned that in my next video! -Ben
@thomasxxxxxx2345
5 ай бұрын
Only makes financial sense if the car loan rate is higher
@mr.fluffy770
2 ай бұрын
@@thomasxxxxxx2345not if your goal is cash flow 💸
@tobydobo4080
11 ай бұрын
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.
@AscendFinance
11 ай бұрын
Thanks, can you share your numbers? Are you basically just using all your free cash flow to pay down debt so instead of putting the funds directly to a bank account for savings that you are just paying off debt?
@tobydobo4080
11 ай бұрын
@@AscendFinance sure. I get paid bi weekly, but since I cant pay all my bills with a credit card, I hold a specific amount in my checking just for those bills, which comes to about 255 per pay period left in my checking. The remainder of each pay check goes to the primary credit card I am paying off, then I use that card to pay all my expenses, car loan, mortgage, utilities, phones and insurance. The total amount going to the card monthly is 2800...so 2 payments of 1400 monthly to my credit card. For irregular expenses like groceries, gas, dining, incidentals etc I use a supplemental credit card with a 500 limit. My kids then pay me for their phones, rent, and vehicle insurance, and I use those amounts to pay off the supplemental card each pay period. I also get paid mileage for my job, so I use that money for savings...about 600 to 800 a month for mileage.
@AscendFinance
9 ай бұрын
Thanks, so the total amount going to the cards is $2800 - how much went to the cards before you started VB?
@tobydobo4080
9 ай бұрын
@@AscendFinance barely more than minimum payment due, because that's all I could afford, so was getting nowhere.
@AscendFinance
8 ай бұрын
Gotcha! It sounds like this method was helpful for you, thank you so much for sharing your experience with it!
@markguilbeau
Ай бұрын
From the very beginning, I knew that I could not pay the mortgage or car payments with a credit card. I use the money leftover after paying the mortgage and car payments to then pay minimum on all the other credit cards but then focus the remaining cash flow on one credit card. I have some side jobs and all of that then goes onto that one credit card that I’m paying off. That cash flow going on the credit card meets the minimum payment plus more. The side jobs have really helped. And now my wife is on board and her check is going towards paying off our debt too. At the end of the year, the cashback from the credit card will be used to pay down the debt even more. We have all our bills on auto pay using the credit card. I’m kind of rambling, but this has really worked for us.
@AscendFinance
Ай бұрын
Thanks for your comment.
@markguilbeau
Ай бұрын
@@AscendFinance thanks for your comment as well. I got paid today. My whole check goes on the credit card. My wife her check goes towards the mortgage so she pays that but a big portion of her check also goes to my daughters school. So she gives me that to put against the card as well. We just got some money from, some relatives and we put the whole thing against the credit card too. I cut grass and watch pets on the side all of that goes to pay down the credit card. I am actually excited doing this. I’m leaving a pet sitting at the moment and just got to reply. Have a good day thank you for your videos.
@AGloriousLife
10 ай бұрын
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.
@AscendFinance
9 ай бұрын
Yeah, I believe daily interest savings could be helpful for sure! And yeah, there's a popular individual pitching Velocity Banking that does not even mention the fact that rent can't be paid with a card. Thanks for sharing!
@skittles2055
6 ай бұрын
@@AscendFinanceI just found her and watched only two older videos so far and actually she Did say that mortgage and rent and car payments cannot be made via credit card. Sooo
@AscendFinance
6 ай бұрын
Thanks for the comment! Yeah, unfortunately that is the case for a lot of people.
@tobydobo4080
6 ай бұрын
@@AscendFinance I pay my mortgage and car note with my credit card using a service called Plastiq. There is a fee to do it but in my experience the amount is minimal compared to the convenience of not having to pay cash, thus allowing you to put more money on your card each pay day.
@AscendFinance
6 ай бұрын
Oh interesting!
@stricklybiz1
11 ай бұрын
Don't listen he works for the bank
@rcoll60743
11 ай бұрын
This system works, I am using it to pay my debt down.
@AscendFinance
11 ай бұрын
We just provide free info so people can be more informed, but if you have any questions, let me know!
@roguenerdd
11 ай бұрын
All my answers to those questions were positive! 90% of my bills can be paid by card
@AscendFinance
11 ай бұрын
Thanks for sharing! If you have any questions or anything let me know.
@joeyfla7487
11 ай бұрын
Dude, you don't know what you are talking about. VANNTASTIC is the best. What abt P-LOC and Heloc?
@AscendFinance
11 ай бұрын
Hey, what are you referring to? I never mentioned Vanntastic.
@ylwashington
Жыл бұрын
I can pay all my bills with credit card with the exception of rent and mortgage, so you do not know what you are talking about.
@AscendFinance
11 ай бұрын
Thanks for the comment - Actually, I do. You can pay your credit card payments and car payments and gas/electricity with a credit card? Also - You don’t free up cash flow if you put your entire disposable income into a credit card to do velocity banking. You’re only moving your disposable income from your bank to your credit card.
@nmsauditor1a950
9 ай бұрын
I pay all the normal bills, utilities, phone, internet, gas groceries, dining with a credit card. There are only 4 bills I pay monthly that don't go on a credit card, my house note, the CC we use for expenses and the mortgage on two rental homes we used VB to purchase.
@AscendFinance
7 ай бұрын
Thanks for sharing, I'm glad VB is working for you!
@src4409
6 ай бұрын
There are many bills you cannot pay with a credit card. You don't know what you're talking about. Velocity banking is stupid. DO THE MATH. Compare it to just paying your extra income on your debt.
@AscendFinance
6 ай бұрын
Unfortunately that is the case for quite a few people, but some have been able to pay a lot with credit, it just depends. It's not a method we have extensive knowledge on or include within debt relief options since it's more nuanced and we haven't seen too much evidence of it significantly reducing debt.
@ChristinaBastilla-yx3hj
9 ай бұрын
Velocity Banking works people. I use it. It’s beautiful. 🥰
@AscendFinance
9 ай бұрын
Glad it works for you! Does it actually save you money though? :0)
@heavenbound7
8 ай бұрын
@@AscendFinance Yes
@AscendFinance
8 ай бұрын
Glad to hear it's been successful for you so far!
@zapzone8025
9 ай бұрын
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.
@AscendFinance
9 ай бұрын
Exactly, thanks for sharing!
@MrLocomechanic
11 ай бұрын
Yeah you missed the points of velocity banking, you should go back and do your research again. This is very diss informed.
@AscendFinance
11 ай бұрын
Thanks, I’m not entirely sure what you mean. I plan to make another video on the used cases that may work. Can you explain your point?
@betitos11
10 ай бұрын
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.
@Leon_Aldrich
10 ай бұрын
Or if you have a c/c linked with your Credit Union (for flexibility of 0% transfers from c/c to checking for the times you need to pay rent from checking).
@AscendFinance
10 ай бұрын
Thanks for sharing!!
@AscendFinance
10 ай бұрын
Thanks for sharing, Leon!
@psecdocumentary
7 ай бұрын
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.
@AscendFinance
7 ай бұрын
Hey! Thanks for the comment! I'm glad you found some of the info useful. It's great that the process has worked for you so far! But as you know, not everyone has had as successful of an experience and depending on where they live, they may not be able to pay for everything with credit.
@bhh8005
6 ай бұрын
It's not that you can't pay the electric bill with a credit card. Its the fact that most credit card companies will handle the bill as a cash advance. What you can do is to get the Revolut app. Then transfer money from the credit card to Revolut. Then use the Revolut debit card, then take out up to 200 dollar from an atm, put the money in your checking account and pay the bill. Repeat the prosess each 31 days to avoid fees from Revolut. If there are any places who let you pay with debit card but no credit card just use Revolut. The fee for cash advances besides the fee free 200 dollar is 2 %. You can as an example transfer 2240 dollar from credit cards withdraw 200 $ then withdraw 2000 $ the 40$ sucks but the long term savings is worth it. Puting 2000$ against the prinsipal of a 6% 30 year mortgage will give 1800$ in saved interest. Even at a 3% 10 year loan the saved interest would be 600$ in total. Dependent of wich atm you use it could be additional atm fees. Your Revolut card will either be a Mastercard or visa. The great thing whit Revolut is that you can transfer money from multiple credit cards.
@AscendFinance
6 ай бұрын
Oh interesting! Thanks for the great resource. The issue I foresee is that it is a super long process. The debt will be with you for a long time and there is no set payment plan because unexpected expenses can come up which would change things.
@vcp93
9 ай бұрын
Three cars and five credit cards you're only making minimum payments on? This person has much bigger problems. Do you have a "Stop Spending Like a Drunken Sailor and Learn What Budgeting Means" video? 🤣
@AscendFinance
8 ай бұрын
Thanks for the heads up!
@myreviews4905
Жыл бұрын
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.
@AscendFinance
Жыл бұрын
Yes, I only have found that a lower interest HELOC when compared to your mortgage is when this MAY work, but I don't know how many people actually have that? So, it feels like this is being pushed as an option for the millions when it's an option for the hundreds, if that makes sense? -Ben
@myreviews4905
Жыл бұрын
@@AscendFinance If I were to get a HELOC it would be thru my credit union. Currently the one near me has 8% to 8.75%. The case studies she posted usually have the interest added onto it, and still it seems VB helps you pay off quicker and pay less interest overall. Not everyone will do it, and not everyone can do it. It does take some discipline.
@flp376
Жыл бұрын
Yes the difference is that even if the loc is higher interest rate it is calculated differently than a traditional mortgage. For example a car was 32k in March 2020 4% interest rate 516.00 a month payment should have been paid off in Feb 2026 it was paid off Nov 2022. By chunk payments even at a 7.2% loc interest rate . Still people have to be diligent doing this plan. Just like any type of debt program other than working more or cutting expenses which is what I would recommend.
@dkayok
Жыл бұрын
The benefit for many is, if you have high credit card debt you can use this to get rid of that by dumping income into the card which i immediately satisfies your min payment a d will lower your i terest which is an ave daily balance. I paid my min balance from my bank and never made any progress paying down the balance. This does it. It works. I will pay off my credit cards and then think about other loans. You have to follow the system but for many it has made a huge difference.
@myreviews4905
Жыл бұрын
@@flp376 Yes a car loan and a home loan is amortized loan. Whereas a credit card, HELOC, PLOC is all simple interest loans. A lot of people still don't understand this concept. Nor are they willing to try it. It is a different mindset. But one that seems to work. You not only save interest, but you pay it off way quicker.
@patrickharrison3532
11 ай бұрын
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.
@AscendFinance
9 ай бұрын
Thanks, Patrick. That's actually one of the premises of the video is that you cannot use a credit card to payoff something like rent, which one individual seems to never mention, so I made the video to help people understand that key component. - Ben
@gloriagreen1123
9 ай бұрын
My understanding re: VB is that, after you establish the HELOC, you initially put all your income into the HELOC each month which immediately covers the HELOC monthly payment; then, transfer money out of the HELOC to your checking to pay those bills that cannot be paid with CC, including that CC that you are using for all of your monthly expenses. If you have used the initial money you got from establishing the HELOC to pay off the multiple debts or house loan in toto, you no longer have those bills to pay each month so you are not using a CC to pay another CC. You are using the withdrawal from the HELOC that you put in your checking acct. TO COVER THOSE BILLS. The BIG THING HERE is self discipline to avoid a worse condition and it seems like those who have enormous debts with multiple cc's are lacking the required discipline needed in many cases. It is true that some people just have a huge run of financial crisis, for example, unexpected medical bills, that send them over the edge. But I saw an example on VB that listed 3 large auto loans plus a "fun car", whatever that means! Go figure!!
@HaughtKarl-jx9vr
9 ай бұрын
Cash advance is a horrible idea as the interest is ridiculously high and is charged to the debt right away.
@digao436
8 ай бұрын
@@AscendFinancenot true I can pay my rent with credit card
@AscendFinance
8 ай бұрын
@@digao436 Without paying a fee? How?
@Orielle1000
9 ай бұрын
I've used VB to pay off my mortgage faster.
@AscendFinance
8 ай бұрын
Thanks, can you provide more information with approximate numbers? I can run that through our velocity banking calculator.
@thomasxxxxxx2345
5 ай бұрын
Faster than what ? Paying extra on the mortgage is ALWAYS faster and cheaper than using VB
@Orielle1000
5 ай бұрын
@@thomasxxxxxx2345 yes paying extra that's what I did, using my LOC that I got for 1%, which has saved me money on interest. Mortgage free since January now.
@sheff66666
9 ай бұрын
It's been around for a long time. Surprised you have never heard of it.
@AscendFinance
8 ай бұрын
Thanks, I learn new things every day :)
@sjastram
11 ай бұрын
"I just learned about it yesterday, but i am now a pro on the subject"....from a guy trying to sell his services to you.
@AscendFinance
11 ай бұрын
Hey, thanks for the comment. I’m curious - when did I say I was a pro and what am I trying to sell in this video?
@chuckmaddison2924
8 ай бұрын
What I don't understand is people's stupidity buying 3 cars on finance and having a pile of credit cards. In Australia, we can salary sacrifice and buy a car with pre-tax dollars. Me I own 2 houses no mortgage and drive a 2005 Mitsubishi. I don't care what the neighbours think about my old car with paint falling off.
@AscendFinance
7 ай бұрын
Oh wow all the way from Australia, thanks for watching! Thanks for sharing your personal experience.
@richgarretti2006
Жыл бұрын
Pretty much common knowledge with VB, Car, Credit cards, Rent must stay in the bank
@AscendFinance
Жыл бұрын
Thanks Rich!
@nickstockbridge3334
10 ай бұрын
However you can get a personal line of credit from the bank, that attaches to your checking account, that CAN pay out on the car, credit cards and rent.
@AscendFinance
8 ай бұрын
Thank you fro the update!
@cristea9429
7 ай бұрын
That’s why it’s best to use a PLOC or HELOC. Using a credit card works for some examples, but definitely not like this one. The strategy works, but haters gonna hate.
@AscendFinance
7 ай бұрын
Were you able to significantly lower your debt with this strategy?
@ThePrezExTV
11 ай бұрын
Most velocity banking examples I've seen are not using credit cards. I mean you can but line of credit is the move preferably.
@Jesus-kt5dc
11 ай бұрын
Yeah. People using a credit card are usually people with a lot of consumer debt to begin with. So they don't qualify for a PLOC, so they have no other choice.
@AscendFinance
11 ай бұрын
Super helpful, thanks for sharing that! If you have any questions, let me know.
@sheff66666
9 ай бұрын
You watched the video of someone poorly explaining velocity banking apparently. or you just ignored what they said.
@AscendFinance
8 ай бұрын
Thanks, I believe you are right, but that individual appears to have been doing that for a while. :0)
@sheff66666
8 ай бұрын
@@AscendFinance ultimately it depends on the ratio of your leftover income outside of your expenses and your loan interest rates. All velocity banking is forced pay down of your LOC/Card via all leftover income outside of expenses while still being able to have available spending money if something arises.
@AscendFinance
8 ай бұрын
Exactly, well explained!
@GalaxyTabFamily
4 күн бұрын
Unfortunately this just showed me that the majority of people have a debt problem in the first place 👀 Society basically lives in debt for life in order to be a consumer
@myronmanuirirangi
7 ай бұрын
Hi Ben: I am NOT associated with Velocity Banking in any way. But I do understand the science behind it better than most. Its underlying purpose is to minimize the daily interest cost on amortized debt. Central to its function is use of a revolving line of credit (rLOC) in place of a checking account. You can use a credit card or savings account as an alternative to the rLOC; however, I would not recommend it. The concept behind Velocity Banking absolutely works. But ONLY if you have disposable income. Its nearest competitor for personal money management is Infinite Banking. The four key benefits behind Velocity Banking, which explains why it works are: (a) effective interest cost; (b) improved principal-to-interest ratio; (c) peace-of-mind; and (d) lower daily interest cost. With respect, before you attempt to offer an objective opinion, you might want to first, understand how these four benefits are realized.
@thomasxxxxxx2345
5 ай бұрын
The average household income in the US is about $6 000 per month Even if ALL of this were parked in a CC or PLOC what you save per year is exactly one year's worth of interest on $6 000 (at a 10% on a PLOC this would be about $600, on a 30% CC this would be about $1 800 if one is maxed out all the time) Because this is a "best case" scenario you're actually more likely to save only about half of that (so $300 per year on PLOC or $25 per month, which is nothing to write home about). Even worse, because of various fees and comissions this amount will be much lower. When it comes to mortgage (which are the cheapest loans) VB makes no sense at all, results in higher costs and risks. When it comes to CC where the rates are high (such as 30% interest rate cards) the potential savings are higher, but it is usually more cost effective to refinance at a lower rate
@myronmanuirirangi
5 ай бұрын
@@thomasxxxxxx2345 You’re wrong! ONLY because your base argument is wrong. The financial benefits of integrating a rLOC into“ efficient money management” and every day living are NOT solely reliant on parking income on a PLOC. And using a CC offers NO substantial benefit beyond earned rewards for using the banks money for free. You cannot ignore the financial impact of effective interest cost and improved principal-to-interest ratio. These are important functions that contribute to a financial result that you can’t yet see.
@thomasxxxxxx2345
5 ай бұрын
@@myronmanuirirangi There is NO efficient money management when using this so called VB for mortages. As for the rest could you better explain what you mean by an example. The core principle of VB proponents is to park their income into an LOC or HELOC (or sometimes they advocate using a CC) and pay from there. Again the financial effect of that is minimal for the average earner (a few hundred dollars per year) and never covers the extra cost and risk of using higher interest loans vs cheap mortgages (and car loans)
@myronmanuirirangi
5 ай бұрын
@@thomasxxxxxx2345 “Efficient money management” is a generic phrase that reflects a measure of how the borrower uses his or her money over time. And I do NOT mean that figuratively. I mean it literally. Unfortunately, the ONLY way for you to agree with my claim is to study the math, which respectfully, you haven’t done. And it’s because you don’t understand how the program works. Not my problem. As it relates to VB and its core principle(s), I have NO association to them nor do I have any knowledge of who they are and what they promote or advocate. Having said that, IF they understand the program as I understand it, the principle of parking income on a LOC or HELOC is one of three really important steps. Together, they contribute to an outcome that you simply cannot find basis for. For the reason I just described. IF they advocate using a CC, the only rationale I could see for them saying so would be IF they use the option of FREE money to maximize the savings in reduced daily interest cost by parking their income on the LOC or HELOC. I know you would not see any benefit in that statement because you fail to recognize the distinction between “effective” and “assumed” interest cost. The distinction is a really, really important one. Does this help or no?
@myronmanuirirangi
5 ай бұрын
IF you want to find a basis to what I said above, I would suggest you run two tables side-by-side for the life of a mortgage. Try using the following assumptions: An LOC @10% with a limit of $20,000. A mortgage of $250,000 over 30 years @ 6%. And a cash flow with an after tax income of $7,000 per month and disposable income of 10%. You can add a debt or two if you want. And then start the test. Step one: Make the first check from the LOC a lump sum payment of $15,000 to pay down the mortgage. Step two: Close every cash account you have and dump it into your LOC. Treat your LOC like you do your regular checking account. Step three: Live according to your monthly budget and dont forget to calculate the daily interest in your LOC. When the LOC has a balance near-zero, repeat step one. IF you want to track the interest cost over time and perform an accurate apples-to-apples comparison, your formula must adjust the moment you make a lump sum payment to your mortgage. Because the change in ratio between interest and principal is substantial. And that change works in favor to VB’s system.
@audreywoodcock3869
11 ай бұрын
Most people take home 1000.00 to 3000.00 a month how does it work?
@AscendFinance
9 ай бұрын
How does your expenses work after take home? I'd probably need to hear more about this. I (or someone on my team) would love to speak with you (and anyone who watches the channel) if you want to call or text me at 833-272-3631 or schedule here: calendly.com/ascnd/call - Thanks again for the comment. -Ben
@ylwashington
Жыл бұрын
They dont have rent as part of this. So, you are incorrect.
@AscendFinance
11 ай бұрын
Some KZitemrs with very popular videos pitch rent which I am addressing here.
@clarenceho3435
3 ай бұрын
Actually, i found most are allowed to pay by credit card (include utilities). In regard of mortgage or rent, you pay through a heloc or credit line linked to your checking account.
@AscendFinance
27 күн бұрын
Thanks for the comment!
@InfiniteVelocityUSA
Ай бұрын
This is not just a tool but a lifestyle change. Most people will not practice it correctly because math is hard to understand for some.
@AscendFinance
Ай бұрын
I can agree that it may work if it's a lifestyle change.
@imakeitgreen3777
9 ай бұрын
Dude, utilities can be paid by c.c. they charge a fee for debt cards too. The only one is most mortgages can't be paid by c.c. This banking can definitely work. I don't use it but it can work.
@AscendFinance
8 ай бұрын
Sometimes utilities can, but in my state, it does not allow that for gas/electric.
@milkamichellevladic7514
10 ай бұрын
Any advice for someone on a fixed budget who had to charge $10K roof repair on credit cards that are now charging high interest rates. Was quoted 15% for $10k loan. Income $1900, mortgage $900 with barely any money left over monthly after expenses. Have good credit now stressed how to pay down debt. Any advice would be greatly appreciated.
@AscendFinance
9 ай бұрын
I am so sorry to hear about the fact that you had to put an emergency expense on your roof. I (or someone on my team) would love to speak with you (and anyone who watches the channel) if you want to call or text me at 833-272-3631 or schedule here: calendly.com/ascnd/call - Thanks again for the comment. -Ben
@tenderheart80
4 ай бұрын
It's not true that you can't pay all of your expenses with your card without extra fees. My bank allows me to do a direct transfer as a cash advance off of my card into my checking account. So long as it's done this way, they don't charge me a cash advance fee and they don't charge me additional interest. The interest rate is the same as if I just made a purchase with that card. I do suspect that most banks don't do this, but some do. The biggest risks if you are close to your credit limit and you're not disciplined enough to follow a tight budget you can get into big trouble. Also if you have excessive credit utilization, or a flawed payment history, your creditor could always reduce your credit limit.
@Nsmithq99
Ай бұрын
What is the interest rate on your card?
@tenderheart80
Ай бұрын
@@Nsmithq99 16.15%
@Nsmithq99
Ай бұрын
@@tenderheart80 Unless you are paying the card in full each month, you are paying that rate of interest on every purchase and advance. That is a very expensive loan. Why not just pay your bills each money from your paycheck.
@AscendFinance
27 күн бұрын
Thanks, what did you end up doing?
@Vegannan
11 ай бұрын
You clearly don’t understand VB
@AscendFinance
11 ай бұрын
I actually do. :0) If you want, could you explain what you mean by this comment?
@JCOX1982
11 ай бұрын
@AscendFinance she means YOU DON'T UNDERSTAND VELOCITY BANKING. You've mentioned multiple times in the comments that it could work by using a HELOC if the interest rate on the HELOC was less than the mortgage rate that the HELOC was paying. That's not even close to necessary for velocity banking to work.
@AscendFinance
9 ай бұрын
Thanks for the comment - could you explain with actual numbers why you think VB works?
@MrMike41331
8 ай бұрын
I dunno what video you watched but everyone I watched tells you to use the money to pay bills you can pay with credit card like food, gas cable, phone and electric. After paying ones you can't like rent car mortgage. Then every month you use your savings from card interest and monthly credit card payments to pay more each month
@AscendFinance
7 ай бұрын
Thank you for the clarification/input! We made another video after researching some more so feel free to check it out!
@memelc5655
4 ай бұрын
The point is , that you reduce interest by lowering your balance each month with income in income out and if it’s line of credit if you have an emergency you can use the money in line of credit. Which you can’t do with a regular credit card. It gives you less interest, more options
@AscendFinance
Ай бұрын
Hmmm, I am not sure.
@WillieClark-bw1bx
8 ай бұрын
I'm just becoming exposed to the velocity method but it appears that you are not including what they refer to as the tool.which is a line of credit or a balance transfer with a 0% apr for a specific number of months
@AscendFinance
8 ай бұрын
If you can get a PLOC at 0% APR, then it definitely could be helpful in addition to all your expenses being added. That said, many people may not be able to get a 0% balance transfer or PLOC as easily these dayy.
@spicyphilly
Жыл бұрын
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 🙏
@AscendFinance
Жыл бұрын
You are so kind, thank you for your kind words! I can't confirm for sure, but you may have been the inspiration behind this video! Yeah, my challenge with this approach is that the videos I've seen that push velocity banking appear to make it seem like it can work for anyone with debt, and I am still not finding much advantage for Velocity Banking outside of potentially a low interest HELOC, but I am trying to find someone who will present me math that shows that it actually helps. -Ben
@chastadybynes6733
7 ай бұрын
That's not true. If the credit card is linked to your checking account, acting as an overdraft protection this can work. Also, several bills can be paid with your credit card.
@AscendFinance
7 ай бұрын
Thanks for the information! Have you had a good experience with velocity banking so far?
@brendayoung5727
10 ай бұрын
It’s good for paying down debt and you’re incorrect about not paying loans with a CC!!
@AscendFinance
9 ай бұрын
Thanks!
@Billiepippen
8 ай бұрын
this guy looks lik one of the people who profits off people unaware of vb
@AscendFinance
8 ай бұрын
Absolutely not, but thanks for the comment.
@ricardotamayo5199
Жыл бұрын
That’s household you give those people make more than me and are sinked in debt , not even the snow ball would get them out of debt - they can’t control their money 😂. A fun vehicle 😂😂
@AscendFinance
Жыл бұрын
Thanks for sharing your perspective. - Ben
@dylyo1
5 ай бұрын
You make good points. Sticking to a budget and paying extra on financed debt is always a solid plan. I do commend the Velocity model for bringing consumer awareness into this space. Household spending is collectively horrible (some thanks to public "education") and these things demand more discussion. Hopefully some people can calm down and lay off the useless thick criticism.
@AscendFinance
5 ай бұрын
Well said! Some people have given examples of how velocity has worked for them which is awesome! But other times it may not be aggressive enough to take hold of their financial success.
@lolacole5653
9 ай бұрын
How do you pay a mortgage on a credit card?
@AscendFinance
8 ай бұрын
You don't! And that's the primary issue that I saw with an individual who is pitching VB as better.
@nakamag-trader3319
Ай бұрын
Velocity Banking using my credit card and revolving credit pretty works for me here in Manila, PH. It literally clear most of my debt in an instant and got to save the monthly interest on that. The catch here is that the person should also have the urge to change his or her spending habits and have discipline to clear the unwanted purchase.
@AscendFinance
Ай бұрын
Thanks for your comment!
@CookingwithGrace-bh7mt
8 ай бұрын
Thank you for sharing! You have help me to understand what’s VB is all about! 🎉
@AscendFinance
8 ай бұрын
Thank you for the encouragement! We are happy to help!
@birdenlightening5855
9 ай бұрын
Any line of credit like HELOC should address your issue of paying bills. I wrote a software to simulate my numbers using velocity banking. 60k debt 10 years 20k int can be paid off in 4 years cutting int payments to about 10k.
@AscendFinance
9 ай бұрын
Wow, thanks for sharing. We just created our own spreadsheet to understand when Velocity Banking will work, and will shoot that soon. Could you let me know if you can share the output data though? I'd love to see it.
@birdenlightening5855
9 ай бұрын
@@AscendFinance not sure what other output data you’re looking for. Let’s do it this way. Provide me your numbers, like income, expenses and LOC int rest. I’ll then provide you the results.
@furnitureflippingfaye342
9 ай бұрын
I am doing it and it has helped me pay off my debt...but I don't have a car payment and I also own my home full out, so no mortgage or rent to pay... the only bill that i can't put on my credit card is my cell phone and that's only because i save $25 by using a debit card...
@AscendFinance
7 ай бұрын
I'm glad it works for you! Since you own your assets I'm sure that has helped quite a bit, thanks for sharing your personal experience.
@jamersonsavant8954
11 ай бұрын
It works best with 0 interest credit card. Doing this for rent does not work. Doing it for morgage works great because you will save a ton of money in interest. Especially if you haven't owned the home for long.
@AscendFinance
11 ай бұрын
Thanks for sharing that insight! Super helpful.
@tommigun102470
7 ай бұрын
Please let us know your thoughts in doing VB with a heloc
@AscendFinance
7 ай бұрын
Hey! I made another video on it: kzitem.info/news/bejne/o4ibzYOQmqymgHYfeature=shared It is totally up to you for what you think works well in your situation. I can't legally advise you if you should do VB with a HELOC or not, some people say it may work but there are other options that may provide more relief, ultimately it's up to you. Did you have any other questions about it?
@SolarSeeker45
6 ай бұрын
You CAN in fact pay all of these bills with a credit card BUT it does come with fees. What you do is tell your bank you want to link your account with a line of credit to cover overdrafts. When the bills that can't normally be paid with credit come due, it overdrafts your bank account which automatically pays the debt from the credit card and charges you an overdraft fee. This is possibly advantageous if the interest savings is greater than the overdraft fee.
@AscendFinance
6 ай бұрын
Hey! Thanks for the comment and insight. Has velocity banking been working for you?
@SolarSeeker45
6 ай бұрын
@@AscendFinance I've been using snowball method to pay down my debt. Velocity banking is way more efficient than my current strategy my plan is to use it for accumulating wealth since I'm almost debt free already.
@AscendFinance
6 ай бұрын
That is awesome! The snowball method is so helpful, it is something we tell people about because it can be an efficient method. I'm glad it's been working for you!
@josephcongello9483
Жыл бұрын
It only works when you use a line of credit. Not credit cards.
@AscendFinance
Жыл бұрын
Thank you!! Exactly, and even then, it may not work!
@mariadouglas1980
11 ай бұрын
Disagree. I'm using it to pay down a debt on a credit card by moving multiple utilities, subscriptions, and day to day expenses to the CC I'm paying off. I stick to a strict budget and it's working.
@Jesus-kt5dc
11 ай бұрын
Not necessarily true. It depends on how many expenses you can park in the credit card, along side your cashflow. Have a great day.
@rcoll60743
11 ай бұрын
@@Jesus-kt5dcYes, some people just don’t understand the concept, period!
@Jesus-kt5dc
11 ай бұрын
@@rcoll60743 Very true. The fact that he or she doesn't seem to understand that a credit card is a LOC, but not the ideal LOC to do VB. Have a great day.
@diytwoincollege7079
5 ай бұрын
Those credit cards should be consolidated onto two or three cards and use the one with the highest minimum payment first. If the bills cannot be paid for the credit card, simply take that money out and put that in your bank. You can pay that on auto pay.
@AscendFinance
5 ай бұрын
Thanks for the comment. That is one strategy for it, it kind of sounds like the snowball method. Is velocity banking something you've done?
@mikeship7331
11 ай бұрын
This guy isn’t being honest. It’s not a CC it’s a line of credit. May have a card but usually you can draw on this with a card, ACH withdrawals etc.
@AscendFinance
11 ай бұрын
I believe it can work for a line of credit, but my argument holds true when some people describe adding the funds to a CC.
@F_Evans
8 ай бұрын
You absolutely can use a CC. Its beneficial to you as well. 1. building your credit 2. Paying off other debts using the snowball effect or vise versa 3. Getting points from said CC and a check of the % back at end of year. 4. All the while satisfying your minimum monthly payment on the CC which is cash flow which lowers the daily interest rates. All VB is, is allocating your money into a line of credit that will also benefit you in the long run. A CC is perfect for that. Did I mention Building your credit while paying off High interest loans?
@AscendFinance
8 ай бұрын
Thank you for sharing this!
@johnventrella3403
7 ай бұрын
Line of credit...not C.C.
@AscendFinance
7 ай бұрын
Thanks!
@trisha_harris
6 ай бұрын
I tried this and when I put in a lump sum on my LOC they collapsed my LOC by that amount so I wasn’t actually able to spend that money again. It put me off doing Velocity banking.
@AscendFinance
6 ай бұрын
Oh no! It's not a method we chat with people about because we feel like it may not be the most efficient. What are you doing now to take care of your debt?
@WilliamGoosen81
3 ай бұрын
What always boggles my mind, is how people have more than 1 credit card, if any.
@AscendFinance
27 күн бұрын
Thanks for the comment.
@Nsmithq99
Ай бұрын
Did I miss where he tells you the interest rate on the existing debts and the line of credit being used? This strategy only makes sense if the new credit is a lower rate than the bills you are trying to pay off.
@AscendFinance
27 күн бұрын
Thanks for the comment!
@eliora9108
4 ай бұрын
LOC instead of credit cards
@AscendFinance
4 ай бұрын
Thanks for your comment. If LOC is high interest rate, it may not help that much.
@jakerivera4913
8 ай бұрын
Sorry your video really didn’t explain anything about velocity banking is good or no good. Your example was just car payments and credit card. Hopefully on your next video you’ll have markers and a whiteboard with calculations on it with mortgage and car payments with credit cards showing why velocity banking won’t work.
@AscendFinance
8 ай бұрын
Thanks for the feedback! Did you see our second video on it?
@Papabeargrunt
9 ай бұрын
You are missing the linking of you ploc, or credit card to your financial institution to hopefully be able to transfer the funds from your account to your checking account and pay the payments that cannot be made with the card.
@AscendFinance
9 ай бұрын
True, this video is mainly addressing what a popular influencer stated about using VB with a credit card.
@memelc5655
4 ай бұрын
We paid off our 4 year car loan in 4 months. No joke! That freed up that payment to put on next high payment bill 💪🏼
@AscendFinance
4 ай бұрын
That's awesome!
@thomasxxxxxx2345
4 ай бұрын
What was the interest on that car loan? Where did you get the money to pay it back?
@AscendFinance
4 ай бұрын
Fantastic question, Thomas.
@simon359
Жыл бұрын
From my understanding, velocity banking, only works when you have a high mortgage interest rate and a low HELOC interest-rate. And using a credit card to pay off your bills, with the ability to pay it off at the end of each month. And of course, making sure that your income doesn’t change your your interest rates don’t change. The other option is do a biweekly mortgage payment or random principal payment only or both!
@AscendFinance
Жыл бұрын
Thanks for sharing this, Simon! Yeah, I believe that used case may work! But yeah, seems like individuals may be pitching this for credit cards, loans, etc.
@JCOX1982
11 ай бұрын
That's not true. You can have a 3% mortgage rate and get a 1st lien heloc at 9% and pay it off 5 times faster than that mortgage would.
@tobydobo4080
11 ай бұрын
Vb works for any line of credit not just heloc or ploc. It's a pretty simple concept and automated once you get it started. Math doesn't lie and you can easily project when you will have debt paid off by just running the numbers.
@momentsoftruth-artandpoetr4616
9 ай бұрын
@@tobydobo4080what actually is a line of credit? And any recommendations of a credit card company/bank that do this internationally? Just heard about VB few weeks ago but only here in the US. I’m Germany and this is new to me. Never heard of this over here before. Thank you! God bless you!
@AscendFinance
8 ай бұрын
Hey thanks for the question! A line of credit is usually a borrowing agreement between a bank and customer that can be tapped into. Examples of this can be credit cards or home equity loans. Multiple credit cards work internationally but you would have to figure out what company would be best for you.
@jenniferlarregui3315
11 ай бұрын
The majority of my bills, which also happen to be the biggest bills, can not be paid with credit card. I checked. They only take bank accounts to pay online.
@JCOX1982
11 ай бұрын
This video is only giving half info as most people who teach velocity banking will teach it by using a HELOC (whether 1st or 2nd lien) or a P-LOC which can either be linked to your personal checking account or it could act itself as a checking account. So the whole issue of some bills not being able to be paid with your debt tool is not an issue.
@AscendFinance
11 ай бұрын
Thanks for the feedback and info! Definitely going to do some digging on this. Thanks for sharing!
@carollhouston2380
9 ай бұрын
I can pay my car payment with a credit card.
@AscendFinance
8 ай бұрын
Thank you for sharing this info!
@arthurpullam7155
6 ай бұрын
She was referring to "Line of Credit" accounts which have routing and account numbers. 🙂
@AscendFinance
6 ай бұрын
Thanks!
@LHMH148
6 ай бұрын
You can now pay RENT with no fees using BILT credit card - thy provide a checking account or check
@AscendFinance
6 ай бұрын
Thanks for sharing this!
@bongiss
9 ай бұрын
im still cant figure out the math with VB. Income minus expenses = cash flow, so basically youre just paying your cc with cashflow. If we start the math from, paying the cc by just the cashflow, do we gain or lose with vb? i know paying full income to cc will benefit in interest. but a the end of all the expenses, it will still be same cashflow.
@AscendFinance
9 ай бұрын
YES! Thank you, thank you, thank you! VB influencers basically say, you are getting cash flow, but what you are doing is just using 100% of your disposable income to go to the credit card. The best VB influencers do chat about HELOCs, but some actually tell you to put on a credit card.
@heavenbound7
8 ай бұрын
VB works
@AscendFinance
8 ай бұрын
I'm glad you found success!
@nicoledickson4270
6 ай бұрын
I have a line of credit with my bank. LOC goes to a lump sum on mortgage which saves me massive interest on my mortgage. I transfer my paychecks to the LOC which brings down the daily balance and satisfies the monthly payment which is less than what my mortgage interest would have been. Rinse and repeat.
@AscendFinance
6 ай бұрын
I'm glad the method is working for you! Do you know when it will all be paid off?
@thomasxxxxxx2345
3 ай бұрын
@nicoledickson4270 I am going to make a very safe bet. I ask you to show the exact numbers and one of 2 things will happen.. You either WILL NOT show them (95%+ probability) as is the case with the overwhelming majority of those who claim they save money with this approach; or you will show them and it will turn out that this "method" costs more than just paying extra on the mortgage.
@jonesr227
2 ай бұрын
@@thomasxxxxxx2345 OK VB costs more than just making extra payments on the mortgage but in the extra payment case you end up not having an emergency fund (which will probably stop you from making these extra payments at all).
@andevipertraderpfeiffer8787
6 ай бұрын
I'm surprised you didn't touch on utilization of a HELOC
@AscendFinance
6 ай бұрын
I made another video on it! kzitem.info/news/bejne/o4ibzYOQmqymgHYfeature=shared
@czapskibusinessgroup
6 ай бұрын
With rates at ATH's and if you don't actually have credit card debt or a car payment; I don't see how this would be a good product.
@AscendFinance
6 ай бұрын
It definitely may not work for everyone. There isn't a ton of research of it being a super helpful option so it's important to look into alternatives to see what's out there. It could be a super long process to get everything paid off.
@simplelifeforyou5086
3 ай бұрын
Plastic is a company that you can pay everything Including your mortgage and your car Payment
@AscendFinance
27 күн бұрын
Thanks, did it work?
@Kdoubleanoyla
Жыл бұрын
This is the video I was looking for. Most of my bills cannot be paid by a credit card so I’ve been racking my brain trying to figure out how this can work for me. Thank you. I’m not crazy.
@AscendFinance
Жыл бұрын
Yes!! Glad it was of assistance!!
@pattyeconomos7406
Жыл бұрын
See other VB teachers, such as Denzel Rodriguez, Mike Adams, and many others. You can do VB using a personal line of credit instead of CCs. That is what I do.
@AscendFinance
9 ай бұрын
Hey, can you explain with numbers?
@hhp2788
Жыл бұрын
There are tons of examples that work but yes u really can’t pay mortgages car pymts using this method but there are ways around it obviously w added fees as u described.
@AscendFinance
Жыл бұрын
Thanks! Can you provide an example that works? Only one I potentially found would be a heloc with a better interest rate than a mortgage, but that probably rarely happens.
@ricardotamayo5199
Жыл бұрын
That’s why you have to subtract those expenses from your income if you can’t pay with a credit card don’t put all your income on that card - we have to use sometimes común sense
@JCOX1982
11 ай бұрын
@AscendFinance why do you think the heloc has to have a better interest rate than the mortgage for this to work?
@GrymmTymm1313
8 ай бұрын
You're only talking about using credit cards but completely ignore using a HELOC/PLOC
@AscendFinance
7 ай бұрын
Thanks for the feedback. Did you try it with a HELOC/PLOC? What was your experience, did it help you pay off the debt more efficiently?
@GrymmTymm1313
7 ай бұрын
@AscendFinance working on getting a heloc now
@AscendFinance
7 ай бұрын
Okay awesome! Keep us updated because I'd love to know how helpful it is in regard to velocity banking.
@chrisvolk106
8 ай бұрын
Line of credit.
@AscendFinance
8 ай бұрын
Thanks!
@karmenwashington605
Ай бұрын
Do you have to have a house to do this?
@AscendFinance
Ай бұрын
I don't think so.
@Nsmithq99
Ай бұрын
Yes, because the HE in HELOC stands for home equity.
@karmenwashington605
Ай бұрын
@@Nsmithq99 Thanks so much!
@KevinP32270
6 ай бұрын
is using a HELOC instead of a C.C. allows velocity banking to work?
@AscendFinance
6 ай бұрын
Some people use it, yeah!
@cletuskasady8016
11 ай бұрын
3 auto loans and 4 credit cards lolololol
@AscendFinance
11 ай бұрын
Thanks for the comment! If you have any questions, let me know.
@ronnie8317
6 ай бұрын
some of this is obvious your saying when you get into it...
@AscendFinance
6 ай бұрын
We have a more recent video on it if you want to give it a watch! Let us know if you have any questions!
@stephaniewillson9383
6 ай бұрын
He is missing the whole point...I use it and it works... Make a paymentbon the card begorevthe dtatement date...not the due date...you avoid the inflated interest for the coming month. Its the statement date manipulation.
@AscendFinance
6 ай бұрын
I'm glad it worked for you! Do you have an estimate of when everything will be paid off?
@kennycharles6041
8 ай бұрын
Nice try to make people question whether velocity banking is worth it for them. What plan do you recommend? I challenge you to have an honest conversation about your hypothetical scenario with me where we go month by month and you go with your suggestion and I’ll present how this person can make velocity banking work for them and we’ll see who gets out of debt more quickly.
@AscendFinance
8 ай бұрын
Absolutely, can you explain how the plan works for you? Always open to hearing from people's experiences.
@elmerhabon5389
Жыл бұрын
Not one on this earth fits for everyone!!!
@AscendFinance
Жыл бұрын
Thanks for sharing, Elmer!
@hawaiibull4670
8 ай бұрын
Sorry..but you sound like a mainstream channel who wants to debunk what actually works.
@AscendFinance
8 ай бұрын
Thanks for the feedback. Have you tried velocity banking, did it work for you?
@misseyespy6711
Ай бұрын
I think it’s really helpful wages into cc yes I get that we going to try it better than avalanche is taking me forever years and snowball I think
@AscendFinance
27 күн бұрын
Thanks for the comment!
@lLeon44-g7j
6 ай бұрын
TY Ben
@AscendFinance
6 ай бұрын
My pleasure!
@tonydouglas863
17 күн бұрын
It's worth it and it works like a Beast. It works best with a Personal line of Credit or HELOC. But it works perfectly. I think the problem is folks don't believe what they see in the videos that demonstrate it and look for ways to debunk it. Lol 🤣.
@thedenthero7399
28 күн бұрын
You need to get a new credit card because my credit card will pay all that stuff
@AscendFinance
27 күн бұрын
Thanks for your comment.
@chantc3388
16 күн бұрын
Or it could be great for alot of people.......... Not helpful, you are just assuming scenarios and trying to apply it to the majority.............
@rosslarsson1362
Жыл бұрын
Fraud!
@AscendFinance
Жыл бұрын
Thanks!!
@mr.fluffy770
3 ай бұрын
Sorry you don’t know what you are talking about. I’m about to transfer $15,000 of mortgage debt onto a 18 month 0% credit card. The credit card will charge me $450 for said transaction however I will be saving $19,000 in interest and will have eliminated 23 payments from my mortgage. The bonus I earn will cover the transaction fee from the credit card and I will also earn points when I use said credit card. The Credit Card will be paid off before the 18 months This can easily be verified if you look at your amortization schedule 😮
@thomasxxxxxx2345
2 ай бұрын
Save $19 000? really ? What you are doing is paying extra on your mortgage via a credit card. Even though that card is zero % you are still paying 3% on the $15k you are transferring. So the gain is minimal if your mortgage interest rate is about 3% and marginal at best if it is above 3%... This is assuming of course all goes well and a 20% + interest does not kick in on the card (read very carefully the fine print on your 0% APR conditions) You could more safely achieve the same effect (or better) by just paying extra directly to the mortgage
@mr.fluffy770
2 ай бұрын
@@thomasxxxxxx2345 Yes, according to my mortgage amortization schedule, that $15,000 transfer will save me around $19,000 and reduce my 2.99% interest mortgage term by 2 years. I would hardly call that marginal. 3% of $15,000 is $450, so it's going to cost me $450 to save $18,550 and 2 years on my mortgage. Additionally, I will recoup and surpass that $450 fee with the credit card bonus and points. I plan to use the credit card as my primary account for all expenses, including taxes, utilities, food, fuel, and entertainment. None of these purchases will cause the credit card company to change my interest rate unexpectedly. Since all my income (minus my mortgage) will be directed to the credit card, I will ensure that the balance is paid off before the 18-month period ends. Once my card is paid off, I will repeat the process with a card that is offering a sign-up bonus and 0% interest rate. You are technically correct; all I'm doing is paying extra toward the mortgage. However, I'm also earning points that pay for my annual vacation. I usually book flights with these points (sometimes business class) and use the perks of these credit cards (lounges, free food, free drinks, checked bags, free internet, travel insurance, CLEAR). As I'm using my 0% credit card as my checking account, I don't really agree with your risk hypothesis, as it will be paid off before the 18 months. If something were to occur that caused me to miss payments, I would be facing significant financial trouble regardless of following your advice or doing velocity banking.
@mr.fluffy770
2 ай бұрын
@@thomasxxxxxx2345 Yes, according to my mortgage amortization schedule, that $15,000 transfer will save me around $19,000 and reduce my 2.99% interest mortgage term by 2 years. I would hardly call that marginal. 3% of $15,000 is $450, so it's going to cost me $450 to save $18,550 and 2 years on my mortgage. Additionally, I will recoup and surpass that $450 fee with the credit card bonus and points. I plan to use the credit card as my primary account for all expenses, including taxes, utilities, food, fuel, and entertainment. None of these purchases will cause the credit card company to change my interest rate unexpectedly. Since all my income (minus my mortgage) will be directed to the credit card, I will ensure that the balance is paid off before the 18-month period ends. Once my card is paid off, I will repeat the process with a card that is offering a sign-up bonus and 0% interest rate. You are technically correct; all I'm doing is paying extra toward the mortgage. However, I'm also earning points that pay for my annual vacation. I usually book flights with these points (sometimes business class) and use the perks of these credit cards (lounges, free food, free drinks, checked bags, free internet, travel insurance, CLEAR). As I'm using my 0% credit card as my checking account, I don't really agree with your risk hypothesis, as it will be paid off before the 18 months. If something were to occur that caused me to miss payments, I would be facing significant financial trouble regardless of following your advice or doing velocity banking.
@mr.fluffy770
2 ай бұрын
@@thomasxxxxxx2345 I replied with a longer comment…. For some reason KZitem does not show it Yes… I’m saving $19,000 and nearly 2 years off the mortgage When the CC is zeroed I will repeat the process The cost is negligible as I will recoup it with CC perks and points. Using the Velocity Banking method gets me free flights (business class) lounges , drinks , food, travel insurance and cheap money. As I’m paying the card off before the interest rate changes… there is minimal risk. If for some reason I’m not able to park my paycheck in the Card, I wouldn’t be able to pay my bills using your recommended method either.
@mr.fluffy770
2 ай бұрын
@@thomasxxxxxx2345 I’ve replied several times…. I don’t see my reply. Oh well VB works
@MarcGyverIt
6 ай бұрын
Heard about it the day before making a video, but did a "deep dive" lol ok
@AscendFinance
6 ай бұрын
I've made another video on it so feel free to check it out. Do you do velocity banking?
@mmledwards1979
Жыл бұрын
I would only use it for Mortgage pay down. Would be useless on lower non amortized debt
@AscendFinance
Жыл бұрын
Thanks for sharing!!
@Profit786
8 ай бұрын
That big ass tooth, low key distracting .🤓
@AscendFinance
8 ай бұрын
Haha. :0)
@superflyp0
5 ай бұрын
I DID HAVE AN OPEN MIND ABOUT THIS.. I AM USING IT RIGHT NOW …SEEMS TO BE WORKING, WELL AT LEAST YOU GO VIEWS AND COMMENTS .GREAT JOB 😊 IT IS NOT ABOUT BEING RIGHT OR WRONG.. IT IS ABOUT VIEWS 😊🎉.. YOU HAVE TAUGHT ME SOMETHING THANKS.. BECAUSE I AM NOT GOOD AT GETTING VIEWS.
@AscendFinance
5 ай бұрын
Hey thanks for the comment, I'm glad our video was helpful. I'm happy to hear VB has been working for you, are debts getting paid off?
@myronmanuirirangi
5 ай бұрын
ASCEND: Are you deleting my replies to some of your viewers? I hope not. Because you’ll force me to do a reaction video. And I would absolutely destroy this video. What exactly is it that you have been doing in the “debt help space” for a long long time?
@AscendFinance
5 ай бұрын
Hi! We do not delete comments, we are simply here to help educate and provide resources. Thanks!
@myronmanuirirangi
5 ай бұрын
@@AscendFinance Hmmmm: Interesting. Well, someone is deleting them. And they’re ONLY deleting the substantive ones where I clearly articulate how and why the system works. And I have nothing to do with VB
@Noadvantage246
6 ай бұрын
What a disingenuous video. First you kinda cherry picked a scenario that’s worse than average, but even still you admit about 30% or $2000 per month could be put towards velocity banking. Why not run the numbers on it instead of saying “ain’t worth the hassle”. Also what additional hassle? You gotta pay bills and expenses anyways this is simply a more efficient structure but the amount of work is the same. Even if it could save you $100 that’s worth it. Using your logic trying to find coupons, cheaper alternatives, or budgeting is also not “worth the hassle”.
@AscendFinance
6 ай бұрын
Hi! Thanks for the feedback. We just try to create educational videos, I made another one after doing more research kzitem.info/news/bejne/o4ibzYOQmqymgHYfeature=shared Has velocity banking worked for you? Do you have a timeline of when you will be debt free?
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