In this breakdown on velocity banking strategies, I dive into using bill matching to #payoffcreditcarddebt effectively. The discussion originates from a question posed on Christine Vann's velocity banking forum, addressing key concepts that I teach on this channel.
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💡 The viewer's question initially aligned with the velocity banking approach, but her example highlighted potential confusion regarding bill payments and their utilization. Another viewer responded and her response, while on point, required some clarity, which this video provides.
📈 I break down the strategy, emphasizing the importance of paying credit cards early and minimizing interest charges. The approach involves using bill amounts to meet the minimum payments on credit cards and using the actual minimum payment amount to expedite the repayment of your targeted primary card.
🔑 Key takeaways include addressing card limits, optimizing average daily balances, and channeling payments strategically. Additionally, I clarify why the primary card shouldn't be matched to bills.
NOTE: I am not a financial advisor and I do not provide professional financial advice; the information presented on this channel is presented for information and edutainment purposes only. Following any words, actions, or advice in this video or on this channel as professional financial advice is not intended and is the responsibility of the viewer, not the video creator. This is my personal journey for getting out of credit card debt.
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