Summary of How to Pay Off A Credit Card with 0 Cash Flow!

Video Summary

The video titled "How to Pay Off A Credit Card with 0 Cash Flow!" presented by Andrew Cartrite outlines a unique strategy for managing Credit Card debt without needing to increase income or take on additional jobs. The main focus is on how to leverage existing cash flow to pay off Credit Card balances more efficiently.

Main Financial Strategies and Trends:

Cash Flow Management: The strategy revolves around redirecting cash flow from income to Credit Card payments instead of depositing it into a bank account. This helps in reducing Credit Card balances and payments over time.
Credit Score Improvement: By lowering Credit Card balances through consistent payments, individuals can improve their credit scores, which may lead to better interest rates and Credit Card offers.
Debt Reduction: The method aims to significantly reduce the time it takes to pay off Credit Card debt (from 27 years to approximately 17 months) without changing spending habits or income levels.
Utilization of Rewards: The strategy allows individuals to continue earning Rewards (e.g., Air Miles, points) on Credit Card purchases while managing debt effectively.

Step-by-Step Methodology:

Step 1: Instead of auto-depositing income into a bank account, set up an autopay to redirect a portion of income directly to pay off the Credit Card.
Step 2: Pay rent and other expenses as usual, but ensure that the payment to the Credit Card reduces the balance.
Step 3: Track the Credit Card balance monthly to observe reductions and improvements in credit score.
Step 4: Continue this process each month, making payments that will eventually eliminate the debt while maintaining the same spending levels.

Presenters/Sources:

Andrew Cartrite

Notable Quotes

— 00:02 — « You don't have to increase your income, you don't have to get a second job, you don't have to get a side hustle, you don't even have to do anything that isn't ethical. »

— 06:30 — « Banks run the world and they fund everything and they don't want you to know how to do stuff like this. »

— 11:58 — « The question is, does this game play you or do you play this game? »

— 14:37 — « Don't let the credit card game play you. »