The debt-free story of James and Cathy isn’t your typical “we saved money and hustled to get out of debt “ story.
It’s a bit more complicated than that.
It’s also a debt-busting strategy that isn’t for the weak.
After paying off close to $60,000 in loans, credit cards, and student loans, they switched to a high-paying strategy known as Velocity Banking to pay off their house early.
With the Velocity Banking method, you use credit (like a home equity line of credit) and use that credit to pay off a huge amount of debt really quickly. For those who have the discipline (like James and Cathy)and the right tools (like the Velocity Banking method can be used to knock out a mortgage in just over 2 years).
Cathy and James shared why they chose this risky method of paying off their debt and how they avoided the pitfalls that could have trapped them in even more debt. You’ll also hear how James (the spender of the couple) transformed his spending habits once he began
Tune in if you are looking for a non-traditional way to pay off debt along with the practical steps you need to make sure you stay on the “paid” side of credit.
Cathy St. Louis is a Mom and blogger who works from home and blogs about simplicity and a debt-free lifestyle. You can follow her and James’ journey on their website and Instagram.
What You Will Learn
- What caused James and Cathy to make the shift to debt crushers
- Why Catchy and James decided to trade in a car to save on expenses and continue their debt journey
- How to manage debt when one partner is a big spender
- Why ego is a big part of the issue with overspender
- Getting a good deal on your car trade-in
- Building a sales cushion while paying off debt
- Using bigger sums of money (like a bonus or tax refund) to pay off debt
- Cathy and James’ unique strategy of using the HELOC to pay off a debt off fast
- Why James and Cathy chose to use the Velocity Banking method in the first place
- How they invested in Velocity Banking without getting
Resources Mentioned
Thanks For Listening!
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