Velocity Banking Strategy
I'm interested in implementing the velocity banking startegy to pay down debt quickly. However, I don't own a home or any property for that matter. Can I set up an LLC for my business and build up my business credit allowance and utilize it to pay off my personal debts? I would assume that any payment from the business on my personal debt would be considered as a form of income that would be taxed. Other than utilizing my business line of credit, are there any other ways I can implement this strategy without home ownership?