A new debt repayment trend is exploding on TikTok, with creators getting back huge amounts of debt.
TikTok users are banding together to help each other pay off thousands of dollars in debt, but not everyone qualifies.
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As TikTok users try to qualify for the creator rewards program, the “debt payoff” trend is sweeping the platform.
But not everyone can opt in.
Creators who join the program must meet two requirements.
To be eligible, you must have at least 10,000 followers and have garnered at least 100,000 views within the past month, Business Insider reported.
According to Yahoo Finance, TikTok user Jake Heisenberg was the first to come forward to expose people gaming the system.
In a video that has been viewed more than 22 million times, he used TikTok to share calculations on how he could pay off his student loans in one go.
His plan is to use TikTok’s algorithm to watch every user’s video that appears on the “For You” page and correctly count it as a view.
“You’d need 247 million people to watch five seconds of this video,” Heisenberg said.
He also revealed that the videos needed to be longer than a minute, so he started eating cereal to make it last longer.
Other creators are following suit
The “Pay Off Your Debt” video quickly gained traction, with several others also joining the platform using what it calls its “proprietary algorithm,” Yahoo Finance reports.
A creator named Ollie Quality (@equalityalley) explained how TikTok views helped him pay off his college loans.
“College wasn’t a waste of time, but it was a waste of money,” Ollie said.
He’s trying to pay off $200,000 in credit card, college and medical debt.
He broke down the math, explaining that 10.2 million views, certified at an average revenue per mile (RPM) of $1.09, equals $11,150.
From there, he calculated that 914.798306 views equaled $1.
In the end, he concluded that he needed 182,959,641 views to pay off his $200,000 debt.
Fellow creators left encouraging comments as he continues his debt repayment journey.
“Teamwork makes the dream work,” one user said.
“I hope this works for everyone,” another said.
Find out how one woman maintained an 800+ credit score for 10 years.
Plus, read about how one woman paid off $243,000 in debt in 31 months thanks to Dave Ramsey’s methods.
