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Paying Only Your Minimum Balance? |
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If you're like most Americans, you have debt. If you're like many Americans, you try not to think about just how much debt you have and what it's really costing you.
If you did think about it, you might not sleep well. Minimum monthly payments will keep you in debt forever.
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Why Do Minimum Payments Keep You In Debt Foreverr? |
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It's important to understand that the credit card companies don't allow you to pay back your debt in small amounts out of the kindness of their hearts.
This is how they make their money. Paying the minimum payment (usually around 2% of your balance) each month, guarantees that you will be filling the credit card company's cash coffers with
your hard-earned money for many years to come. Just imagine if you have $16,000 in debt, over the course of 785 months, you will be paying $46,930.76 in interest.
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Why? |
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When you pay only the minimum payment, most of it goes towards interest, which is why it takes so long to pay off the original debt.
You wouldn't pay $7,000 for an item that is clearly marked with a $2,000 price tag, would you? Yet that is exactly what you're doing when you buy it using a credit card with an 18% interest rate
and then only pay the minimum balance each month. No wonder you feel like you just can't get ahead!
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For example, if you have $16,000 in credit card debt:
- Based on 18% in interest
- Based on 2% minimum payment
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It will take you 785 months to pay off your debt. During this time, you will pay $46,930.76 in interest!
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If you act now, Consumer Debt Group will save you $9500 and get you out of debt in 10 to 36 months.
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Take action now or call us at 1.877-939-3328 today and find out how we can help you.
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