Paying Minimum Credit Card Payments
Making Minimum Monthly Payments: The Hidden Dangers
When paying back credit cards, if you’re only paying the minimum payment, you’re hurting your financial future in the long run. True, it’s so difficult these days to pay off the full amount charged to your credit cards each month; especially when you may be dealing with a job loss, increasing medical bills and dealing with the higher cost of living. However, if you’re only able to pay the minimum amount, you’re getting into the danger zone of furthering your financial debt.
By paying only the minimum payment amount, you’re basically paying purely interest and not even making a dent in any of the actual debt. That definitely does not sound like a winning situation. The credit card company is by making money off of the interest you’re paying. To put this into perspective, if your debt is $15,000, by the time you completely pay off that debt—in 10 – 20 years—you’ll have paid more than $30,000 to $50,000 to the credit card company.
Hearing these facts should make you shudder and urge you to make a quick decision to change the direction and aid in your debt reduction plan. Do you want to continue to pay such high interest rates to these credit card companies, simply because you have no way to pay more than the minimum payment each month? Think of your families’ future and the current economic times we live in.
Have you been making your minimum payments and trying to drive your debt down in a timely fashion, yet still are in the middle of financial hardship? If this type of between a rock and a hard place situation is where you find yourself, let us assist you. Give us a call or inquire online we will help to advise you of the necessary information and or direction to take in reducing your debt. If that’s not enough of a reason to find out more information about this program, you’ll also be shown an alternative to bankruptcy. We will work towards an agreement with your creditors on terms that matter most to you—your terms, not theirs.