[CFQ] Eliminate Your Credit Card Debt Now - June 20 2006
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In This Issue:
~ Eliminate Your Credit Card Debt Now
~ Marketing Tip
~ Quote Of The Day
~ Today's Recommended Resource
~ Free Download
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A Simple Way to Begin Eliminating Your Credit
Card Debt Now!
Recently, a friend of mine who, like many, is
easily confused when it comes to financial
matters, asked me to take a look at her monthly
statement for a credit card she's been trying
hard to pay off, but feels like she isn't
getting anywhere.
I gladly took a look at her credit card statement
and the very first thing I noticed, which almost
floored me, is the interest rate she's paying...
29.99%!
That's right...
29.99%...
Wow!
I don't know where I've been (obviously not
looking at credit card statements :-)), but
I thought this was illegal.
Her credit card balance is $5,141.06.
If she doesn't charge anything else on this
credit card, which she hasn't been, and if she
continues to make the minimum required monthly
payment, as she has been, based on the way her
bank calculates her minimum required monthly
payment...
It'll take her 339 months to pay off her current
credit card balance of $5,141.06 and she'll pay
a total of $12,345.65 in interest.
In other words...
If she continues doing what she's been doing...
It'll take her 28.25 years and cost her $17,486.71
to pay off her $5,141.06 credit card balance.
No wonder she feels like she isn't getting anywhere...
She really isn't!
So...
What should she do?
Well...
There are a number of things she could do.
However...
One of the simplest things she could do would be
to continue making the same minimum required
monthly payment she'll be making this month,
every month from now on.
Why?
Simple...
Because she's already in the habit of making a
monthly payment of at least this much on her
credit card.
You see...
Most banks and credit card companies figure the
minimum required monthly payment based on a
percentage of the credit card balance due or a
specific fixed dollar amount, whichever amount
is higher.
Therefore...
Generally, the minimum required monthly payment
goes down as the credit card balance owed goes
down until the minimum required monthly payment
gets down to the minimum required dollar amount.
In her case...
Her bank's minimum required monthly payment is
3.5% of her credit card balance or $10.00,
whichever amount is higher.
This month her minimum required monthly payment
is $184.93 of which $134.87 is interest, with
only $50.06 applied to the balance.
If she were to do absolutely nothing else but
make this $184.93 payment *every* month from
now on...
She'd pay off this credit card in 49 months
instead of 339 months and she'd pay $3,749.46
in interest instead of $12,345.65 in interest,
saving $8,596.19 in interest charges!
Big difference, isn't it?
Now...
If she really wants to go for it...
She could increase the amount of her "new"
self-imposed minimum required monthly payment.
For example...
If she were to start paying an additional $15.07
a month for a total of $200.00 a month...
She'd pay off this credit card in 42 months
instead of 339 months and she'd pay $3,191.78
in interest instead of $12,345.65 in interest,
saving $9,153.87 in interest charges.
If she were to start paying an additional $40.07
a month for a total of $225.00 a month...
She'd pay off this credit card in 35 months instead
of 339 months and she'd pay $2,574.37 in interest
instead of $12,345.65 in interest, saving $9,771.28
in interest charges.
If she were to start paying an additional $65.07
a month for a total of $250.00 a month...
She'd pay off this credit card in 30 months instead
of 339 months and she'd pay $2,165.81 in interest
instead of $12,345.65 in interest, saving $10,179.84
in interest charges.
If she were to start paying an additional $90.07 a
month for a total of $275.00 a month...
She'd pay off this credit card in 26 months instead
of 339 months and she'd pay $1,874.29 in interest
instead of $12,345.65 in interest, saving $10,471.36
in interest charges.
If she were to start paying an additional $115.07
a month for a total of $300.00 a month...
She'd pay off this credit card in 23 months instead
of 339 months and she'd pay $1,654.79 in interest
instead of $12,345.65 in interest, saving $10,690.86
in interest charges.
And so on.
Now...
If she really, *really* wants to go for it...
She could double the amount of her "new" self-imposed
minimum required monthly payment.
If she were to start paying $369.86 a month instead of
$184.93 a month...
She'd pay off this credit card in 18 months instead
of 339 months and she'd pay $1,254.35 in interest
instead of $12,345.65 in interest, saving $11,091.30
in interest charges.
Huge difference, isn't it?
As I said above, there are a number of things she
could do, but this is one of the simplest and it's
something she can start doing right *now* to begin
eliminating her credit card debt...
And...
So can you! :-)
If all you do is stop charging on your credit card
and continue making the same minimum required monthly
payment you'll be making on your credit card this
month, every month from now on, you'll make
significant progress towards totally eliminating
your credit card debt once and for all.
-----
Tony Mase is a serious student of the works of Wallace D.
Wattles and the publisher of
"The Science of Getting Rich"
ebook by Wallace D. Wattles...
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Marketing Tip:
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Add a blog to your website and update it regularly.
A blog is a great tool because search engines love
them and visitors will return to see the latest
updates.
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Quote of the Day:
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"When I look back on all these worries, I remember
the story of the old man who said on his deathbed
that he had had a lot of trouble in his life, most
of which had never happened."
~ Winston Churchill
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~ Today's Recommended Resource
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"The 7 Ultimate Success Secrets"
"Simple 7 Step System Reveals How To Live
Your Dreams, Reach All Your Goals, Kill Your
Fears, And Achieve Everything You Ever Wanted
In Life - With Minimum Effort".
The 7 Ultimate Success Secrets
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~ Free Download
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'WHY Most people Will Never Get What they Want'.
Learn how a three letter word can change your
life forever and force you to succeed!
--> Download Now (.pdf file)
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