Repair Credit Fast & Save Your Hard-Earned Money When You Steer Clear Of This One Credit Card Trap.
Okay, I admit, I can’t seem to live without my credit cards. They quickly have become vital to my life…renting cars…booking hotels and airline tickets. I buy online with my credit card and rely on the protection my cards give me.
Love ‘em or hate ‘em, credit cards are big…and important in our lives. You MUST have at least one, preferably two, cards!
“It’s not about cutting up my credit cards. It’s about controlling my use of credit cards. Once I regained control of my cards, I stopped making a very costly mistake,” says Kendra T. of Boca Raton, FL.
Want to know which COSTLY mistake I see people make over and over again? Click the ‘read more’ link below…and then stop making this mistake.
AVOID THIS ONE DANGEROUS TRAP
Warning: Do not just pay the minimum monthly payment on your credit card or cards. This is exactly what the banks want you to pay, so they can profit off your OVERPAYING.
Please look below at the chart showing three different people, each carrying a $10,000 balance on a credit card. Each credit card has a different interest rate, i.e. 15%, 9% & 24%.It’s not the interest rate that is the problem; it’s the unpaid balance that is the problem.
By paying only the minimum each month on a $10,000 balance, Barbie will throw $19,784.47 down the toilet in interest alone due to minimum payments! What? How could this be?
Warning: It is because credit card issuers (BANKS) only want you to pay the minimum monthly payment, i.e. ~2.5%.
These banks set minimum payments to an amount that includes all finance charges (interest and fees) plus at least 1% of the outstanding principal. The payment above reflects the average monthly payment.
Below, you will see the “amortization chart” for the $10,000 card balance @ 24%. Yikes! It will take 38 years to satisfy a $10k debt! That $10k turns into $29,784.47. Double yikes!
Check this out. The monthly payment goes down each month until the debt (principal + interest) is satisfied:
Don’t do it. Paying only the minimum and flushing your money down the toilet is not the only trap caused by credit card “mis-use.” Now, this is not the only trap these bankers throw at you. I’ll get to the other two HUGE traps in a different post. If you’re a credit card user, you MUST not fall victim to these traps.
Are you one of 50% of all credit card users who pays your credit card bill off in full each month? For many people, it’s one emergency use of their cards that pitches them into credit card hell. It’s medical bills demanding payment. It’s college tuition. It’s the house payment when there’s a job loss. If you’ve experienced credit card hell, tell us about it. What happened? What did the banks do to “help” you? What hell did you experience?
Whatever you do, do not fall victim to the banks’ “generous” invitation for you to pay only the minimum each month. Treat your credit cards as you would cash. Charge what you can pay off in full each month and then you will not care one hoot about the interest rate. Thank you, Mr. Banker, for the 57% interest rate. You’ll never get one penny of interest from me!
Repair credit fast tips like this one are super easy to understand and put to action.
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