Bad Credit

Copyright 2006 Tony Mase

Bad Credit Credit Creditres 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.

Bad Consolidation Credit Debt 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...

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Credit card and even more so Store card interest are set at exorbitant rates for one reason alone, companies make their money from the consumer’s inability to settle their card balances. Credit card debt is unsecured, whereas other debt like your mortgage is secured (your home acts as security against your debt). With credit card debt, there is no backing security, which means that credit card debt is high risk for banks and hence the high interest rates

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//www.ameridebtservices. Credit card debt is a growing sickness in the United States and Europe. It is very important to eliminate debt and take control of your financial health. In the below section, I have listed the best strategy to erase credit card debt. This strategy is tried and true and often recommended by financial planners and debt consolidation firms.

Bad Credit Loan Mortgage Wow!

Auto Bad Credit Loan I don't know where I've been (obviously not looking at credit card statements :-)), but I thought this was illegal.

Bad Credit Mortgage Refinance Her credit card balance is $5,141.06.

Bad Credit Refinance 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...

Bad Credit Mortgage Second 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.

Bad Credit Loan Student In other words...

Bad Card Credit If she continues doing what she's been doing...

Bad Credit Financing It'll take her 28.25 years and cost her $17,486.71 to pay off her $5,141.06 credit card balance.

Bad Credit Home Loan Mortgage No wonder she feels like she isn't getting anywhere...

Bad Credit Loan People She really isn't!

Bad Card Credit Credit People So...

Bad Credit Guaranteed Loan What should she do?

Bad Credit Refinancing Well...

Bad Credit Equity Home Loan There are a number of things she could do.

Bad Credit Loan Payday However...

Bad Credit Repair 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.

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2nd Bad Credit Mortgage Simple...

Bad Credit Loan Unsecured Because she's already in the habit of making a monthly payment of at least this much on her credit card.

Bad Consolidation Credit Loan You see...

Bad Credit Home Loan New 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.

Bad Business Credit Loan Therefore...

Bad Credit Lender Mortgage 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.

Bad Credit Home Loan Mobile In her case...

Bad Cash Credit Loan Her bank's minimum required monthly payment is 3.5% of her credit card balance or $10.00, whichever amount is higher.

Bad Credit Loan Private This month her minimum required monthly payment is $184.93 of which $134.87 is interest, with only $50.06 applied to the balance.

Bad Card Credit Debt If she were to do absolutely nothing else but make this $184.93 payment *every* month from now on...

Bad Business Credit Loan Small 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!

Bad Bankruptcy Car Credit Loan Big difference, isn't it?

Bad Credit Instant Loan Now...

Bad Credit Equity Loan If she really wants to go for it...

Bad Credit Georgia Home Loan She could increase the amount of her "new" self-imposed minimum required monthly payment.

Application Bad Card Credit For example...

Bad Credit Home Loan Va If she were to start paying an additional $15.07 a month for a total of $200.00 a month...

Bad Credit Home Loa 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.

Bad Car Credit Loan New If she were to start paying an additional $40.07 a month for a total of $225.00 a month...

Bad Credit Home Loan Really 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.

Bad Credit Fix If she were to start paying an additional $65.07 a month for a total of $250.00 a month...

Bad Credit Down Home Loan 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.

Bad Credit Lender If she were to start paying an additional $90.07 a month for a total of $275.00 a month...

Bad Buy Car Credit 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.

Bad Bank Credit Loan Personal If she were to start paying an additional $115.07 a month for a total of $300.00 a month...

Bad Credit Home Loan Purchase 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.

Bad Credit Loan Motorcycle And so on.

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Arizona Bad Credit Home Loan If she really, *really* wants to go for it...

Bad Credit Home Loan Motor She could double the amount of her "new" self-imposed minimum required monthly payment.

Auto Bad Credit Financing If she were to start paying $369.86 a month instead of $184.93 a month...

Bad Car Credit Loan Used 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.

Bad Credit Ct Home Loan Huge difference, isn't it?

Bad Credit Diego Mortgage San 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...

Bad Credit Mortgage People And...

Bad Credit Down Home Loan No So can you! :-)

Bad Company Credit Mortgage 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.

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Bad Credit Home Loan Pa Tony Mase is a serious student of the works of Wallace D. Wattles and the publisher of "The Science of Abundant Life" ebook by Wallace D. Wattles... http://www.thescienceofabundantlife.com

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