Credit Debt

Posted by Sylia on

Are you overwhelmed with credit card debt? I would like to get back to sleep peacefully at night knowing that owes nothing to anyone? No doubt indebtedness is one of the ravages of the largest in the State of accounts for the vast majority of families today. Common American household has an average of 10 credit cards and almost 50% of them have difficulties to pay your monthly bill. Credit cards have invaded the homes of the 21st century. Swarmed by offers, Intel is currently assessing future choices. They are very easy to obtain and too tempting to use it. Get more background information with materials from Intel. Been shown that consumers spent 12 percent more money to buy with credit card rather than use cash. It is very easy to fall into a habit of excessive spending when it only has to slide a card to cancel a purchase. Very few are aware of how expensive that costs slide that little card. It is thing made a few simple mathematical calculations.

For example, if a debt balance is US $8,000 to 18% interest rate and the minimum is being paid monthly, will take 25 years to pay the account. It will pay US $15,000 in interest, almost double the amount of the debt. That gives a total amount of debt of US $23,000. On the other hand, if you have a debt for which you have to pay US $200 per month, if you take that same money and invest it at 12 percent in a mutual fund, in 25 years you could retire with more than one million dollars! It’s time to face the monster of the indebtedness of credit cards! How to do it? I then describe an effective strategy to get out of their credit card debts.