What is the true cost of credit? We think the answer will shock you!
Americans’ Credit Card Debt Has Reached Epic Proportions!
Recent statistics show that most Americans carry an average of seven to nine credit cards in their wallets, and that on those cards they carry an average balance of around $9,000 or more for every person in the country (including those too young to have credit cards!). They most likely have installment loans in addition, such as auto loans, mortgage loans, student loans, and other consumer loans.
One of the most important things for you to understand is WHY you want to get rid of that credit card balance.
What is the True Cost of credit card debt? It's not just a cost in dollars, there's also a huge emotional cost, which can be devastating to couples and families.
If you have a balance of $10,000, on a card with an 18% interest rate, and you make the minimum payment every month, do you have any idea how long it will take you to pay off that balance – if you never charge another penny to that card?
Would you believe more than 30 years?!
That’s right. After paying interest on it for 30 years, how much will you really pay for that dress on sale, or that big-screen TV, that you just HAD to have? And what if you’ve fallen into the trap of putting daily living expenses, like groceries and gas, on a credit card? Don’t even want to think about it, do you?
So, what is the true cost of credit purchases in terms of dollars?
Let’s use a real-life example: Let’s say you go down to the local electronics store, the week before the Super Bowl – they ALL have sales, then, have you noticed?
You buy a super-duper big-screen HDTV for "only" $2250, on sale. (And to make the math easier, we’ll just say the merchant agreed to pay the sales tax as part of the sale.)
Now you can invite all your buddies over to watch the game at your house and show off your new TV.
You can be the envy of the neighborhood.
So, let’s say the interest rate on the store-branded credit card you use (Best Buy, Circuit City, whatever) is 21%, and your minimum monthly payment is "only" $44 per month. Barely noticeable. What a deal, right?
Wrong! At 21% interest, making a monthly payment of $44, it will take you more than 20 years to pay off that big-screen TV.
Will the TV still be working after 20 years??
And by the time you pay it off, you will have paid a whopping $10,560 for that TV, "just" $44 at a time!
Would you have agreed to buy it if the price tag said $10,560? Of course not!
But what you didn’t realize, is that in fact you DID agree to pay that much for it – when you charged it on the store credit card and decided to make only the minimum payment.
And if, instead of continuing to pay $44 per month, you decide to pay the continually-decreasing minimum payment, it will take a lot closer to 30 years to pay it off!
In addition to the cost of credit in dollars and cents, the emotional and mental burden it creates can doom marriages and families. Numerous studies have shown that money is one of the major things couples argue about, and one of the top reasons for divorce in this country.
So, don't make being the envy of the neighborhood your goal. Keep your eye on the goal of a secure financial future for your family, and go watch the Super Bowl with your buddy who didn't read this and bought the big-screen TV! You'll enjoy the game even more, knowing you made the wisest choice for your family.
You must make it a priority to get out from under your credit card debt. We can help. Our program will teach you to become debt free in as little as three to seven years, on your current income.
Please, bookmark this site, and check back here often to learn how to Take Command of Your Debt and your life.
Let’s use a real-life example: Let’s say you go down to the local electronics store, the week before the Super Bowl – they ALL have sales, then, have you noticed? 
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