Credit Card Companies continue to get rich, while we the working Americans continue to drown in debt. It's time we say no more, it's time to take a stand and find out what those big companies don't want us to know! We can eliminate credit card debt legally without resorting to bankruptcy!
Last year alone, credit companies made over $70 BILLION dollars on the interest they charge you the card holder. Yes, that said $70 BILLION! It's outrageous! The government has stepped in and is putting limits on the interest they can charge, which will help in the future. But even that won't help your current debt!
The average American is carrying $10,000 in credit card debt. What you don't know is that it will literally take 40 years to pay that total off! If we continue to do what the credit companies tell us to do, pay only the minimum monthly payment it will take longer to pay your credit card debt off than it does to pay off a mortgage! Perhaps you only have $5,000 in total credit card debt; it will take you 20 years to pay off. That's right 20 years!!
We think that when cash is tight we should use our credit cards to pay for things now because we can then pay a smaller amount next month and take our time paying off the total. Let's say you use your credit card for $100 worth of groceries today. The fact is that you will end up paying $1,000 over the course of 5 years for those exact groceries! When we think we can take our time paying off these small purchases, we don't consider the interest that we will be paying as well, and suddenly taking your time turns into YEARS! Credit Companies don't want you to do the math, just pay the minimum every month.
Are you as angered by this as I am? We wonder why we are so deep in debt, this is the reason!
Unfortunately too many of us turn to bankruptcy in order to be free of credit card debt. Bankruptcy can and will destroy your financial situation for years to come! It's not the answer! Don't act out of desperation and make choices you will regret later!
You can literally erase debt right now! There are companies out there that work diligently to help you get back to financial security! The laws now make it even easier for these companies to help you! Let's stop the credit card madness and get a grip on our own dollars and cents.
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