11 Jun Are You Happy Donating to Your Favorite Financial Institution?
The convenience of a credit card is wonderful! The low minimum payments are wonderful. We’ve all heard that paying the minimum payment really hurts. But how many of us know exactly how much it hurts? The dollars we pay in credit card interest robs us from making our future dreams come true.
Do you know how much that minimum payment is keeping you from experiencing what’s most important to you? Let’s take a look. Download our Loan Credit Card Payoff worksheet to calculate how much you’re donating to your bank with your current payment schedule.
Simply input your credit card interest rate, your current credit card balance and, the minimum percent payment you are required to make on your credit card balance. If you continue making minimum monthly payments, you’ll see the total interest you will pay and the total number of months it will take to pay off your credit card.
If you’d like to shorten the time it will take to pay off your card with a fixed loan, see how much you’ll pay if you lower the interest rate and shorten the amount of time it will take you to pay off the loan. Play with the options and see the difference.
CashMap teaches you how to achieve what you thought was unachievable. Our suite of tools will teach you how to use your income with a Line of Credit to save thousands of dollars in interest. You’re creating your own low interest loan. You will give yourself a rate no bank would ever offer you. You will dramatically shorten the time is takes to pay off any loan AND pay dramatically less interest.
To see what’s possible, watch the six-part series, Accelerate Paying Off Your Mortgage, starting with Part 1. The principles demonstrated will apply to any loan or credit card.
Are you ready to stop making donations to your favorite financial institution?