Facing More than Student Loan Debt
You’ll find the credit card payment calculator available at Half A Payment™ useful if you’re one of the millions of student dealing with a heavy credit card debt. According to sources quoted at credit.com, 91 percent of all undergraduate students have at least one credit card, and more than half or these students have four or more cards.
Other statistics showing that students incur a sizable credit card debt include:
- The average senior has more than $4,000 in card debt when they graduate
- More than seven percent of students drop out of college due to debt
- More than 30 percent of monthly income of people aged 18 to 24 goes to debt payments.
Dealing with the Issue
While some students get advanced degrees in finance and accounting, it’s surprising how few really understand the issue of personal debt, especially when it comes to credit cards. Even fewer take advantage of the type of tools we provide at Half A Payment™, such as our credit card payment calculator and loan payoff calculator.
Without these insights, students can easily feel overwhelmed about their debt and the amount they pay in interest monthly. In fact, they are sometimes stunned to realize if they pay only the minimums on their credit card debt, they can be paying until their own children prepare for college.
However, you can use our credit card calculator and quickly see the impact of the two principles we recommend for everyone to get control of and eliminate their debt. Those two principles are:
- Pay half your monthly bill twice a month, and
- Add a little bit extra to each payment.
Our loan payoff calculator will quickly show you just how much time and interest this approach can cut off the total amount you pay on your credit card debt. The reason this program is so effective is the concept of making interest work for you rather than against your financial freedom.
The key issue to eliminating your debt is to lower the outstanding balance on which the interest is charged. If you don’t tackle this hurdle, most of your payment month after month goes to paying your lender interest on that amount, not reducing the amount owed. Our credit card payment calculator and loan payoff calculator will provide you the motivation to take our approach to getting rid of that debt. Understanding the years you can cut off the time to pay it off and the hundreds or thousands of dollars in interest you save makes the case a compelling one.
Visit Half A Payment™ today to see how this can help your personal credit card debt situation. All you do in enter a few pieces of information and our credit card payment calculator does the rest of the work.