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The Ongoing Burden of Debt

During the 2008 financial crisis and for two years after that, Americans lowered their outstanding consumer debt. However, according to the Federal Reserve, that debt is now rising. The amount of increase in 2012 was 5.9 percent. Likewise, credit card debt now averages $4,878 per family. You can use a credit card payoff calculator like that provided by Half A Payment™ to determine how long that would take to eliminate.

Many Americans find living with debt to be an unpleasant fact of life. Especially when it comes to credit cards, this can be a discouraging reality. Simply making the minimum payments means that you can be paying off credit cards for the rest of your life. A credit card calculator can show you just how much you will pay in interest over that time. On the other hand, Half A Payment™ is a company that can show how to significantly lower the time it takes. Their tools, such as the extra payment calculator, provide encouragement to deal with debt in creative ways.

Ongoing Debt is Not Inevitable

Credit and credit cards are not evil creations. In fact, they are important tools of modern society. It is a lack of understanding of debt and basic financial principles that expose consumers to the dark side of credit and debt. Simply letting interest work against you means that debt is in control of the consumer and not the other way around. Accepting credit and then letting payments drag out mean that interest is driving the situation, not spending itself.

Half A Payment™ has developed a website that makes this concept easy to understand. With the credit card calculator and extra payment calculator it provides, it is easy to see that following its concepts can shave years and thousands of dollars off the time it takes to eliminate credit card debt.

The basic principle applied is simple. By dividing payments in half each month and trying to add a little extra to each payment, the principal amount owed is reduced and the interest payments are lowered. Using the credit card payoff calculator allows a quick indication of how much time and money can be saved under various assumptions.

Don’t let credit card debt keep you in anxiety about your finances. Visit the Half A Payment™ website and you will be amazed at how quickly you can be back in control of those credit cards.