Are You a Slave to Credit Card Debt?
Many people today consider credit cards to be the source of financial slavery and paying off credit card debt seems an impossibility. The average U.S. adult owes $4,878 on normal credit cards, not including store cards. The average APR interest on that debt is nearly 13 percent and there is an estimated $2.8 trillion in outstanding credit card debt. There were 1.18 million personal bankruptcies in 2012, many of them due to credit card debt.
It’s not that credit cards are bad. Careful and wise use of these cards can simplify your life and allow a better standard of living. They can be a problem, though, if you don’t know how they work and the effect of the interest that they charge. A simple credit card calculator can show you how much interest you are paying on your credit card debt. If you are one of those who feel overwhelmed by your monthly payments to credit card companies, you can find some relief by using a credit card payoff calculator.
Breaking the Bonds and Paying Off Credit Card Debt
We at Half A Payment™ understand how the burden of debt can create a sense of hopelessness. However, we also know that it doesn’t have to be that way. We use the principles of debt and interest in our tools, such as our credit card payoff calculator, to show you how to save thousands of dollars and get out of debt fast. The process of paying off credit card debt begins with just a few insights into how it can be done easily. Our simple to use credit card calculator helps in providing that insight and motivation.
The first thing to realize is that the credit card companies love to have you make minimum monthly payments. The bulk of those payments go to pay interest, not reduce your principal balance. You can be paying 20 years for that coat you bought this weekend if you play their game. That is, in a way, a form of financial servitude.
At Half A Payment™ we use a credit card payoff calculator to show you just how realistic it is to begin paying off credit card debt using our concepts. By making half of your payment twice a month and adding just a little bit to each, you can break the bonds of debt and save thousands of dollars in the process.