Jun
24
2011

How To Get Out Debts Credit Cards – Seven Strategic Steps To Escape The Trap Debts

Are you overwhelmed with credit card debt? Would you like to get back to sleep peacefully at night knowing that does not owe anything to anyone? No doubt the debt is one of the biggest devastation statement of the vast majority of families today. The average American household has an average of 10 credit cards and almost 50% of them are struggling to pay your monthly bill. Credit cards have invaded the homes of the XXI century. They are easy to obtain and too tempting to use it. There is evidence that consumers spend 12% more money to buy credit card instead of cash. It is very easy to fall into a habit of overspending when you only have to slide a card to cancel a purchase. Very few are aware of how expensive it costs to slip this little card. It is something to make a few simple mathematical calculations.

For example, if the balance of a debt is U.S. $ 8,000 18% interest and is paying the monthly minimum, it will take 25 years pay the bill. You will pay $ 15,000 in interest, almost double the amount of debt. That gives a total debt of $ 23,000. On the other hand, if you have a debt for which you have to pay $ 200 a month, if you take that same money and invest 12% in a mutual fund, in 25 years you could retire with more than one million dollars! It is time to face the monster of credit card debt! How? The following will describe an effective strategy to get out of credit card debt.

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