Credit Card Debts
Don't even think about it
We know this is not the first site you have come across on the Web when researching credit card debts. But we do feel inclined to tell you, it certainly is the most informative and honest. How do we know? Because we are not afraid to give you all the different sides of the equation.
First of all, if you are thinking about paying off credit card minimums in order to treat those debt, think again. And if you are still debating whether or not filing for bankruptcy is a good idea, we have some news that you have got to hear. We are not mudslinging or trying to sell you something, we simply urge you to read this update before making a decision about treating credit card debts.
The truth about minimums
As you have already learned, interest rates are what really put you in the poor house. And still, even though so many Americans know this, they pretend their case isn't a cause for alarm and continue to pay credit card minimums. Well, here is a little food for thought. Did you know that a $10,000 debt at 18.5% interest typically takes 32 years and $24,500 to pay off if you don't pay more than the required monthly minimum. But when you enroll in a debt consolidation plan to treat credit card debts, you lower your interest rate dramatically, allowing more money to go towards the principle. The same amount of debt could be paid off in about five years with professional help.
Similarly...
Other people have contacted us with regards to bankruptcy. Is it a fresh start? Will it help? What are the results? All very valid questions. The truth about bankruptcy is that it will wipe the slate clean of your credit card debts overnight, but the damaging effects are long term. You see, bankruptcy will treat those credit card debts but it will also stay on your credit score for years to come. It could make it difficult in the future to purchase a home, take out a loan, and even apply for other credit cards. We urger you to take a good look at all the options before you make a decision about your credit card debt.
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