Make Minimum Payments

Most people in credit card debt know that continuing to pay the minimum payments each month is getting them nowhere fast. When you make your minimum payments, a huge chunk of the money goes to pay interest, which is profit for the card companies. That is the reason why credit card companies have no desire to see you pay off your debt to them. In fact, if you have $40,000 in credit card debt at 18% interest, with 4% minimum payments, it will take you 233 months, or 19 years, to pay off the debt, and you will pay $23,915.57 in interest. Clearly, paying the minimum payments is not an economical way to repay your creditors. But beware, because things can get a lot worse very fast with these companies. If your payment is late to one card, all of your cards can increase your interest rate to the “default” rate, in many cases as high as 28% to 30%. At 28%, it would take you 340 months, or 28 years, to pay of the debt, with you paying $55,777.79 in interest. Compare that to the Debt Resolution Partners' debt resolution program, in which you could be out of debt in as little as two to three years, and save thousands of dollars. For example, $40,000 in debt may be settled for as little as $16,000. For many consumers, especially those only able to make minimum payments, debt resolution is by far the best choice. If you would like to find out more about Debt Resolution Partners and its services, please call one of our knowledgeable and friendly debt consultants today!