Bank finance articles and tips

Boy, it gets awfully boring paying $500 or so every month to cover those card minimum payments.

Instead of paying that minimum, how about paying that amount into a special Debt Resolution Plan for just 7 months to completely eliminate that entire debt?

I know that sounds too good to be true. That's what I thought when I first heard about this fantastic technique back in 2004 -- and I've been sharing it with people ever since.

Let's see, paying $500 for 7 months is $3,500. So, instead of paying that into those statements, I would just pay into this Debt Resolution Plan and I could totally eliminate up to $100,000?.

Yes, that is true. And, if you have over $100,000 another plan will eliminate up to $200,000.

What's the catch? I must have to pay something else to eliminate all of my Credit Card balances. Well, yes you do need to may a slight additional one-time-only fee of $43 per card. And, that's it. There are also other payment plans that are even better. If you wish to see them, I will send you a complete summary of all of these choices at no cost or obligation.

Now, that's what I call really maximizing those pesky minimum payments.

Did you know that the average credit card debt totals about $16,000 per household, with an average minimum payment of about 3% at a 13% Average Percentage Rate (APR). Most people just pay the minimum that is shown on monthly statements similar to the following: "your minimum amount is 3% of your unpaid balance or $25, whichever is higher."

Without the Debt Resolution Plan that I just mentioned, the Minimum Only payoff final totals for a balance of $20,000 of initial debt amount to $29,980. That would meant that you would be paying almost $10,000 in interest to the Bank or other provider.

And, the real kicker is that it would take you over 20 years to pay off this stupid thing. If you were able to eliminate that debt in the 7 months that I mentioned, you could be plowing those minimums into a nice Nest Egg that you could use for your retirement or to pay health bills or cover other emergencies.

Did you know that the Banks, don't use their own money for these Credit Cards "loans" to you? Check out a book titled "The Creature From Jekyll Island" to understand how the Federal Reserve works and how money is created out of thin air.

By Robert F Michaels
Article Source: http://EzineArticles.com/?expert=Robert_F_Michaels