CAN YOU HANDLE THE TRUTH? PAYING MINIMUM PAYMENTS ON THE AVERAGE U.S. CREDIT CARD BALANCE WILL TAKE ~27 YEARS TO PAY OFF THE BALANCE!
Disclaimer: Good Day, Readers. WealthBuildingPowers blog is a financial literacy/competency blog and does not provide specific investment recommendations.
CAN YOU HANDLE THE TRUTH? PAYING MINIMUM PAYMENTS ON THE AVERAGE U.S. CREDIT CARD BALANCE WILL TAKE ~27 YEARS TO PAY OFF THE BALANCE!
Why paying off your credit card balance is crucial for financial stability!
The average American carries a credit card balance of ~$5,800.00. Making the minimum monthly payment takes 322 MONTHS to pay off this balance. That’s about 27 years for those without their smartphones. Each month, you mostly pay interest and fees. Your total interest charges are $9,752.70. Are you starting to see the problem?
Why paying off your credit card debt should be a top priority!
- Paying off your credit card balance improves your credit score.
- The financial freedom that comes with a zero credit card balance.
- Achieving financial wellness by paying off your credit card balance every month.
- Gaining control of your finances through credit card debt repayment.
- Maximizing your financial health through responsible credit card use.
The dangers of carrying a high credit card balance!
- Higher Interest Charges
- Longer Repayment Period
- Impact on your Credit Score
BUT CREDIT CARD COMPANIES LOVE YOU!
- Record breaking profits
- Largest employee bonuses of ALL TIMES!
EXAMPLE: CREDIT CARD COMPANY CELEBRATION LETTER
Dear [Shareholders/Investors],
We are pleased to announce our latest quarterly earnings results, which have surpassed all expectations and set a record for our company.
This quarter’s performance is a testament to our employees’ hard work and dedication, who have been instrumental in driving growth and improving operational efficiency. Our focus on providing innovative products and services to our customers, combined with a commitment to responsible lending practices, has helped us to achieve this remarkable result.
Our credit card portfolio continues to perform well, with solid growth in card issuance and increased usage by our customers. We have also seen a significant increase in customers taking advantage of our rewards and benefits program, which has helped drive engagement and customer loyalty.
To Our Credit Card Holders Who Pay Minimum Every Month – THANK YOU, SUCKERS! Our employees’ bonuses’ are YUGEEEE! Keep CHARGING, people!
CONCLUSION: Breaking the cycle of credit card debt: the importance of paying off your balance!
Always, ALWAYS EARN MORE THAN YOU SPEND! Only charge the amount you can afford to pay off each month. This way, you accrue ZERO interest charges and keep your credit card balance and credit score in great shape.
If paying off the balance in total today is impossible, make as large a payment as you can each month until your balance is paid off. The larger your payment, the faster you will pay off the debt and the less interest you will pay.
The benefits of paying off your credit card debt each month – $9,752.70 IN YOUR BANK ACCOUNT!
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ABOUT ME
I am a proud nerd (as my beautiful wife and daughter have told me) investment and finance blogger with an NC. State, Chemical Engineering, University Rutgers, MBA and Harvard University, Advanced Management education.
I left a corporate career because I desired to make a difference as a speaker and writer. I was blessed to be coached and mentored by strong women and men in my family and professional life. It is my time to serve and give back.
DISCLAIMER
I started my first business at ~13 years of age (a small but brilliantly created plant nursery). I am a successful investor in stocks, options, and real estate and am happy to share my finance and investment lessons. I am NOT a licensed financial advisor. Please do not construe my suggestions on this blog as recommendations for your situation. As an investor, you must establish your risk/loss tolerance. Investment in any asset involves risk, including complete loss.
Please seek your licensed CPA or fiduciary financial advisors for individual financial advice.
I write this weekly blog to make an impact by reaching an audience and demonstrating the need for financial literacy. I will help you get there.
