Credit card companies lend people money in exchange for paying it back at a premium interest rate. These interest rates, accumulated on minimal monthly payments, keep millions of Americans mired in debt for decades. Here's an example:
How long will it take to pay off your credit cards using only minimum payments?
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Let's look at a typical mortgage. A typical $100,000 mortgage, paid back over 30 years, will actually cost you $239,508.90 to pay off. Adding "momentum money" each month IN ADDITION TO your regular payment can significantly reduce your term, total pay-off and total interest paid.
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DENNIS & ANGELA TUMLIN - Tennessee
Our lives were busy, and Dennis and I had little time together or with our kids. We were chasing our dreams and racking up investment debt and personal debt along the way. Our mindset shifted when we learned about the DebtBuster® System at National Success School in 2013. We saw testimonies from others who had utilized this free program and decided that we wanted more for our family. It took commitment, financial sacrifice and some serious adjustments to our budget, but we made it out of debt a little at a time. By having a plan in place, working hard, utilizing our primary income and extra earnings from our AdvoCare business, we are now debt free and have more options on the table for our family. Now, our invested time is spent with family instead of worrying about how to pay down debt.
Personal testimonials reflect individual experiences and are not necessarily typical of the results you may obtain. Earnings depend on a number of factors, including your individual effort and the area in which you live. The average annual income for all Distributors in 2016 was $1,429. Income Disclosure Statement
The information provided by these calculators are intended for illustrative purposes only and are not intended to report actual user-defined parameters. Be sure to consult a financial professional prior to relying on the results.