With each credit card debt eliminated, the amount of money you have available (momentum money) to allocate towards paying off the next debt increases. This is how the debt reduction process is accelerated.
Credit card companies lend money to borrowers in exchange for paying it back at a high interest rate. These interest rates accumulate on minimal monthly payments, and unfortunately keep millions of Americans mired in debt for decades. Here is an example payment plan for a typical credit card:
How long will it take to pay off your credit cards by making only the minimum monthly payments?
Find out now and fill out the fields in the debt calculator below using information from your most recent credit card statements.
A typical mortgage loan for $200,000 with a 30-year payment term will actually cost you $323,312.18 to pay off, due to interest accrued throughout the life of the loan. Adding momentum money – an additional amount of money that is above your minimum monthly payment – can significantly reduce your payment term, total pay off amount and total interest paid.
Fill in the fields below using your own mortgage numbers to calculate your payment plan and potential payoff scenarios when momentum money is applied.*
Our lives were busy, and Dennis and I had little time to spend with each other or 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 DebtBuster® at National Success School in 2013. We saw testimonies from others who had utilized this program and decided that we wanted more for our family – we wanted to enjoy living life, debt-free.
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 solid plan in place, consistently 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.
Living debt free allows us to invest more time and energy into our family instead of worrying about how we’re going to pay off all our debt.