Monday, July 10, 2006
43% of Americans carry a balance on their credit card.
One in 6 families with credit cards pays only the minimum due every month.
With a minimum monthly payment of only 2% required on a card balance of $10,000 at 18% it would take 58 years to pay off the entire amount, with the cardholder paying $28,931 in interest. By paying a minimum monthly payment of 4% a cardholder would pay the same $10,000 off in 15 years and pay only $5,916 in interest.
Today, Dawnette and I paid off our 2 credit cards. NO MORE CREDIT CARD DEBT! YIPEEE! Yeah, it took a while and we learned some things the hard way, but we rejoice today as we are one step closer to being debt free.
peace.
johno~
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6 comments:
Good job!
Congratulations! That is a great accomplishment-
Free at last, free at last! Congratulations!
Hi, my name is Adam and I have been clean for over 6 years! yeah!
Dude! That is the coolest.
That is fantastic. I'm a teeny bit envious. It seems like everytime we get close to ridding ourselves of credit card debt, a vehicle breaks down in a spectacularly expensive fashion.
I'm praying that your cars (and everything else) will cooperate to keep you blessedly debt-free.
that is awesome... good for you guys.
also, i had a great time crashing your camp yesterday!
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