Have you noticed anything new about your credit card statements?
If you received your credit card statement after February 22, 2010, then you should notice the Minimum Payment Warning. The C.A.R.D. Act in now fully enforced.
The image example is from an American Express statement. The new balance for the statement period is $5,304.06. The new Minimum Payment Warning indicates it will take 22 years with a estimated total of $11,104 to pay off the credit card amount. Of course, this is also assuming that you make the minimum payment only.
The minimum payment on $5,304.06 may not be much, but do you think that principle balance will increase? Absolutely, as you make notice if you did not already, this account is past due and over limit. The monthly amount has now risen to over $500. If you paid, $500 a month for the year (500 x 12), that would equal $6,000. If you cannot pay the minimum now, what makes you think you can pay the whole principle off?
That’s why were here to help.
Contact us.
We’ll not only cut your principle by 40 – 50% but provide you income protection at no additional cost.
You have nothing to lose.