Paying off your credit card debt could take months, years, or even never. It really depends on how much you are paying against the credit card each month, and what the interest rate is.
One factor that determines your interest is whether or not you made purchases on your credit card, or if you used it for cash advances.
We talk to hundreds of people each day here at Total Debt Freedom, and during our conversations, we will always ask if they understand how long it will take to bring their credit card balance down. In most cases people do not know, or they don’t understand how interest is accumulated on a credit card. Another area people struggle with is they will pay their credit card (usually the minimum balance) and then use it again. People with huge amounts of credit card debt, seem to have more month at the end of the money.
If you want to bring your credit card debt down, and you are willing to cut it up and start living on cash, you can pay off your credit card faster depending on the balance. If the balance is quite large, then the key is paying as much as you can towards the card each month, and never using it again.
In many cases, people are just over their heads and their credit card payments are so high, that they can only afford the minimums. If they were to pay anymore than that, they just wouldn’t have any money left over. It’s called the credit card trap. You now depend on it. Get rid of the dependency and start living on cash.
Check out my vid, and I will provide a tool so that you can calculate how long it will take you to pay off your credit card.
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