New Minimum Payments Equal Tough Love for Debtors
- Friday, August 12, 2005
If you have credit card debt, consider it a loud warning that it’s time for you to take control of your situation. If you are paying 2 percent (likely, but look at your statement and figure out the relationship between your last required minimum payment and the outstanding balance), expect your monthly minimum to double (at least 4 percent). Don’t continue to shoot yourself in the finances by making such tiny payments on such a large outstanding balance.
Hurts them more than you
If facing the possibility of doubled monthly payments is causing you anxiety, take heart. This is hurting them a lot more than it’s hurting you. In a way they’re doing you a favor by pushing you to get out of debt.
Can we talk?
It’s time to get yourself into gear and stop procrastinating. Sit down today and make a tangible plan to pay off those bills -- you could be done with those hefty credit card payments sooner than you think. And you can't put a price on the peace of mind you'll have when you finally obtain financial freedom.
© 2005 The Cheapskate Monthly. All rights reserved. Used with permission.
"The Cheapskate Monthly" was founded in 1992 by Mary Hunt. What began as a newsletter to encourage and empower people to break free from the bondage of consumer debt has grown into a huge community of ordinary people who have achieved remarkable success in their quest to effectively manage their money and stay out of debt. Today, "The Cheapskate Monthly" is read by close to 100,000 Cheapskates. Click here to subscribe.
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