So what does this mean for us?  It means, when you get your credit card bill and look at that low minimum payment remember—that’s what they want you to pay!  As a matter of fact, credit card companies call the people who pay off their full balances “deadbeats!”  If you pay the whole amount every single month—they don’t like you very much because you’re only making them a small profit.  What they really would prefer is for you to make just the minimum payment and let the rest rollover.  But that’s the problem!  On many cards the low minimum payment barely covers the interest!

In the last couple of years Congress has been putting pressure on some of the credit card companies to raise their minimum payment requirements.  (Remember: The more you pay each month—the faster it’ll go away!)  So, grudgingly, some of the companies have increased the required monthly payments from as little as ½ percent to 2 or 2 ½ percent. 

But don’t be fooled.  Even at 2 ½  percent monthly, a $4,000 credit card debt (depending on your interest rate) could take over twenty-five years to pay off!  And, if your card company only requires a 2 percent monthly payment, that same $4,000 could take over forty years to pay off!

I’ve presented the No Debt no Sweat! Christian Money Management Seminar at about 250 churches and Christian conferences nationwide.  Everywhere I go, I run into people who are trapped in credit card debt.  For many people, this is the most painful form of debt there is It destroys joy and spiritual vigor.  It damages marriages and depletes trust between husbands and wives.  And, it sets a miserable example for the children. 

Remember, they may be everywhere you want to be, but they don’t usually care if you’re debt-free!  

A complete financial compendium, 19 chapters
• What you can do today to get out of debt and kill the Debt Monster
• A,B,C's of handling your money God's way
• How to save, invest, and retire wisely
• How mutual funds work
• How to stop fighting over money
• What to teach your kids about money
• Learn how home & car buying, college financing and insurance work.
• How to develop a budget that works -- forever!
• Features simple charts, graphs, and easy-to-use forms.

Click here to learn more or to order..