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No Debt Anymore is an independent third-party organization that gives advice on credit repair, debt solutions, budgeting, and thousands of tips to save money. We are not affiliated with any agency.


Why is credit card debt so bad?

Let’s say you have a $10,000 credit card bill, with a 24% APR (or 2% a month), and you only pay the required 5% minimum payment, until the minimum payment is $25.

In short, you pay 5% but get charged 2% per month. How long will you have a credit card debt?

After 98 months, or over 8 years, your balance on your credit card is still $505!
Then it would take another 29 months if you paid the minimum $25 per month.

That’s almost 11 years of credit card debt!

And heaven forbid should you take a cash advance from one credit card to pay the required 5% minimum payment on another credit card debt!

Sound familiar?

Are you living on a champagne lifestyle while on a beer income with your credit cards?

This blog is dedicated to educate why credit card debt is so evil, and how to get out of it.

Sure, there are some tricks, like signing up with a new credit card with a 0% APR for the first 6 months before it jumps to 24%. Then you keep transferring your huge balance and hop from credit card to another credit card.

The most common sense method if eliminating credit card debt is to:

  • 1) if you have multiple credit card debts, pay off the smallest balance first with larger payments, so the number of credit cards you have in debt is down to 1.
  • 2) get a consolidated bank loan to pay off all your credit cards, but be prepared for a higher interest rate as well as having all your cards cut up! Your bank may not accept your loan application if they have no collateral. It’s not like a loan for a car or house where they can own it if you default on your payments.

    Read on, educate, and get out of credit card debt now!

    Also, if California has a state law on capping interest rates, how come banks like Wells Fargo still have outrageous credit card interests? Because their credit card division is registered in Delaware!

    October 19 2007 08:43 pm

    2 Responses to “About”

    1. Stock Tech Tips » Take Charge Of Your Finances: Tips On Budgeting on 04 Dec 2008 at 3:26 pm #

      [...] and thousands of tips to save money. We are not affiliated with any agency. Sign up for the No Debt Newsletter and receive your 4 FREE ebooks on “101 Powerful Tips for Legally Improving Your Credit [...]

    2. Take Charge of Your Finances: Tips on Budgeting | oztq.com on 08 Jan 2009 at 6:21 am #

      [...] and thousands of tips to save money. We are not affiliated with any agency. Sign up for the No Debt Newsletter and receive your 4 FREE ebooks on “101 Powerful Tips for Legally Improving Your Credit [...]

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