Minimum Monthly Payments

When you have a lot of debt and are struggling to pay it back, making the minimum monthly payment can seem like an attractive option.

Unfortunately, what most people don’t understand is that a minimum monthly payment is mostly just an interest payment.

Click Here to see how long it will take to payoff your credit card if you make the minimum payments every month.

Only a small fraction of your minimum monthly payment goes towards paying off down your debt.

By only paying the minimum payment on your debt, you are guaranteeing that it will take practically forever to get rid of that debt. You could easily spend 20-40 years or more paying back a $10,000 debt.

Moreover, by the time you dispense with that debt, you will have paid 2-4 times as much as you owed in the beginning. This is what makes credit card companies and similar lenders so profitable.

They have done the math, but they are counting on you not doing it.

If you have the wherewithal to pay back your debt with more than the minimum payment each month you should absolutely do that, but if you are like many people and find it difficult to even scrape together the minimum payment, debt settlement may be for you.

Rather than struggling to pay back your debt and compounding that debt with late payments and other fees, debt settlement can negotiate your debt down so that you can pay it off.

At The Debt Store, we help our clients free themselves of all of their unsecured debt in as little as 12 months.

We work for our clients not the lending companies, so our goal is to make it so you can pay as little as possible and pay off your debt as soon as possible.

Contact us to find out more.