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High interest credit cards can be consolidated into one low monthly payment with a Homestead Financial Mortgage debt consolidation loan. This can help you manage your debt more efficiently, and can improve a suffering credit score. Get started today with a debt consolidation loan!
The chart below is a depiction of balances, minimum payments, and the amount of time it would take a person to pay these credit cards off. Scary, isn’t it?
| Credit
Card Balance |
Minimum
Monthly Payment |
Total
Interest Payments |
Total
of Payments |
Years
to Pay off Balance |
$500 |
$15.00 |
$198.34 |
$698.34 |
3 yrs 11mo |
| $1,000.00 |
$25.00 |
$923.17 |
$1,923.17 |
9 yrs 5 mo |
| $2,000.00 |
$125.00 |
$6,923.09 |
$11,923.09 |
22 yrs 9mo |
| Granny took the liberty
of assuming a few things to paint you a picture: |
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These figures were calculated assuming the following:
1.You stopped using the credit card.
2.You are only making the required minimum monthly payment.
3.As the account balance decreases, so does the minimum monthly payment.
If no more charges are placed on the credit card and you pay more than the minimum monthly payment, the term and total interest charges would be less. Paying more than the required minimum monthly payment saves you a lot of money and reduces the terms of your debt.
Credit cards are easy to use until the balances become too great to manage. Homestead Financial Mortgage is your solution to debt consolidation.
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