The definition of insanity is doing the same thing over and over again but expecting a different result. If you are working on becoming debt free you cannot continue to charge anything to your credit card and carry a balance over month after month. Do you realize that the minimum payments established by most credit card companies aren’t designed to pay off the balance? The payments are set up so that the interest is paid first then, maybe one percent of your outstanding balance. If you continue to charge ANYTHING to the card the balance will NEVER be paid off. Stop this insanity!
Most credit card charge very, very high interest rates. Your money doesn’t go very far with these high interest rates and there is very little left over to pay the principal. In order to get rid of those balances it requires not charging any more and paying as much as possible to the card with the highest interest to pay it off. Determination and focus is what is required. Do you have what it takes?
This Thursday at 7pm we will dig into this topic as well as many others with a financial freedom case study of the Spendalot family. Click here to register to join us and bring your questions.
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