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(USGovernment-News.Com, June 05, 2013 ) New York, NY -- National Debt Relief recently launched a new infographic on credit card minimum payments. With insightful information and eye catching graphics, this informative piece is designed to help credit card users across the nation. According to the graphic, making only the minimum monthly payments on credit cards will never get you out of debt. In fact, paying the minimum amount on a $5,000 balance carries at least an 18.9% interest rate. This amounts to 11 years and 5 months if you’re only making a minimum payment of $200 per month. The total cost once the card is paid comes out to $8,109. This means you end up paying 62% more.
The infographic also offers a range of payment samples for credit card users and readers. The samples include an 18% interest rate, and minimum payments of either 2% or $15 per month. For an iPad2 at $399.99, it will take you 35 to get rid of your debt. You will also accrue and pay $114.66 in interest. For an EOS Rebel T3i priced at $425, it will take you $38 months to get rid of your debt. You will also accrue and pay $132.57 in interest.
For a 13” Apple Macbook Pro priced at $1,499.00, it will take you 153 months (12.75 years) to be rid of your debt. This is if you’re paying $37.48 per month. In that time, you will also pay $1,671.69 in interest. For an All-Weather Outdoor 32” 720p LCD HDTV by Sunbrite, it will take you 317 months (over 26 years) to get rid of your debt. This is if you’re paying $45.90 per month, which amounts to $5,281.86 in overall interest.
As of 2009, credit card companies must show customers how long it will take to pay off their balances. This includes making monthly minimum payments, along with how much interest they will accrue. This information must accompany every statement, and is required by law and the Credit Card Act.
If you are drowning in credit card debt, the infographic offers a range of viable options and solutions. For example: if you have multiple credit cards, make the monthly minimum payments on these cards except for the one that has the highest interest rate. You can pay that one as fast as possible to maximize your savings.
If credit cards worked like mortgages, you would pay a set amount regardless of your outstanding balance. For example: if you paid $200 per until the balance was paid, it would take you 32 months instead of 137 months. This, of course, is if the payment depended on the balance, and you only paid the minimum. You would also pay 50% less in overall interest.
While paying the minimum amount keeps your account current, you are still generating mass profits for the credit card companies. Even with your credit report in order, customers accrue monthly interest that equals more profits for these companies.
About National Debt Relief:
If you’re struggling with credit card debt, contact National Debt Relief today. They have helped countless customers with their credit card debts and issues. Not only will they negotiate fair terms with your creditors, they will help you rebuild your credit and secure financial freedom. National Debt Relief is BBB accredited and is always available to assist you. See their newly released infograph here - http://www.nationaldebtrelief.com/the-true-costs-of-credit-card-minimum-payments-infographic/.
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