Call Today: 1888-DEBT-004
Follow us on
We work for you.
not for your creditors.
Awarded the eKomi Gold
Seal of Approval!
"The Independent Feedback Company"
Fast Track Debt Relief, Inc.
Thursday, July 28, 20165eKomi
Very helpful and professional. I was treated like family
Fast Track Debt Relief, Inc.
Saturday, June 25, 20165eKomi
Something unbelievable but true this program really helped me a lot so far
Fast Track Debt Relief, Inc.
Tuesday, May 3, 20165eKomi
My experience with this company has been nothing short of fantastic. I would like to point out especially the excellent customer serve by ***. She was always available, cheerful and worked hard t...
Fast Track Debt Relief, Inc.
Tuesday, August 9, 20165eKomi
I had a very courteous, polite and extremely well knowledgeable about the information I received. All my questions were answered. We need more customer service like this young man.
Fast Track Debt Relief, Inc.
Friday, July 22, 20165eKomi
I like that they take time to Answer all my questions and don't feel rushed when I talked to them.
Fast Track Debt Relief, Inc.
Tuesday, May 3, 20165eKomi
I had been so over whelmed with being in debt and truly saw no way out. And with the help of *** and *** I am officially DEBT FREE. I cant begin to tell you how good this feels. And for some time...
Fast Track Debt Relief, Inc.
Thursday, August 25, 20165eKomi
My experience has been excellent. Everyone that I came in contact with has been very good.
Fast Track Debt Relief, Inc.
Friday, August 19, 20165eKomi
Great experience. Very professional.
Fast Track Debt Relief, Inc.
Friday, June 10, 20165eKomi
What can I say!! Fast Track Debt Relief was a Blessing in Disguise and Life Saver for me and my family. With over $60,000+ in debt, we turned to Fast Track Debt Relief for assistance. They set up...
Fast Track Debt Relief, Inc.
Monday, July 11, 20165eKomi
My experience has been both beneficial and it has relieved all of my stressors in regard to my dealings with my creditors. Everyone has been really helpful.
FAST TRACK DEBT RELIEF ADVICE BLOG
AUG 18, 2017, FRIDAY
Debt-Consolidation--Fast-Track Should I Be Paying More than the Monthly Minimums?

It's often wise to pay more than the monthly minimum on debt that you owe. Paying monthly minimums keeps you current, but it's not doing much to work against interest that's building up.

 

Paying monthly minimums means that you're paying a certain percentage of your total outstanding balance. This is most often more than the interest rate that's being charged. In most cases, paying minimums is a two steps forward, one step back form of progress. If you have a $100 monthly minimum payment, but the interest you rack up that month is $50, then you've really only lowered the balance by $50 that month.

 

More Time and Money

 

Let's tack these numbers onto a round balance: $5,000. If interest didn't exist and you were paying $100 a month on it without making any new charges, this would take 50 months to pay off. That's a little over four years.

 

Now, when you factor in interest, it takes nearly 25 years to pay down the debt – and you'll be paying a lot more than $5,000 since interest will keep adding on to the amount you owe. And if you miss a payment or pay late, then expect those fees as well.

 

With these figures, if you paid $250 every month – substantially more than the monthly minimum – it would all be paid off in a little less than two years. Twenty-five years vs. two years. That's a huge difference, and you’d pay drastically less in interest.

 

New Charges & Debt Relief

 

Remember, this all assumes you aren't making any new charges on the card either. Paying monthly minimums is better than not paying them at all, but if you can safely manage more, it's well worth paying that balance aggressively.

 

If you find yourself unable to keep pace with your debt, that's another story altogether. Consider looking into a debt relief program. There are ways to help yourself, and a debt relief program can often decrease the total balance you pay or make monthly payments more manageable.


Your debt doesn’t need to be a life sentence. Learn if a debt relief program is the solution for you.

Post by month
August 2017 (4)
July 2017 (4)
June 2017 (4)
May 2017 (4)
April 2017 (4)
March 2017 (4)
February 2017 (4)
January 2017 (3)
December 2016 (3)
November 2016 (4)
October 2016 (4)
September 2016 (4)
August 2016 (4)
July 2016 (4)
June 2016 (5)
May 2016 (4)
April 2016 (4)
March 2016 (4)
February 2016 (5)
January 2016 (4)
December 2015 (4)
November 2015 (5)
October 2015 (6)
September 2015 (4)
August 2015 (4)
July 2015 (4)
June 2015 (5)
May 2015 (9)
April 2015 (8)
March 2015 (8)
February 2015 (8)
January 2015 (8)
October 2014 (5)
Loading
RECENT POSTS
Testimonials
"Fast Track's Debt Relief financial specialists can give business owners the peace of mind that comes with knowing that the effort has been made to have business debt problems finally settled with Fast Track's help."
Rebecca G.
"The staff was great. They treated me with the upmost respect and answered all of my questions in a timely manner. Thank you!"
Janet A.
"Thank you so much. I never meant this to happen. I felt so bad inside; I always tried to pay my bills. Thank you for all of your help. I do not ever want more credit cards."
Ginger J.
"Thanks so much for your help!! I am so glad this is all over!!"
Melissa H.
"The people of Fast Track are very concerned with the client. They are life changing in our case. Thank you."
Joe L.
"Thanks to all your staff; for the many girls and boys I've alked to. They were always so helpful to answer all of my questions and concerns. I would highly recommend this company to help others in need. Thanks again!"
Tanis P.
A debt advisor will review your information and contact you with a complimentary estimate. By providing your information, you agree to Fast Track Debt Relief's Terms of use policy