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Fast Track Debt Relief, Inc.
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Fast Track Debt Relief, Inc.
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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...
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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...
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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 ADVICE BLOG
DEC 03, 2015, THURSDAY
Monthly-Minimum-Payment--Fast-Track-Debt-Relief-Tips Debt Free Life: The Downfalls of Paying the Monthly Minimum

Credit card companies are tricky - with their reward programs and monthly minimum payment options, they would have you believe that you can actually save or even make money by using their cards. Very few people are able to do this; most end up paying far more than they would have if they had made their purchases outright; and it takes a lot longer to become debt free if you're simply making the monthly minimum payments. When it comes to that sneaky minimum payment, it can be so tempting to just pay that amount. But here’s why you shouldn’t:

  1. You’ll pay more in interest. If you just pay the monthly minimum payments, you’re paying off your principal balance at a much slower rate. You’ll spend hundreds or even thousands in interest fees - some of which can be avoided by increasing your payment to cover more than just the minimum.
  2. You’ll be paying for much longer. If you want to pay off your loan sooner rather than later, you’ll have to pay more than the monthly minimum payments. Paying just the minimum extends the life of your loan - costing you more money and putting debt-free living that much farther into your future.
  3. Your credit score won’t be as good. Paying just the minimum balance also affects your credit, because your debt is decreased at a much slower rate. When your credit balance is high compared to your credit limit, you lose precious credit score points.
  4. You’ll have a decreased credit limit. Let’s say you have a credit limit of $5,000, and your balance currently stands at $4,500. That leaves you only $500 in available credit. If you’re just paying the monthly minimum payments, that balance isn’t going down anytime soon, so let’s hope you don’t incur $1,000 in unexpected car repairs.

You won’t be able to secure other loans as easily. If you plan on buying a house, car, or other big-ticket item, you may not be able to get the loan you want. Lenders look carefully at your credit balances, and if your debt ratio isn’t to their liking, they won’t provide financing. Contact the debt experts at Fast Track Debt Relief to get started on your debt free life today!

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