Do you have to pay 98 years on your credit card?

I was surfing the web the other day trying to get information on credit card laws, and I opened a site that I thought was exactly what I was looking for. My computer started acting funny almost immediately, and then I got a message saying that I'd been infected with a virus. I talked with my IT guy who told me that there are people who put up these bogus websites with information intended to attract Americans specifically. When you enter their site, your computer is infected with the virus. Why do people do things like that? Unfortunately there are people out there who are only happy when causing trouble and destruction for others.  Fortunately, they are not the majority. I'm going to share a little secret that I've learned from dealing with people who thrive on others' failures: Ignore them. That's right. Go on with your life and don't let them know that they're getting to you. My IT guy fixed my computer and now I know what type of sites to avoid.

 

Once my computer was fixed I was able to find what I was looking for.  The credit card companies have to be more accountable to their consumers, which is great and long overdue. On your statement the credit cards companies have to tell you how long it will take to pay off your credit card.  I saw a statement the other day from a major credit card company.  The balance on the card was around $16,000 and the interest rate was 24.99%.  The statement showed that if the person kept making minimum payments it would take 98 years to pay off.  Now wait a minute!  How can that be?  There are no companies in the world giving loans for 98 years because that would be stupid, they would never get paid.  So how can a credit card company go that long?  Because they make a lot of money off of you!  And because they want you to be a customer for life.  In this example the person would be paying off over $150,000 within that time.  That’s an increase of over 100 times.  Now that’s highway robbery.  So what do we do about this?  We pay off our credit cards as fast as possible and don’t charge them again.  How you ask?  It’s easy, you just have to know how to do it, and do it.  And more importantly!  MAKE MORE MONEY!  If you are able to handle your finances without any problems, then you are more able to make more money.  It sounds silly but it’s true.  Most people have a lot of trouble dealing with money and finances, once you understand what you are doing and have a plan in place, you can focus on the other things in life like family, friends, and making MORE.  Wouldn’t that be a shift in your outlook on life?  I thought so. 

 

The Debt Lady says, “Get the knowledge, handle the debt, make more money and breathe a little easier!”