TODAY’S SITUATION: Mike Burnosky called into Golden Financial Services for help with his credit card debt. Mike has $29,000 in debt and his interest rates are around 29%. He does not want to ruin his credit but at the same time, he is wanting to get a lower interest rate so that he can get out of debt faster.
Mike’s circumstances:
– Current on payments
– High credit score
– Sufficient income
– High credit score
– Sufficient income
Mike’s Goal:
Mike would like a low-interest loan to pay off his debt, then leaving him with one small consolidated loan payment each month.
Mike would like a low-interest loan to pay off his debt, then leaving him with one small consolidated loan payment each month.
Mike’s Options:
Option one: Pay $103,675 over 11 years
Option two: Pay $41,180 over 58 months
Option three: Pay $13,525 over 24 months
This is the world we live in today. There are easy ways to save and make money, but only a handful of smart folks take the time to research and learn their options. Options are right there though, right in front of our faces, we just have to listen in and do our due diligence.
With money, it’s the same thing. Learn about the stock market and make money with it. Learn the bank’s policies better than the bank tellers know their own policies and now you can make money off them! Learn how to use your credit cards each month to make you thousands of dollars in rewards and fees, and don’t pay the bank a dollar in interest!
Don’t be on the other side of the coin, where the banks use your hard earned money to increase their profitability. Sure, they would love to see you swap your debt (existing credit cards) with new debt (a consolidated loan), so they can get their new “initiation fees” and “new deal commissions”.
Have you ever known someone who fell behind on their credit card monthly payments? They probably asked the bank to work with them on a lower payment and the bank said “no” right? Because they don’t care, their system is setup to ensure they are successful, so even if you stop paying your credit card bill they will still profit. Did you know the banks profit even more after someone goes delinquent on their monthly payments? Yeah, corrupt!
