Pause for a second and ask, “What does that mean – Can I afford to settle my credit card debt?” Of course, you know it’s a mistake to carry credit card debt and pay usurious rate interest to credit card companies. If you have $50,000 of credit card debt and are paying 20% interest – that’s $10,000 per year – after tax. If you’re in a 25% tax bracket, that’s only $13,333 of your Gross Pay going to interest. Over 20 years – $266,666.
According to Synchronybank.com, the average retirement savings for people in their 60’s is $172,000. Think about this. The person who makes 20 years of credit card payments on $50,000 of revolving debt utilizes $266,666 of their income and has nothing to show for it. If that money were instead invested at 5% interest over 20 years, it would be $458,563! This means that the individual who is carrying the $50,000 of debt and making the payments holds the power to take that same money and convert it to retirement savings over 20 years – if they can stop paying the interest.
If you are making monthly payments, then you have the power to settle the debt. This is a non-bankruptcy solution. We developed “Debt Resolution.” It is our system at THAV GROSS and is not like anyone else’s. It is not Debt Settlement because those firms are marketing scams that will lie straight out and tell you they will settle your debt in one monthly payment over 4 years, even if it is impossible. Worse, when you get sued by credit card companies, they tell you to hire an attorney. On top of that, they charge 15-18% of the amount of the debt and a monthly fee to hold your money. We only do Debt Resolution for clients if we calculate that by using your monthly payment x 18-24, we can settle the debt and cover the attorney fees (which are only 8.5% of the debt). This means you are projected to be debt free within 18-24 months – and if you get sued, of course, we defend the claim for you at no additional cost. Why would anyone rely on someone to resolve your debt who turns you away if the creditor sues you?
If you are making monthly payments, that is the key. If so, you are generating the necessary fund we need to resolve the debt, which means you can afford to settle the credit card debt. (If not, we need to find a different solution for you). If you are reading this, you may be thinking, “But what about my credit score?” The answer is that your credit score is not static; it goes down and will go up. If you’re close to maxing out your credit card debt, your score has already begun to slip from the low 700s to the mid-600, even if you never miss a payment. The credit score is determined by your total debt, pay history, and available credit. When you do Debt Resolution, the score slips because your pay history falters. But when we resolve the debt, the score rises rapidly. This is because your total debt goes to zero, you are then offered new credit (from every issuer you did not previously use), and by using the cards and paying them in full every month, your available credit rises, and your score will end up far higher (into the 800’s, assuming you pay timely and in full every month) within 1 -2 years after the debt is settled. Your credit score is not the issue – that’s the brainwashing work of the financial industry that wants you to be worried about the score for life – so you waste your potential retirement by blowing it on the interest your whole life.
Here’s the real point. If you have credit card debt and are making the minimum payments, how can you afford not to settle the debt?
Tomorrow is not soon enough for you to evaluate your options. Contact us today at (888) 235-4357 for a FREE Consultation, and we will help you find your best solution.
