CREDIT CARD PAYMENT PLANNER TOOL

Written by redbalmeo on 9:10 AM

Have you been receiving calls from agents asking you to pay up your credit card bills? We all know they would not stop unless you pay. Sometimes they even threaten non-paying clients with law suits. None of which happens anyway. So should you just run away from your debt? Nope I don' think it's a good idea. It would hurt your credit standing. You may need some money in the future but because you don't have a good standing, you cannot borrow.

The best thing to do? There's no more better thing than to sit down with your collecting agent and tell them you cannot pay the whole amount. I'm sure they'll offer you installment payments. Grab that opportunity. Don't let running away from your credit card debt hurt you.

What amount should you pay? I think the best payment is where most of your installment payment goes to the principal, otherwise, you will end up paying more interest since you are not reducing your debt.

How could you know the best scheme to pay? Any amount is okay, as long as your payment applies more to the principal.

You may want to download this excel sheet I have created to help you plan your credit card bills payment.

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Screenshots:

The excel files asks for your name, credit card balance, the payment you are willing to make every month and the interest rate (monthly) your credit card company asks you.

It then tells you when you will be able to pay your credit card bill and whether your payment is optimal or not.

We take a 37,000-credit card debt for example:

By paying 3,000 per month, you will be able to pay your credit card bill in 18 months

On the other hand, if you pay only 1,500, there is no chance you could pay your total debt. You couldn't have known that. You might think that if you divide 37,000/1,500, you will be able to pay in 24 months. You should take note of the interest you are paying.

SHARE THIS EXCEL FILE TO ALL THE PEOPLE YOU KNOW WHO ARE NAILED WITH CREDIT CARD DEBTS AND EVEN TO PEOPLE PLANNING ON GETTING A CREDIT CARD TO LET THEM KNOW HOW INTERESTS OF CREDIT CARDS (HAPPENS IF YOU DON'T PAY ON TIME) COULD LEAVE THEM IN DEBT FOREVER.

YOU CAN ALSO UPLOAD THIS EXCEL FILE IN YOUR SITES. JUST GIVE US A LINK. THANKS

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