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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.

DOWNLOAD NOW

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

credit card payment planner

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.

credit card payment planner
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

DOWNLOAD NOW


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CREDIT CARD PAYMENT PLANNER

Written by redbalmeo on 4:39 AM

Everyone or almost everybody has this plastic thing that gives you the power to spend even without carrying a cash. Yes, it's no other than the credit card. Credit card are used to be a thing for the rich. But now, almost everyone can have it. Students can have it too. There are even agents calling houses offering their credit card with statements like waived annual fee, zero percent balance transfer, etc. This phenomenon has created a nation spending more than what they earn. The end scenario? credit card debt, debt and debt...

Since we are not aware what we have spent already, we tend to spend, spend and spend. Too late do we realize that we're heavily indebted already. If we cannot pay anymore? The credit card is taken away and what are we left with? credit card debts of course. Then we call the credit card company and tell we cannot pay anymore. They are generous to offer installment payments, so we decide to pay them little by little until we settle the full amount.

The question is how much should we pay for our credit card debt? The minimum payment required? It is not the optimal amount to pay. Why? Because if we pay them only minimal amount, a portion of that payment goes to interest and what remains is applied to the principal. We end up paying only for the interest of our credit card debt and our debt continues to grow. What to do? Pay the optimal amount. The amount by which most of your payment goes to paying the principal amount. It is only this way that our credit card debt is reduced little by little.

So what is the optimal amount to pay your credit card debt? The answer varies... It depends on your paying capacity. Take the following example:


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Figure 1. If we don't pay the optimal amount for our credit card debt, our debt will continue to grow and we will end up paying only for the interest.

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Figure 2. An example of optimal payment. We are not constrained of paying 3,000 for a 30,000-credit card debt. But this is an optimal payment since our payment covers more of the principal than the interest. By paying this way, our debt decreases little by little until we settle the full amount.

So what really is the optimal payment? Again it is in your discretion. Download this free excel file called CREDIT CARD PAYMENT PLANNER to help you decide what optimal payment is for you.

The following are the screenshots of the file.

1. With this excel file (credit card payment planner), you can set the amount of payment and see whether you are paying optimally
2. You can know how long it will take you to pay your whole debt with your set monthly payment


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