Have you ever looked closely at your credit card statement? Credit card companies are now required to spell out on your credit card statement how long it will take for you to pay off your credit card balance if you make the minimum required payments. Often, the estimated time to pay off the balance with the minimum monthly payment is in excess of 30-40 years.
One gentleman I met with recently showed me his credit card statement and it said that it would take him 115 years and 11 months to pay off his balance at the minimum rate. It was this statement that helped him to realize that he needed professional assistance. He said “I don’t think I’m going to live another 115 years so I need some help.”
I encourage you to look at your credit card statements and make sure that you have a plan to pay off your balances. If you are only making the minimum payments you need to know how long it is going to take for you to be debt-free. If it is apparent that you’re not going to be able to deal with your personal debt problems on your own then you should to speak with one of our licensed trustees as soon as possible and make sure that you understand your options.