Are Interest Rates Preventing You From Becoming Debt Free?

What if I told you that I have a fail-proof way to eliminate up to 70% of interest payments on ALL of your interest-bearing debts including your mortgage?  And if I said that I could show you how to eliminate all of your debts in record time, without changing your budget or lifestyle, would you be interested in finding out how?

Well, I’m here to tell you I can absolutely show you a way to make this happen, and it’s much easier than you may think!

That’s right, our fail-proof specialized interest cancellation debt elimination program is designed to help you eliminate up to 70% of interest payments on all interest-bearing debts. including your home mortgage, credit card debt, auto loans, student loans, and more. And in doing so, you can save thousands, tens of thousands or even hundreds of thousands of dollars in interest payments therefore accelerating your way to a debt-free lifestyle!

In fact, many clients have accomplished this in as little as 5-7 years without having to change their budget or lifestyle at all.

As we all know, interest rates are at an all-time high with no immediate relief in sight. High interest rates along with inflation are unfortunately cutting deeply into the pocketbooks of American consumers, therefore making it hard to make ends meet each month.

And in some cases, this uncertain economic environment is forcing families out of their homes and into poverty situations. To me, this is absolutely heartbreaking – so I have made it my mission to educate all interested consumers on how to effectively reverse the cycle of high interest, stop the financial drain and turn the tables in their favor.

Now it’s no secret that banks charge interest rates on loans and credit cards. And we understand that that’s the price we as consumers pay for the ability and convenience to “Spend Now, Pay Later.” And let’s face it, the banks are in the business of making money and that’s all fine and good. But what isn’t ok in my opinion, is the incredibly high predatory interest rates they charge us to do so.

And just to put things in perspective, credit card APRs overall are at or near all-time peaks, and mortgage rates have more than doubled in recent years. As of May 06, 2024, Forbes Advisors Weekly states the average credit card interest rate in America today is 27.64% and I’ve seen some rates as high as 34.9%!!!!

This is totally insane, and even people with great credit are paying ridiculously high rates. In fact, in my opinion, this is absolutely criminal!

The Vicious Cycle of Minimum Payments

Have you ever noticed that although you pay the minimum payment due each month, your principal debt balance doesn’t really seem to decrease much at all? Well, here is the cold hard truth:  approximately 50% – 70% of your hard-earned cash is going to the bank’s interest charges and very little is actually going toward reducing your debt principal. And this. my friends, is by design! Yep, the longer you take to pay off your debts, the more you pay in interest, and the more money the banks make!

So in reality, it’s as if you are flushing your hard-earned cash right down the drain never to be seen again! And you are making the banks rich in the process.

Now just to be clear, making only the minimum payments each month is never advised, as this is detrimental in the long run on so many levels. So, if you are one of the lucky ones who have the financial means to pay off your balances each month, or pay more than the minimum balance, then yay for you, congratulations, and keep doing what you’re doing!

But sadly, that is not the case for many consumers. In Oct 2023 the Consumer Financial Protection Bureau (CFPB) reported that 31% of consumers paid only the minimum payments each month. That’s one in three consumers that are most likely struggling to make ends meet each month. And just to show you how detrimental this is, I’ve presented you with two different credit card payment scenarios below.

Minimum Payments Only

The first scenario shows you how long it will take you to pay off your debt and how much interest you will pay back if ONLY making minimum payments. And the 2nd scenario will show you the difference in time frame to pay back the debt as well as the amount of interest you will save when making a “Fixed” payment each month.  I believe you will be shocked to say the least when you see how this plays out.

You will also see that out of your minimum payment of $150 only $37.50 is going towards your debt principal and the rest is going towards the bank’s interest. So basically about 75% of your payment is going towards interest.

Now keep in mind, each month your balance will decrease a few dollars and so will your monthly payment. So, in reality, as your monthly payment decreases, the less will go towards principal, the longer it will take you to pay it off and the more interest you’ll pay to the bank.

Credit Card Balance: $5000

Interest Rate: 27%

Minimum Payment Calculates using: 3% of balance

Your Minimum Payment: $150

Time it will take you to pay back debt: 30.75 years

Amount of interest you’ll pay back: $13,934.37

Fixed Payment

The second scenario shows you how long it will take you to pay off the same debt, as well as the amount of interest you will save if you are paying a “Fixed” payment amount each month instead of minimum payments. So, in this scenario, your balance will decrease each month, but your fixed payment will remain the same, therefore allowing more money to go towards principal so you are debt free much sooner and you will have paid back less interest overall.

Credit Card Balance: $5000

Interest Rate: 27%

Minimum Payment Calculates using: 3% of balance

Your Minimum Payment: $150

Time it will take you to pay back debt: 5.25 years

Amount of interest you’ll pay back: $4,345.90

Check out your personal situation by using the payment calculator below for a more in-depth look at your personal situation.

And keep in mind, our “Fail Proof” system can easily help you save up to 70% of your overall interest payments, without changing your budget or lifestyle!

Credit Card Payment Calculator

https://www.bankrate.com/finance/credit-cards/minimum-payment-calculator/

Mortgage Interest Savings

Now that I’ve shown you what interest looks like in your credit cards, let me take this a step further and share with you a couple of real-life examples showing you how much money our clients have saved on their mortgage interest payments by using our plan.

Homeowners with a traditional 30-year mortgage were on track to become mortgage free in as little as 8-11 years while also paying off their other debts in the process. By using our system, these homeowners are seeing a much larger savings and quicker payoff time than if they stayed on the bank’s plan to pay back all debts.

UNDER THE BANK’S PLAN

30 Year Fixed Mortgage

Loan amount: $150,000

Interest Rate: 6%

Interest Paid back over 30 years: $173,754.57

Total amount paid for $150,000 loan: $323,754.57

 

UNDER OUR PLAN

Using the same scenario above, our clients could potentially have:

Mortgage paid off in 10.8 years

Interest Savings: $120,000 interest.

And here’s example of a client with a mortgage and other mixed debts:

UNDER THE BANK’S PLAN

30 year Fixed Mortgage $518k (2.9%)

Student loan $94k (2.8%)

Credit cards $31k (24.39%)

Total debt $643k

If he stays on his same bank payment plan he’ll be:

Debt Free: 27.3 years

Interest Paid Back: $381,000

 

UNDER OUR PLAN:

Using the same scenario above, our clients could potentially have:

Debt Free: 11.8 years

Interest Paid back: $171,000

Interest Savings: $219,000

Now I’d say that’s quite a significant difference in both timeframe and financial savings. What would you do with a debt free lifestyle and tens of thousands or even hundreds of thousands of dollars staying in your pocket rather than the bank’s? How would your life be positively impacted?

Schedule a call today to see if this incredible interest cancellation debt elimination service is for you!