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Loan to Payoff Credit Card Charge Balance...
Wondering how you're going to get a $10000 loan to payoff credit card bill charges staring up at you from the statement in your hands? Do you also wonder why some people always seem to be financial wizards, as if they had insider secrets?
CreditFederal.com has the answer to these questions, and to your credit card and loan need.
Let's say you have a total of $10,000 in charges on one or more credit cards, and the average interest rate is 19 percent. Even if you pay back $500 per month, it would take you two years to payoff the balance. The total cost to you would be $12,120.05, of which $2,120.05 is interest.
But chances are, you probably wouldn't be able to pay $500 per month for two straight years. If you paid $400 per month, it would then take you almost 3 years (33 months) and your total cost would be $12,830.98 (over $700 more than if you paid $500 per month).
Now, what if CreditFederal.com told you there was a way to repay the credit card debt; all $10000, by paying only a little more than half the monthly payment, yet still payoff the balance in almost the same length of time with nearly half the interest cost, too? And you do not need credit counseling nor debt settlement, either. Instead, you leverage your equitable assets and get a comparatively lower interest loan to repay bills.
And you'd need only a $7,000 loan (much easier to get approved than a $10,000 loan).
Yes, there is a way... There is no trick, nor really any secret. It's rather simple, and there's no catch. But, unfortunately, to get the most benefit in savings you must have good credit. If not, you could still repay the debt at less interest than the credit card rate.
Before we explain how to repay the $10,000 at less cost than the credit card company will charge, first let's compare the cost the credit card company will charge to the cost of our solution:
A $10000 credit card balance on a card that charges 19%, will cost you $12,120.05 if you send in monthly payments of $500 for 2 years (24 months).
Original Credit Card Debt Problem:
Credit Card Interest Pay Per Month Total
Debt Rate (24 months) Interest
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$10,000 19% $500.00 $2,120.05
CreditFederal.com Loan Solution:
Credit Card Interest Pay Per Month Total
Debt Rate (24 months) Interest
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$10,000 0% & 15% $339.40 $1,145.75
How to do it:
Recall when we said you would need good credit? Here's where the good credit part comes into play in order to enjoy the full savings of our solution:
You will need to qualify for, and get approved, for a 0 intro credit card with a 6 month intro period. You then balance transfer the $10,000 in debts from your other card(s) to the 0 percent intro credit card (without adding other charges). You then pay the $500 per month for the first six months during the no interest period. After which, you would have paid off $3,000 of the $10,000, leaving a balance of $7,000.
Just prior to the end of the 0 intro period, we use the equity of an auto (use your car as a collateral loan) to secure a $7,000 loan.
Using the $7,000 loan, we pay off the credit card balance before the card's intro period expires and interest charges begin.
Now we repay the $7,000 collateral loan we took out on the car. At a 15% interest rate for 24 months, our monthly re-payment would be $339.40. Thus, the full original $10,000 credit card debt cost us only $1,145.75 in interest, nearly half of $2,120.05 which is what the interest cost would have been if we had left the $10,000 debt on the credit card.
Simple yet ingenious, right? Now you can look like the financial wiz amongst your family, friends and neighbors.
Browse the online credit card and loan application offers at CreditFederal.com
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