Here's What Happens When You Don't Pay Off Your Credit Card Balance In Full

Nearly half of Americans have been carrying a credit card balance for two or more years and the average household with revolving credit card debt owes $6,081.00.

Not making credit card payments in full and carrying a balance can add up, thanks to exorbitant, often times double-digit interest rates.

Refinance now and say goodbye to debt!

To give you an idea of just how costly it can be to only pay the minimum on your credit card, personal finance site NerdWallet crunched the numbers and determined the interest costs of paying off debt.

It assumed credit card debt of $6,081.00 and an interest rate of 14.99 percent.

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Here's the breakdown of how much interest would accrue if you:

Just make the minimum payment: $4,064.00
Make double the minimum payment: $1,509.00
Make the minimum payment plus $100: $1,409.00

Ideally, you'll want to make your payments in full and owe zero interest but, as the charts show, even tacking on an extra $100 to the minimum payment each month can save you thousands of dollars.

Refinance now and say goodbye to debt!

NerdWallet also notes that only paying the minimum means you'll be in the red for years.

Colorado homeowners have enjoyed some of the highest appreciation in the country!

This incredible appreciation coupled with low interest rates has created the perfect opportunity to refinance and knock out debt once and for all!

Call me 303-668-3350!

Once you're debt-free, get in the habit of making payments in full. It will save you thousands of dollars in interest which is probably a better return than you could get from your investments.

Call me today, the cost of waiting could end up costing you thousands of hard earned dollars!

www.refinancedenver.com

Cheers!

Scott Synovic
AnnieMac Home Mortgage
Colorado's Mortgage Expert
www.refinancedenver.com
303.668.3350 Direct

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