1. If you spend more than 50% of your credit limit every month, this indicates to the Credit Bureau that you do NOT have enough cash on hand to meet your monthly expenses. This will identify you as a high credit risk and will actually reduce your credit score by 60 - 70 points overnight (Fair
Isaac).
2. If you miss 1 or 2 payments on your credit card debt, the issuing company will skyrocket your interest rate to a whopping 27% -
30%!
3. Out of a random sample of 3 million American consumers (included in Experian's National Score Index), 51% of them have at least 2 credit cards and 14% of them have 10 or more credit cards.
Advanced Debt Consolidation Calculator II
This advanced debt consolidation calculator
will tell you the total monthly savings you will make when
you consolidate all of your high interest rate credit card
debt into 1 single low debt consolidation loan. You can enter
5 types of debts including Mortgage Debt, Credit Card Debt,
Auto Loans, Student Loans or Other. You enter the current
principal balances owing, what interest rate you are paying
as well as the monthly payment amount, and how many more months
of payments are left. Then, enter the debt
consolidation loan information in the "New Loan Information"
section. Enter the interest rate you will be paying on your
loan, estimate of
closing costs and expected Federal & State tax rates
as well as the Loan Term. After, click on the "Calculate
New" button and you will see your savings and reductions
in your monthly payments as well as any tax savings.
