Save $24K for a Few Dollars a Day
Did you know that the average American household carries $15,654 in credit card debt? Did you also know that the average interest rate for credit cards is 15.07%? That means the average American household is paying approximately $2,359.06 in credit card interest each year. These are rough numbers, but hopefully it illustrates that debt pay off is a problem for many people.
Making the minimum payment is a common practice in America, as much as 40% of all card holders only make the minimum payment. And this is exactly what your lending institution wants. Here’s why…
Keep Reading for a simple trick to pay off debt in less than half the time
The Ugly Truth
Admittedly this kitten is super cute…But the truth about Credit Card Finance is NOT.. check it out…
We established the average household in America carries about $15,600 in credit card debt at around a 15% APR. We can use a Simple Online Calculator to estimate how long these families will pay on this amount of debt. Making the minimum payment it will take 34.6 years before this debt is eliminated. 34.8 years of making debt payments!!! And now for the real ugly part..How much does borrowing $15K actually cost the average American?
$24,641.00 in Interest
That’s right. The average American borrows $15,600 and makes $40,241 in payments over 34.6 years. Let that sink in, that is $24,641 in interest. This is why the banks never want you to pay off your credit cards. This is why you get offer after offer in the mail. They are making almost 3 times their money off of the average American.
It Doesn’t Have To Be This Way
What if you could accelerate the pay off of your credit cards without changing your budget? Without striking a huge check to the credit card company every month? What if I told you that you could pay off this same amount in 10 years rather than 34? What if I told you this one trick would save $13,800 in interest?
And what if you could do this with just Spare Change?
Sounds crazy right? It’s not. Have you ever added up the Spare Change from all of your transactions throughout the month? We have. You would probably be surprised at how much the average person generates. Each trip to the gas station, grocery store or movies usually results in some amount of Spare Change. Can you guess how much Spare Change and average Snowball user generates?
About $3.00 Per Day
What would happen if all the the Spare Change from your everyday transactions was applied to the balance of your credit card debt? Adding just this small amount of money each day would save between $13,470 and $13,800 in paying off your credit card. You can save massive amounts of interest for $3.00 per day and no change to your budget. Check out the Online Calculator again and add an extra payment of $60 – $70 per month
I don’t use cash anymore, I use cards…How can Spare Change help?
The Snowball App Does It For You
Snowball is an iOS App similar to Bank of America’s Keep the Change program, but Snowball applies your Spare Change to your high interest debt. Whether it’s a credit card, auto loan or a mortgage, Snowball can help you pay it off a little bit at a time and save $1000s in the process.
Connect your accounts and Snowball collects Spare Change from your everyday purchase made with your cards and applies it to your debt. You can pay off anything with Snowball… Credit cards, student loans, auto loans or even your mortgage. Snowball works with over 3,000 creditors.
The built built in savings calculator will estimate your savings and Snowball will track your progress as you accelerate the pay off of your debt. And because such a small amount is withdrawn each time (a cup of coffee), you won’t need to make any major adjustments to your monthly budget.