Credit Card Debt Explained With a Glass of Water
www.totaldebtrelief.net uses a pitcher and a glass of water demonstrate the effects of minimum credit card payments. This video uses a simple analogy to describe how the average American is throwing away their money to the credit card companies. Visit totaldebtrelief.net for more information on credit card debt relief.
Credit Card Debt Explained With a Glass of Water
VISA TAKES LIFE FUNNY DEBT ANTI CREDIT CARD OBAMA CONSERVATIVE T-SHIRT
 | US $13.99 End Date: Saturday Jun-09-2012 23:42:51 PDT Buy It Now for only: US $13.99 Buy it now | Add to watch list |
VISA TAKES LIFE FUNNY DEBT ANTI CREDIT CARD OBAMA CONSERVATIVE T-SHIRT
| US $13.99 End Date: Saturday Jun-09-2012 23:42:51 PDT Buy It Now for only: US $13.99 Buy it now | Add to watch list |
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This is crap. The minimum payment is about 2-3% of the total debt. On $10,000 that is a payment of $200 to $300 a month. Not sticking up for the banks because they are crooks but this is a misleading video. Only paying down a $1 of the principle it would take 800+ years to pay it off paying the minimums.
just file for bankruspty
this is why credit cards are a bad idea in the first place
Great video. Quite an eye opener isn’t it?
Interest is usually around the 1.7/8% margin not 17% =P
I believe most people in debt could pay the principal of what they owe. Most would have no problem with that. The fees as you all know is what gets everyone in trouble. Credit card companies and banks are not your friend. I recently closed my Citibank account when I had changed banks (credit union) and realized they were charging me $12 a month for not having money in the acct. Did they tell me this? No, I just happened to run across it and realized I owed them a big chunk of money.
Although the premise is good, the assumptions are a bit off. Generally, Credit Card companies structure their minimum payments to pay off the balance in 20 years or so. So instead of $142 a month, it should be more like $175.
One thing you did not mention is that this also assumes that you stop buying stuff with your credit card. If you buy $100 worth of stuff a year, you will never pay off your debt
Overall, nice presentation, but why was the debt dropping $1 per month at first, then slows to $5 per year? That skews the numbers higher, but the debt is still catastrophic.
Good Illustration. I don’t think debtors dispute this knowledge, rather they fall victim to the psychological trap of deferred pain. Paying $20 for something at a later time seems less painful than paying $10 for it today. The problem is compounded when they don’t have the $10 in the first place.