An American Dream

July 11th, 2006 by admin

43% of Americans carry a balance on their credit card.

One in 6 families with credit cards pays only the minimum due every month.

With a minimum monthly payment of only 2% required on a card balance of $10,000 at 18% it would take 58 years to pay off the entire amount, with the cardholder paying $28,931 in interest. By paying a minimum monthly payment of 4% a cardholder would pay the same $10,000 off in 15 years and pay only $5,916 in interest.

Today, Dawnette and I paid off our 2 credit cards. NO MORE CREDIT CARD DEBT! YIPEEE! Yeah, it took a while and we learned some things the hard way, but we rejoice today as we are one step closer to being debt free.

peace.

johno~

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  • Big Mike Lewis

    Good job!

  • kristi w

    Congratulations! That is a great accomplishment-

  • Adam Wolfgang

    Free at last, free at last! Congratulations!

    Hi, my name is Adam and I have been clean for over 6 years! yeah!

  • Jason Hill

    Dude! That is the coolest.

  • Gina

    That is fantastic. I’m a teeny bit envious. It seems like everytime we get close to ridding ourselves of credit card debt, a vehicle breaks down in a spectacularly expensive fashion.

    I’m praying that your cars (and everything else) will cooperate to keep you blessedly debt-free.

  • rebecca marie

    that is awesome… good for you guys.

    also, i had a great time crashing your camp yesterday!

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