Building Your Financial Future

Sustainable Savants LLC

Our goal at Sustainable Savants is to get you out of debt and keep you out of debt.  One way to do that is to educate you as to how the credit card debt trap works.

The Banks Make Even More Money When You Pay Only the Minimums

 

When a friend or relative lends you money and tells you to take your time paying them back, it is a generous act. However, when the credit card companies say you the same thing, it is part of a well-calculated strategy to keep you in debt for many years.  Low minimum payments and high interest rates mean you will make payments and the balances will go down by a minimal amount if at all.  This means you’ll be making payments for a very long time before you eventually pay off what you owe.  You will pay 3-5 times the amount you actually charged in the first place.  Making the low minimum payment on your cards each month has been compared to being caught on a hamster wheel, where you are continually running but getting nowhere.

Take a Look at the Below Figures

Here's an Example

  • You have outstanding card balances totaling $20,000.
  • The annual interest rate you are paying is 21%
  • The minimum monthly payment is 3% of the outstanding

Making Only Minimum Payments

  • You will pay off your debt in over 28 years.
  • You will pay over $27,557 in interest.
  • Your total payments will be over $47,557.

Caught in the Debt Trap

The bank’s strategy is designed to keep you in debt with no end in sight other than filing for bankruptcy…until now.  We offer alternatives to paying forever and to filing bankruptcy..

SUSTAINABLE SAVANTS

To Help Bridge Your Financial Shortfall

Sustainable Savants helps families whose lives have been hampered by high credit card balances get back on the path to financial freedom. Our group of affiliated companies and highly trained professionals offer easy to understand programs that help build financial strength and safety for you and your family.

Something For You to Think About

It’s plain to see that making minimum payments on your credit cards will keep you at high levels of debt and even higher levels of stress for many years. Clearly, increasing your payments by 25% or 50% will help you get out of debt in a shorter timeframe. However, the question is can you afford to make these higher payments given your current situation and if yes, for how long?

Debt Solutions for Everyday Americans

Many people who find themselves caught in the minimum payment spiral have turned to Debt Settlement, a plan designed to pay off your debts in under 42 months while saving thousands off of your balance and in interest. Debt settlement is a process in which experienced negotiators acting on your behalf work with the credit card companies to resolve your debts for a fraction of the existing balance (usually less than half). This allows you to get on with your life in a relatively short time. Here is an example of how a family with $20,000 in credit card debt can benefit.

A Comparison of Your Options

Below is a cost analysis of the various debt relief options when compared to paying the minimum monthly credit card payments.  Keep in mind, like anything in life, there are benefits and downsides to each option.  Be sure to call for a free consultation where the pros and cons can be better explained to you.

As you can see from the comparisons, the most expensive way to get out of debt would be to continue your minimum monthly payments for many years.  If you have already fallen behind on your payments, the least costly option while still avoiding bankruptcy would be the debt settlement option.  With debt settlement, you not only save money in the form of a discount on the principal balance, but will also not have to pay back any future interest charges, which over time, adds up to thousands in extra savings.

Below is an analysis of time it takes to pay back your debts with each of the various debt relief options when compared to paying the minimum monthly credit card payments.  Keep in mind, like anything in life, there are benefits and downsides to each option.  Be sure to call for a free consultation where the pros and cons can be better explained to you.

As you can see from the comparisons, the time it takes to get out of debt by paying the minimums looks more like a jail sentence.  If you have already fallen behind on your payments, the quickest way out of debt, other than hitting the lotto, while still avoiding bankruptcy would be the debt settlement option.  With debt settlement, you not only save money by getting a discount on the principal balance, but will also not have to pay back any future interest charges, which over time, adds up to thousands in extra savings, making it much easier for you to get out of debt quickly.