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Financial Planning

30 Minute Solution
The Second Step is to try something that could
Save Thousands in 30 Minutes

     Credit card companies have been in business a long time and have figured out how to stack the deck in their favor. But they are still companies, and money is what drives them. They are not here to financially help you. There are a lot of credit card companies out there competing with each other. So, you need to turn this to your advantage.

     A good friend of mine had his credit card company max out his interest rates when he hit his limit. With a credit card balance of $20,000 the difference can be between 0% to 9% to 18 % interest. So, if you have a balance of $20,000 at 9% you are paying $1,800 per year or $150 per month. At 18% you are paying $3,600 per year or $300 per month. Wow, what a difference!

Try this loan comparison calculator and be prepared to be shocked!

$20,000 at a difference between 18% and 9% interest over 20 years is savings difference of $30,892! It will increase you monthly cashflow by $128.71.

That is just savings. Can you even imagine if that $128.71 a month was invested at 8.5% over 20 years? $81,272.67!!!!!!!!

Loan Comparison Calculator
This calculator will calculate the monthly payment and interest costs for up to four loans -- all on one screen -- for comparison purposes.

To calculate the payment amount and the total interest of any fixed term loan, simply fill in the 3 left-hand cells of the first row and then click on "Compute." Use the other three rows to see what effects are produced by changing any one of the loan's original variables.

Principal Interest
Rate
# of
Payments
Compute Monthly
Payment
Total
Interest
Reset

     So, what can you do? Use the credit card company’s business tactics against them. Negotiate a lower rate. But wait, don’t call just yet. This is a 30-minute step, not 30-second. You need to be prepared first.

     Do some research. What is your current credit card interest rate? Is this what the beginning interest rate was? What is your current creditcard balance? Are you maxxed out yet? How good is your credit rating? Get these answers and you have a solid base to start your battle to credit card freedom.

     For additional ammunition check out some email credit card offers. Check and see what they are offering. Credit card company competition is fierce, and the only thing they want besides interest, is customers to charge that interest from.

     Once you have this information, make the call to the 1-800 number on the back of your credit card. Then keep the following rules in mind.

1. Be Polite. Don’t do this, and you land on the path to failure.

2. Speak to someone that can make the decision. Typically the person who answers the phone can not make this decision. Sometimes they can, but if they are reluctant move up the ladder.

3. The worst that can happen is they say no. This is not a roadblock and certainly can not make you go backwards. You just need to continue down a little different path going to the next step. It will go better if you are up to date on your payments. Don't forget Step 1, do not do nothing which includes not making payments.

4. Go for it now! Just make sure you bookmark this site, so you can come back and finish the journey.

Get you credit card freedom today.

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