Interested in Interest?


I help people with unsecured debt get lower interest rates, pay their debt off faster and save money. Do you know what the most important phrase in that sentence is?

Lower Interest Rates.

In my opinion, that is the key to getting control of your unsecured debt. Anyone who has ever had a credit card or line of credit knows the frustration of making payments then when the bill comes due again, seeing very little of the balance reduced. It is so aggravating! People feel like they will never get out of debt. But you can.

To prove my point on how you can save money by reducing interest, I want to tell you a story.

At one time, I had three Mastercards - BMO, Canadian Tire and President's Choice. The Canadian Tire card had an interest rate of 19.99% and the President's Choice, 19.97%.  I took the amount that was owing on the Canadian Tire card from my line of credit at 10.5% interest and paid off the Canadian Tire card. 

When I phoned to cancel that card, the supervisor was anxious to keep my business. I was offered an interest rate of 13.99% for one year with 16.99% on cash advances. I was also given $200 in Canadian Tire money AND I could do a balance transfer from another card for a low fee and 0.9% interest for three months. After the three months, I would be charged $16.99%.

So I transferred the amount from my President's Choice card to the Canadian Tire card and closed the President's Choice Mastercard.


That made me feel so empowered to be able to do that. But my story isn't over yet.

Just before the three month balance transfer was over, I was offered an RBC Visa with a 7.76% interest rate! I took it and transferred the balance from the Canadian Tire credit card then closed that one.

That's a fair amount of transferring but I started to work out the savings from the initial debt.

I owed about $4160. Say I made payments of $50 a month. At 19.97% interest, it would take me over thirty years to pay it and I would be paying $463.582.17 in interest.

Now that that amount is on a card at 7.76% interest and I am making the same amount in monthly payments ($50), it will take me 10 years to pay off and I am paying $1,829.07 in interest. That is a savings of $463,753.10.

Do you now see why I say lowering interest rates is so important?



If you feel that you are ready to gain control of your debt, then stop trying to figure it all out on your own and make sure you don’t go another year without gaining control —click here
 
I might be able to help you by supporting you through the 5-Step Financial Stability program that I have used to get control of my financial situation. click here

To your success, 

Karen Magill 

P.S. It is NOT right for everyone – but if you feel having me working with you almost “daily” & giving you a proven step by step system to follow will help you get your  finances and life back on track then for more details. - click here


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