Credit Card Payments

Continue To Make Minimum Credit Card Payments

Sadly, this is the choice for millions of Americans who are struggling with their debts. Most of these people keep doing whatever they can to continue making minimum credit card payments for the rest of their lives, including subsidizing their expenses by using one credit card to pay the others. If you are only meeting your minimum payments, you are paying almost entirely interest charges and not paying down your actual debt balances. If you are using your credit cards to subsidize your expenses, you may be in a negative cash flow situation and NOT EVEN KNOW IT. This is a no win situation. And if you can't keep making the minimum payments, the creditors will start calling. If you ignore their calls, you can end up with judgments and garnished wages as well as liens against your property.

BlueChip Debt Relief has programs that are designed to resolve and settle your debts based on your financial capability, not so-called industry averages, so you can move on with your life. We will structure a debt settlement program for you that you can afford, given your current financial capabilities. This monthly amount is typically a fraction of your current monthly credit card payments. After enrolling in BlueChip Debt Relief's "Fresh Start Debt Relief" program, your life becomes very simple. All you have to do is set aside this affordable amount each month into your own bank account. Final settlement agreements will be conveyed to you, which shall be performed at your direction.

Advantages and Disadvantages

For millions of Americans, paying just the minimum monthly payment is their course of action.

Advantages:

• If you're expecting a significant increase in income, a big tax refund, the sale of some valuable property, or a winning lottery ticket, then paying the minimums can buy you some time before you finally able to pay off the debt.
• Preserves your positive credit history, which makes up 35% of your credit score.

Disadvantages:

• You can lose your job or get sick, the real estate market could crash, which leaves you with only one option: bankruptcy.
• If you can only pay the minimums, it's probably a sign that you owe too much; amount owed accounts for 30% of your credit score.
• It's the most expensive route by far. If you owe $30,000 in credit card debt, then it could take you 46 years and $97,662 before you're finally debt free.
• If you're using your credit cards to subsidize your expenses, you're probably in a negative cash flow situation and getting yourself deeper into debt.
• If you're late on even one payment, then your interest rates could jump up to as high as 32%.
• Highly stressful and unhealthy to have to worry about being able to make the minimum payment every month.

BlueChip Debt Relief's goal is to settle your unsecured debt and improve your financial condition. Call us today at 888-9 DEBT RELIEF (888-933-2873) to speak with a professional debt counselor and start your path to becoming DEBT FREE!