Eliminate Compounding Interest
The majority of your minimum payment goes towards interest each month. Here's a better way to pay down your debt.
The Problem with Compound Interest
Compound interest is one of the major reasons why people can’t seem to get their debt under control. When you only make minimum payments, a huge chunk of this payment will only go to the interest of your debt. Only a small portion of you payment really goes towards paying down your balance. This is normally the case with credit card debts because of its high interest rates.
Every creditor is required to disclose how long it will take to pay off your debt if you only made the minimum payments. Check your credit card statement for your number. It’s common for repayment to take thirty to forty years. That’s a lot of interest and a very long time.
Way Out of Debt
The good news is that DebtManagers has a relationship with over a thousand creditors in Canada. We have successfully negotiated interest relief for all of our customers.
Once interest rates are eliminated or drastically reduced the majority of your payment goes towards reducing the balance. This is your quickest way out of debt.
Check any of your credit card statements to see how long it will take you to pay off your debts on your own. Or use our Debt Calculator, we can show you much much interest you will have to pay on your own.
When you’re ready, contact DebtManagers and we’ll discuss your options and show you how fast you can be out of debt.