<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=1583050835334800&amp;ev=PageView&amp;noscript=1">
1.jpg

Blog

Topics

see all

OUR COMMERCIALS

Here are a few of our commercials that you may have seen on TV. We hope you enjoy watching them as much as we do making them.

How Long Will It Take To Pay Off Credit Cards?

How does $72,000.00 sound?

That’s how much money one of my clients owes in credit card debt. We calculated his monthly payments would be $1,563.00, with almost all of that going to interest. How long would it take to pay off those cards? We figure a minimum of 15 years. So, over 15 years, how much money will he pay toward those cards? Let’s do the math.  

If you multiply the $1,563.00 monthly payment by 12 months, that equals $18,756.00 for a year. Then multiply $18,756.00 by 15 years and you get $281,340.00 ….. for a credit card debt of $72,000.00

The client and I are looking at two possible solutions for bankruptcy help after we get some additional numbers. Then, we can decide if it’s best to tackle this as a Chapter 7 bankruptcy or a Chapter 13 reorganization bankruptcy.

If the client has enough income over the next five years to pay the $72,000.00 in full, then he will save about $200,000.00 and 10 years of paying the debt if he files for Chapter 13 bankruptcy. The entire $72,000.00 will be paid in 5 years at zero interest.

If he is eligible for a Chapter 7 bankruptcy, which is a possibility given his personal circumstances, he will save the entire $281,340.00 in payments or the $72,000.00 lump sum balance.

There are other options as well, such as a Chapter 13 Plan that will have him pay a portion of the $72,000.00 debt that is affordable to him. If you’re in a situation similar to this client, we can give you bankruptcy help. But you will never find out unless you set up a time to meet with us for a free consultation with one of our bankruptcy lawyers at Steidl & Steinberg.

What do you have to lose, besides $281,340.00?

This entry was posted in Chapter 13 bankruptcy, Chapter 7 bankruptcy, credit card debt, banktuptcy