What Happens If You "Do Nothing"?

Being in debt is unsettling.  The options are sometimes confusing and in the end you are scared and exhausted. But doing nothing is not the answer.  Companies try to scare people into thinking if they try to seek help their “Credit will Suffer.”  But your credit will - and is already - suffering if you are doing nothing to solve the problem. Remember, credit can be rebuilt.

It is important to recognize that people are becoming victims of a legal scheme that is designed to drain their bank account and keep them in debt forever. It’s a fact, for the past 20 years, banks have been issuing credit cards to consumers for one reason: they make billions of dollars on it!

Below is a table that shows the number of years it takes to pay off a credit card balance based on 19% interest and the cardholder making only the minimum monthly payment of 3% of the outstanding balance. Most national cards require a minimum monthly payment between 2% and 3% of the outstanding balance. (Source: CNN Money)

Number of Years to Pay-Off Credit Card Debt at 19%

Debt:	Pay Off (Principal & Interest)	Number of Years at 19%
$10,000	$26,276.59	42 years, 9 month
$20,000	$74,464.22	53 years, 3 months
$30,000	$112,651.77	59 years, 4 months
$40,000	$150,839.39	63 years, 6 months
$50,000	$189,027.02	67 years, 1 month
$60,000	$227,214.61	69 years, 10 months
$70,000	$265,402.22	72 years, 2 months
$80,000	$303,589.81	74 years, 2 months
$150,000	$570,903.04	83 years, 8 months