How to Pay Off High Interest Credit Card Debt – By Golden Financial Services

July 26, 2012 - PRLog -- The new site that Golden Financial Services released is “No More Credit Cards”.  The sites focus is to assist consumers with reducing high credit card debt.  The information on the site has been collected by non profit consumer credit counseling companies, attorneys that are in good standing with their state bar and debt settlement companies that are A + Rated with the Better Business Bureau.    

There are different ways to pay off high credit cards or high interest credit card debt.  Some consumers need to simply increase their monthly payments to where they are paying double the minimum payments in order to reduce debt on high credit cards.  

Example:  
- John has $50,000.00 of credit card debt
- Average interest rate is 25%
-  John is paying $1250 per month (minimum payments)

It will take John 80 years and 3 months to pay off his high credit cards at this rate.  John will pay $214,043.72 in interest alone, plus $50,000.00 to pay off the balance on his high credit card debt.

If John pays double the minimum payment on these high credit cards, John would be paying $2500 per month towards his $50,000.00 of high interest credit card debt.
It will take John only 15 years and 3 months to pay off his credit cards if he pays double the minimum payment.  John will also pay only $32,605.30 in interest, plus $50,000.00 to pay off the balance.

Not all consumers can pay double the minimum payment on high credit card debt.
Some consumers may have a hardship and cannot afford to pay more than minimum payments on a credit card that has a high credit card balance.   Consumers will sometimes use their retirement savings to pay on high credit cards because they feel that there are no other options.  

If consumers have to spend money out of their savings account or retirement money in order to continue paying minimum payments on high credit card debt, then it’s time to look at other options.  http://nomorecreditcards.com/minimum-payments/

Consumers will often spend their entire retirement savings just to continue paying minimum payments on high interest credit card debt.  Once their money runs out they are still left with a high credit card balance because of the fact that most of their payment was going to interest.

A lot of times consumers are also contemplating “do I pay my mortgage this month or my high interest credit card debt?” says Melissa Arguelles at Golden Financial Services.   In cases like this, debt settlement or bankruptcy may be the only option.  

Golden Financial Services assists consumers in America with paying off high credit cards through educational information, debt settlement and debt management options.  

The department that negotiates with the credit card companies at Golden Financial Services has seen a huge increase in the amount of consumer debt being settled on a monthly basis.  In 2009 it has been reported that on average 600 settlements were taking place monthly and 5 Million Dollars of debt were being settled monthly in the Golden Financial Services negotiations department.  

For 2012, over the last 6 months alone, there have already been 14,945 creditor settlements in the negotiating department for Golden Financial Services.  96 Million Dollars of debt has already been settled over the last 6 months for 2012.  

As of July 25th, 2012 the Golden Financial Services BBB Rating was changed from an A, to A Plus.  The reason the Better Business Bureau raised the Golden Financial Services rating from an A to an A Plus has to do with:
•   “Length of time business has been operating.
•   Complaint volume filed with BBB for business of this size.
•   Response to 12 complaint(s) filed against business.
•   Resolution of complaint(s) filed against business.
•   BBB has sufficient background information on this business.”

To learn more about how to Reduce Debt and pay off High Credit Cards visit Golden Financial Services at http://www.goldenfs.org or read more at the site “No More Credit Cards”.  http://www.nomorecreditcards.com/reduce-debt-high-credit-...