The Minimum Payment Trap: How It Works, and How To Get Out

When it comes to paying off a credit card, creditors make it purposefully difficult to keep up with your payments and growing interest rates. Many people think that making the minimum payment each month is a good rule of thumb, but the truth is that when combined with mounting interest rates, minimum payments trap you in the status quo, and can mean taking decades to pay off even small amounts of debt. By the time you do successfully pay off the debt, you'll have lost a lot more money to interest than you owed in the first place.

The minimum monthly payment generally only goes toward paying off your interest and fees, and therefore hardly contributes to paying off your debt. This can lead you down a long and treacherous financial path, but services like Pacific Debt that can help you find your way. Pacific Debt works to negotiate your debt down and make it possible for you to pay one single monthly payment. Pacific Debt's experts take the time to learn about your individual debt situation and speaks directly with creditors to lower your total debt. And it really works. On average, Pacific Debt can you get you a program payment that is less than what you are paying now and have you out of debt much faster than just making minimum payments.

Though everyone's debt is different, it all has one common denominator; paying off only the minimum payment each month is definitely not the best method for getting out of the red. Pacific Debt's process for getting you out of debt is simple: first, you go on their site to submit some basic information about yourself and your finances. In moments, Pacific Debt can estimate the amount they can lower your debt, so you'll know immediately whether its worth pursuing. Next, a representative will contact you to create a unique plan to help you get out of debt. Once enrolled, their team of negotiators advocate on your behalf with your creditors to negotiate and lower your total amount owed. Finally, you're offered a reasonable, more affordable plan to really pay off your debt, instead of one designed to keep you spinning in an endless trap.

Pacific Debt's solutions are even more necessary for someone with multiple credit cards. Instead of having to balance different payments, each with different interest rates and fees, Pacific Debt will consolidate it all into one, lowered program payment. That way, there's no confusion, missed payments, or accumulated fees. Pacific Debt's experts will negotiate with creditors to lower your total debt so you don't have to. They give you peace of mind, so you don't have to navigate the situation on your own or worry about being taken advantage of by a predatory credit card company or collection agency. The best part is you don't pay them a cent unless they can lower your debt, so there's nothing to lose.

Pacific Debt is an essential tool for anyone with heavy credit card debt, and especially if you've fallen into the minimum payment trap. What would you do with 20-30% less debt? Check out their website for a free estimate and see if Pacific Debt can help you regain financial freedom. Give them a call at (844) 997-0475 to see how they can help you.There's nothing to lose, but so much to gain!