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HOW TO PAY OFF A $5,000 CREDIT CARD DEBT IN 90 DAYS [EVEN WHILE YOU ARE USING IT]
Below is a simplistic example of how transferring your income direct into your credit card could work for you. We are assuming you have a total gross income of $45,000 pa which would equate to approx to $2870 nett per month, allowing for a fortnightly pay structure of $1435. In this example we even allowed for the consumer to continue to use the credit card for living expenses of $1000 per month, which could be groceries etc.
Assuming credit card debt of $5,000
Interest rate 18%
Approx. interest per year = $900
To pay off credit card debt in one year your monthly repayments would have to be $490
SCHREDIT CARD EXAMPLE
| Month 1 |
| CREDIT CARD BALANCE |
$5,000 DEBIT |
| FORTNIGHTLY PAY |
$1,435 |
| NEW BALANCE |
$3,565 |
| LIVING EXPENSES |
$1,000 |
| NEW BALANCE |
$4565 |
| FORTNIGHTLY PAY |
$1435 |
| NEW BALANCE |
$3130 DEBIT |
| Month 2 |
Credit card balance
carried forward |
$3130 plus interest $50 |
| CREDIT CARD BALANCE |
$3180 |
| FORTNIGHTLY PAY |
$1435 |
| NEW BALANCE |
$1745 |
| LIVING EXPENSE |
$1000 |
| NEW BALANCE |
$2745 |
| FORTNIGHTLY PAY |
$1435 |
| NEW BALANCE |
$1310 DEBIT |
| Month 3 |
Credit card balance
carried forward |
$1310 plus interest $20 |
|
| CREDIT CARD BALANCE |
$1330 |
|
| FORTNIGHTLY PAY |
$1435 |
|
| NEW BALANCE |
$105 Credit |
|
| LIVING EXPENSES |
$1000 |
|
| NEW BALANCE |
$895 Debit |
|
| FORTNIGHTLY PAY |
$1435 |
|
| NEW BALANCE |
$540 CREDIT |
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There are many variations of using the SCHREDIT CARD
It will depend on such factors as how often you continue to use your card during the SCHREDIT CARD process, how much income is available to use and how often you make payments. Feel free to use the SCHREDIT CARD CALCULATOR to assist your individual budget.
The Schredit Card once in the positive could attract a positive interest rate, see example allowing customers to earn interest and save money.
SCHREDIT MORTGAGE
When we are saving money we are securing our future.
The key issue is educating consumers that there is a smarter way to operate a credit card and convincing banks and credit card providers they need to promote debt reduction via a SCHREDIT CARD. |
