What does it mean to have no credit card debt?
It means no more endless cycle of minimum monthly payments, no 14.99%, 23.99% or 29.99% interest charges, no maxing out your available credit, no debilitating debt-to-income ratios. No credit card debt also means significantly reducing the likelihood that you will file bankruptcy or lose your home to foreclosure. It also increases the likelihood that you’ll have money left each month to achieve other financial goals: establishing an emergency fund, saving for a down payment, saving for retirement and helping your children with their educational expenses.
Carrying high credit card balances increases the likelihood that you will have a lower credit score and be unable to qualify for low interest rates when financing automobiles and homes.
Congratulations for maintaining a commitment to becoming credit card debt free. Every payment you make brings you closer to a prosperous future.
Our challenge to you in 2012: Keep at it and look forward to joining the 63%.
Visit www.inCharge .org for more information.
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