Unbelievable?! You Can Do It Too!
How long does it take to pay off $3,562 in loans if you are paying $1,318 per month in payments? 8 months if your Annual Percentage Rate (APR) is between 331% and 575%! Unbelievable, right?! One of my clients was paying those amounts. Every month he was paying $1,318 ($659 per check). Most of the money from the payments was going to pay the interest. When he realized that the balances were not going down as much as he expected, the light turned on! He realized that he was getting robbed! He got angry. But I am glad that he didn’t just get angry. He got angry enough to make sure this never happened to him again.
I teach that it takes patience, consistency, and commitment to make a change and to turn your money life around. Fortunately, he was practicing all three and has made a huge change in his money life. On September 1, 2019 he had four payday loans with balances totaling $3,562. On April 21, 2020 his balances are $0.00!!! I am so proud of him! His hard work and dedication paid off. Now, he is taking the same money he was using for the payday loans to reduce his other credit card balances. They are scheduled to be be paid off in 9 – 10 months. He is also saving $250 per month in an emergency savings account.
Your current financial situation may seem overwhelming and unbearable. You cannot see the light at the end of the tunnel. However, there are challenging financial situations that can be overcome with patience, consistency, and commitment. Remember, it is going to take some time and will not feel good all of the time. But your dedication and commitment will pay off. You can do it too. All the best.
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