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That's because credit-card issuers use a formula called The Declining Minimum Monthly Payment Method, which guarantees them "profits for years to come as long as you make only the minimum monthly payments," says Morlino F. Morris in his book A Prescription for Financial Health: A Strategy for Financial Control and Peace of Mind (Speakers in Print). Say
you have a balance of $2,500 at a 17.9 percent APR (annual percentage rate)
on a card you no longer use.

By making just the minimum payment-which starts at $63 and drops to $55.90-you will still owe $2113.27 at the end of 12 months. Although you would have made a total of $710.14 in payments, the whopping sum of $387.97 will go toward finance charges while the remainder will be applied to reduce your balance. "At that rate, it would take 35 years to pay off the balance," Morris points out. "So save yourself a lot of money by paying more than the minimum on your credit-card balances."                      -Lena Sherrod

e-book
E-Book
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Most of my time is spent helping my clients achieve their financial goals. However, I’ve come to realize that there are personal goals that can be just as challenging, for example, writing a book. I know first hand how difficult it was for me to get out of my head my first book, A Prescription For Financial Health. If only someone had given me a roadmap to follow, it would had been a much less frustrating and time consuming experience. Well, I am offering you a guide to completing your first book. What I and other authors have learned from taking this journey has been laid down in this easy to read e-book. Remember, you get 24 hours every day. How you use that time when faced with life’s daily challenges will determine how long it will take to GET THAT BOOK OUT OF YOUR HEAD!

WORK&WEALTH

A Prescription For Financial Health in
May 35th Anniversary Issue of
Essence Magazine 

Beware of Minimum-Payment Trap
Do you faithfully make the minimum payment on your credit-card bill every
month but can barely see a pinprick of light at the end of the balance-due tunnel? 

On Sale For $7.95