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Results

The chart below lists the minimum required monthly payments and interest rate reductions that some of the largest major creditors offer for consumers that have been accepted into a debt management program. Below the chart are the results of some interest rate reductions, the resulting savings, and the reduced payoff time.

Bank Min % of Balance - Payment Consolidated Interest Rate
First USA* (Chase) 2.3% 9.9%
Discover 2.2% From 0% to 17.9% depending on circumstances. Usually 6.9%
MBNA 1.8% 0% - 15.9% (consumer friendly)
Bank of America* 1.8% Now under MBNA guidelines 0% to 15.9% (consumer friendly)
Wells Fargo* 2.25% 7.3%
Direct Merchants (HSBC) 2.25% 9%
Capital One 2% 7.4%
American Express 2.2% 9.9% (Very complicated, not consumer friendly, may be best left out in many cases)
GM Card/HSBC 2.25% 9%
Associates/Citibank 2.23% 9.9%
Key Bank 2% 12.9%
Household 2.25% 9%


Before & After Analysis

First Account, Citibank VISA

Account: Citibank
Current Balance: $10,000
Current interest rate: 24%
Current monthly payment: $212

At your current rate, you will pay off this credit card in 137 months (11.42 years), paying a total of $18,934.72 in interest.

Reducing your interest rate to 9.9% would allow you to pay off your account in only 60 months and save $16,267.59 in interest.

Payoff Time:
24%   137 Months
9.9%   60 Months

Total Interest Paid:
24%   $18,934.72
9.9%   $2,667.13


Second Account, Chase VISA

Account: Chase
Current Balance: $15,000
Current interest rate: 23.99%
Current monthly payment: $300

At your current rate, you will pay off this credit card in 219 months (18.25 years), paying a total of $50,465.76 in interest.

Reducing your interest rate to 7% would allow you to pay off your account in only 58 months and save $48,199.63 in interest.

Payoff Time:
23.99%   219 months
6%   58 months

Total Interest Paid:
23.99%   $50,465.76
6%   $2,266.13


As you can see by these results just 2 accounts with a total of $25,000 would result in a total interest savings of $67134.35. The Citibank account payoff time was reduced from 137 to 60 months. The Chase account payoff time was reduced from 219 to 58 months. Keep in mind that you could make larger payments and get this paid much sooner. Call Accelerated Debt Consolidation, Inc. toll free at (800) 810-5250 between 9:00 AM and 5:00 PM Eastern Time or fill out our Free Quote form and one of our consultants will analyze your debt problem and show you how much we can save you in interest and payoff time.


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