Are you drowning in credit card debt? One of our brand new clients, we'll call him Jack*, is a creative consultant. He's been saddled with credit card debt with a $600 monthly minimum payment -- most of it going to interest.
When he recently received notice that his interest rate was going up to 25.9%
, he called to see why they were jacking his rate up again. He's a good credit risk, has a nice credit score -- why was he being penalized? He was told that he was "just part of a random group who were assigned this new rate."
That was the straw that broke the camel's back. He knew he was no longer willing to pay over $300 a month in interest
-- it just seemed crazy to continue to be subjected to the whims of the credit card company. He decided right then to put an end to the torture and asked for a settlement. As a result, they closed his account and transferred his balance to a fixed payment loan of $250 per month for 60 months.
But, here's where Jack is going to outsmart his credit card company -- he's going to use the power of his Self-Empowered Bank. The extra money left over after he pays the monthly loan payment, plus the additional $150-$200 that would have been added to his new monthly minimum is now going into Jack's Self-Empowered Bank
By working through his own bank, Jack will be able to pay this 60 month loan off in less than 2 years. In doing so, he will save thousands of dollars in interest
he's scheduled to pay the credit card company. Not only that, he'll earn interest
on the money in his Self-Empowered Bank, have a ready source of cash
from which he can borrow, at a rate he sets himself, and get some tax benefits
as a bonus.
Jack likes being his own banker because it just makes sense. Jack knows that he can now control his own financial destiny with Jack's Self-Empowered Bank. How about you?
For more information, contact Julie Ann Hepburn
or call 312.957.9400 x 403.
* Jack is a real client of National Private Client Group. His name has been changed to protect his confidentiality, and he has given his permission for us to share his story.