We would like a comparison infographic that depicts the huge difference between paying sticker price vs. the "true cost" if you pay with credit and make only the minimum payment on your credit card.
We can assume that the credit card has an annual percentage rate (APR) of18% and the minimum payment is 2% of the balance. We can show the big difference with a bunch of different examples - designer bag, fancy car, etc. (just to throw out a few)
Ex. A $2,500 Prada bag ends up costing $8,397. If you make a monthly payment of $50 on this charge, you'll be paying $5, 896 in interest and it will take you 334 months to pay off!
Our point is, making minimum payments on your credit card is never a good idea. You end up paying more in interest than you would on the actual item or service!
This is an article we guest posted about the topic: http://thirtysixmonths.com/the-true…/#comments
Here is a good calculator that shows how much you would be paying in interest, how long it would take to pay off, and how much it would truly cost you: http://www.bankrate.com/calculators…lator.aspx
We plan to put this infographic on our website, e-mails and our social media outlets. Would love for it to go viral and/or to have it increase overall engagement.
Feel free to be creative with colors, illustrations, images etc.
Title - should be something very attention grabbing.
Would like to put the bills.com logo (see attached) and also a link to our ways to save tool: http://www.bills.com/ways-to-save/