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Pay off your credit card debt, IWT style

If you want to pay off your credit card debt, we can help. This free tool shows how much you owe & how to pay debt 5x faster than you thought possible,

Ramit Sethi

We do something unusual at IWT: We forbid anyone with credit card debt from purchasing any of our flagship courses. This decision costs IWT millions of dollars per year, but we believe it’s the right thing to do.

It’s because, if you’re in debt, we don’t want your money — we want you to focus on paying off your debt. When you’re debt-free and have built up your savings, IWT will be here for you.

But I think we can do better to help our students in debt pay it off more easily.

The danger of credit card minimum payments

If you’re reading this, you clearly care about your money. But you would be shocked how many people I talk to that charge purchases to their credit card without knowing how much they’ll actually pay for it. So let’s take a look…

Let’s say you have a $10,000 balance on your credit card and you pay the minimum amount, which is around 2.5% every month. How much will it actually cost you? The answer is shocking. Get ready!

If you only paid the minimum on your $10,000 balance, it would take you 452 months (over 8 years!) and cost you over $19,000 in interest alone.

In other words, you’d pay around $30,000 for a $10,000 balance.

That’s if you just pay the minimum monthly payment. How about if you pay the same amount every month so that you pay down the balance faster over time?

Let’s take the same $10,000 balance and pay $250 off every month.

Credit Card Payment Calculator results

It will cost you over $6,000 in interest and take you 67 months to pay off the balance. Even if you don’t buy another thing for the next 5+ years.

Who has that kind of time?

How Big Wins radically accelerate your credit card debt payoff

I’ve written many times about Big Wins – decisions you can make, that if you get them right you’ll almost never need to worry about minutiae like “Can I afford this appetizer?” or “Should I spend $2.50 on this latte?”

We’re going to apply the same thinking to your credit card debt.

What if you could make a phone call and wipe out $3k in interest payments? Would you do it? Of course you would.

Credit Card Payment Calculator - after salary negotiation

I’ll give you the exact scripts you can use to lower your credit card interest rate and save thousands of dollars.

Better yet, one $5,000 salary negotiation can virtually wipe out your credit card debt. And it only takes one 15 minute conversation with your boss.

Credit Card Payment Calculator - after APR negotiation

Imagine being debt-free in 18 months. I’ll show you how to prepare your boss to give you a raise, and teach you what you need to do to land a big salary increase.

Do you know your earning potential?

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