226. Save $500-$1,000+ per month - All retail banks offer low APR financing credit cards - Americans save half on their credit card debt payments
As you know, credit cards usually have high APR like 10% - 15% and the debt of credit cards is never really paid off, you accumulate credit card debt.
Like many people have $30,000 or more in credit card debt.
On $30,000 of credit card debt, this may cost them $1,000+ per month.
What if banks offer financing credit cards, whereby the credit card debt becomes a personal loan at low APR, like 5%.
Then, a $5,000 credit card costs only $100 per month in payments (over 5 years).
A $30,000 credit card costs only $600 per month in payments.
So banks offer financing credit cards and people, Americans, can transfer their credit card debt on these low-monthly cost credit cards. Also, a consolidated financing credit card to finance all their credit card debt is possible.
Americans could save $500-$1,000+ per month on their monthly payments.
Also, if they skip a monthly payment, the credit card debt balance increases by the unpaid monthly payment. Like if you have a $5,000 financing credit card, and the monthly payments are $100 and you have used $2,500 on the credit card, then the credit card debt balance increases to $2,600.
Also, automatic withdrawal of monthly payments on your bank account is possible, so you automatically pay back the financing credit card with monthly payments.
Also, many more Americans with not-so-good credit rating can have a low-APR financing credit card. Or a co-signer for the financing credit cards is possible, like if parents want to co-sign a financing credit card for their children, this is possible.
All Americans could be credit-card debt-free in 5 years from now!
Americans can also apply for a personal loan to cover all their credit card debt, so that's also a possibility to save money each month.
Americans can also close a financing credit card to get the unused debt balance back on their bank account. Like a $5,000 financing credit card with debt balance of $2,500, then $2,500 unused debt balance is returned to their bank account (and the personal loan, monthly payments of the financing credit card remain or is deducted from the balance or is transfered to another financing credit card)
Retail banks should also create a direct debit credit card, whereby the credit card transaction is automatically withdrawn from your bank account. Then anyone can have a credit card and does not need to apply for credit.
Companies could also offer financing on credit card for products or services. Then a $1,000 order of Amazon for example, is charged $50 per month on your (financing) credit card over 2 years or $20 per month charged on your (financing) credit card over 5 years. Revenues of companies go 10-fold and consumers and businesses have much more buying power. Imagine if Walmart offers financing on credit card, then $1,000 of groceries costs only $20 per month charge on your (financing) credit card over 5 years! In order to speed up the checkout at Walmart stores, customers of Walmart have to pre-register and apply for financing on credit card on the website of Walmart. Then they get a customer number to be used at checkout of the stores.
Financing on bank account is also possible, through direct debit on bank account (like with monthly direct debit bank transactions).
