Pay Off Your Credit Cards 10 Times Faster

1

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First Published by TPMG MEDIA 2009, UPDATED 2020
Copyright © Greg Smith 2009, 2020
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National Library of Australia
Cataloguing-in-Publication Entry
Smith, Greg (Greg Robert).
Pay off your credit card ten times faster. Discover mind blowing secrets
banks don’t want you to know.
ISBN: 978-0-9804095-4-3 ………………………………………. (eBook).
1. Finance, Personal. 2. Self Help

TABLE OF
CONTENTS
Foreword
1
Chapter One:
It is time to stop your love affair with credit cards!
4
Chapter Two:
The scary side of credit cards
12
Chapter Three:
How the banks tell you to pay off your credit cards
17
Chapter Four:
What the banks don’t want you to know - how to
pay off your credit cards ten times faster
22

Foreword
FOREWORD
1

Foreword
Want to get rid of your credit card debt?
Well, you’ve got the right book.
My name is Greg Smith, author of 15 books on personal
finance, money writer at Woman’s Day Magazine, media
commentator on MMM and founder of
www.budgetblitz.com.au. I have specifically written this
book to help you kiss your credit card debt goodbye in the
shortest possible time – without living on baked beans!
Just think about it.
No more anxiety over how you are going to make your
dollars stretch until the next pay period. No more stress over
whether your credit card will be declined and no more fretting
about how and when you will ever pay off your cards.
2

Foreword
It is the kind of credit card debt free lifestyle you may have
only fantasied about…until now!
While you are just moments away from an immensely
powerful formula, can I ask you really invest some time to put
what you are about to read into action. Please note however,
that while things won’t change overnight, you will start to see
changes happen in the coming months. And as you keep on
implementing the program the changes will in fact happen
faster and faster. You’ll see what I mean when you read
chapter 4.
Unlike banks and financial institutions who try to make it
simple (but in the process they make it complex, with all their
jargon); my solution is extremely simple. So please, do not
try and find the hidden complexity because there is not any.
Believe me, the steps that I have in store for you, to achieve
a credit card debt-free life are a lot simpler than you think. No
tricks, no schemes. Just genuine guidance.
So get ready to change your life by gaining control over your
credit card debt once and for all by using my simple, yet
powerful formula!
3

CHAPTER ONE:
IT IS TIME TO STOP YOUR LOVE
AFFAIR WITH CREDIT CARDS!
4

It is time to stop your love affair with credit cards!
You know exactly what I’m talking about.
That urge you get whenever you’re out shopping for
groceries or running simple errands. You see something
that’s on special or you find ‘The purchase of a lifetime’.
Maybe it is a pair of the season’s hottest shoes, or the
latest mobile phone that you just know will impress all of
your friends.
Eyeing your wallet, you realize that you don’t have enough
cash on hand or cash in your bank account. You start to
resign yourself to the fact that you might have to skip this
purchase – but then you see it. That little glint of plastic
that’s calling out your name.
Your credit card!!
If this situation sounds all too familiar, then you’re not alone.
Global consumers have relied on credit cards for decades to
fund purchases that would not have otherwise been within
their means.
Why not? After all, during the worldwide economic boom of
the 90’s and early 2000’s, living within our salaries seemed
like a joke. Why would we want to restrict our spending when
so many banks and credit card lenders were willing to make
credit available so easily? It seemed as though no purchase
was out of our grasp, all thanks to that powerful piece of
plastic.
This is exactly the kind of thinking that credit card companies
and retailers have exploited over the past two decades – and
it comes as no surprise that they’ve had major success!
5

It is time to stop your love affair with credit cards!
Lenders and retailers know how to stroke our egos;
from “got-to-have-it” sales to trendy cards with
“luxurious” rewards. Lenders and retailers know
how to push our greed buttons – so we end up as
putty in their hands.
When it comes to consumption, our society of late
has seemingly been operating on the three deadly
sins: greed, gluttony and envy. We’ve become
so used to purchasing items that we don’t need
simply because we have the capacity, thanks to
credit cards, to purchase them on the spot without
waiting.
We’ve given in completely to impulse spending,
and we’ve completely lost control of our inner
money personalities. We have become like spoiled
children who want what we want, at the exact
moment we want it – and nothing, not even a lack
of money, is going to get in our way!
This kind of spending is only spurred on by the
envy that we experience when we see celebrities
or other public figures with clothes, cars, and
other items that we want. Heck, we even want
to make sure that we have better things than
our neighbours! It’s the old ‘keeping up with
the Joneses’ social phenomenon - a type of
6

It is time to stop your love affair with credit cards!
consumption that’s been especially prevalent in
Western society for many years.
So where does this greedy behaviour come from?
It’s simple: your out-of-control spending comes
from your inner money personality. You see,
we’re all capable of becoming responsible and
frugal spenders – but if you have an inner money
personality that’s prone to impulse spending
(perhaps you weren’t taught financial responsibility
as a child), it takes far more discipline to reign in
your spending. But it is not impossible.
YOU are responsible for your spending, not the
credit card companies and the retailers. At the end
of the day, only YOU are responsible for the massive
credit card debt that you’ve accumulated. Despite
what you may think your credit limit it IS NOT YOUR
MONEY. It is someone else’s that needs to be paid
back if you do access it.
It’s time to take control - Greed is so last year!
If you want to learn how to get rid of your credit card
debt, you need to take control of your finances, learn
how to reign in your greedy impulses and end the
cycle of out-of-control spending!
7

It is time to stop your love affair with credit cards!
Here are the best ways to finally gain control of your
own finances:
(a) Say no to limit increases
Credit card companies WANT you to stay in debt, because
they make more money from you this way. If they increase
your spending limit, and you spend more you’ll be in even
more debt – and they’ll be laughing their way to the bank!
Instead, tell your lenders that under no circumstances will
you accept a limit increase.
(b) Say no to new credit cards
Contrary to popular belief, it is not just people with good
credit who get credit card offers. If you have a habit of
getting yourself into credit card debt, lenders will jump at
the chance to offer you a piece of plastic. These offers are
your worst enemies, so throw any card offers straight into the
trash!
(c) Keep it in your pocket!
Do you truly need those shoes? Are you going to die if you
don’t get your hands on the latest computer game? If you
want to cut your credit card debt significantly, it is time to
start acting like an adult with your money, not like a child with
the case of the ‘gimme, gimmes’. Keep your credit card in
8

It is time to stop your love affair with credit cards!
your wallet for emergencies or considered purchases only.
Buy only what you truly need when you can afford it. It’s not
rocket science – it’s really just as simple as that.
(d) If you do not want to use
your credit card, grab a pair
of scissors, and cut it up
You can’t use it if it’s not there! In fact, many Australians
would be a lot better off if they got rid of their credit cards; yet
more people are taking out credit card accounts than ever
before.
Due to the sheer global scale of COVID-19, there is a
massive financial tsunami building which will bring a very
harsh reality check to many Australians in the not too distant
future.
As a nation we have literally been piling on the debt. In fact,
according to statistics provided by the Reserve Bank of
Australia in March 2020, the entire nation had $29 billion
owing on credit cards, $19 million of which is not paid back
and accruing interest. This is a staggering amount of debt
that clearly shows our dependence on credit cards as part of
our daily financial spending.
It’s not hard to see why we’ve come to love credit cards
so much – and lenders don’t exactly help us to break the
cycle of dependency either! In fact, thanks to credit limit
increases, special rewards cards and other incentives
9

It is time to stop your love affair with credit cards!
designed to get us to flex more credit, it may seem as
though only the most disciplined user can withstand these
temptations.
Even worse, we’re clearly not able to spend within our
limits. Statistics available from the Reserve Bank of
Australia for March 2020, show that the average credit
card account has an outstanding balance of $3,231 (that’s
the average) but the problem is, that close to $1,951 of
that amount is attracting interest of between 11% and 21%
per annum.
So how did we come to love our credit so much?
We can equally point the finger of blame at our credit
lenders and ourselves. Our economy is bolstered by the
prevalent ‘gimme’ culture that was fostered by the previous
decade’s rapid economic growth. We’ve come to expect
that we can have whatever we want at the exact moment
we want it, thanks to the availability of credit. No purchase
was too expensive, no item too pricey; in fact, it seemed
like we were only limited by our sky-high credit limits!
In the last fifteen years, credit card lenders and their
marketers have become increasingly adept at what they
do. They know that there is a consumer ego to feed,
and they’ve specifically designed their cards to feed
those egos. Want to feel like an A-lister when you’re out
shopping? Simple – pick up a Platinum Card, which
marketers claim is only used by their most elite clients.
10

It is time to stop your love affair with credit cards!
Want to establish yourself as a frequent and valued
customer of a particular company? No problem – just pick
up an application form, and you’re well on your way towards
becoming a distinctive card member. In fact, thanks to the
psychological development of the ego-driven consumer,
many credit card companies now have programs in which
you have to be invited to apply.
Talk about an expensive ego stroke!
If you’re ready to hack away at your credit card debt once
and for all, it’s time to say no to credit increases. Let’s take
a stand against the new credit card offers that we receive.
Let’s tell ourselves that we really don’t need those overpriced
shoes or the latest mobiles, or computer games that will just
put us further and further into debt.
Let’s end our cycle of dependency on credit cards once and
for all – and start living credit card debt-free for good!
11

CHAPTER TWO:
THE SCARY SIDE OF
CREDIT CARDS!
12

The scary side of credit cards!
From a survey I completed in late 2019 of 1,100
Australians, I found that 4 in 10 Australians did not
know how much they owed on their credit cards at any
one time. A remarkable 7 in 10 had absolutely no idea of
their interest rate and a scary 8 in 10 did not have a clue
on how much they pay in annual fees or in late fees.
As you are about to discover, knowing this information is
fundamental to taking control of your credit cards.
Take one of my friends as an example, he’s just your average
40 something bloke with a 9-5 job and a couple of credit
cards. Thanks to his passion for the latest and greatest in
electronics, he continually carries a balance of up to $3,000
on his credit card month after month. He knows that he’s
wasting money on the accumulating interest rate, but frankly,
there always seems to be a more important bill for him to
worry about. After all, as long as he makes his minimum
payments, he’ll pay off his credit card in a timely manner,
right?
Wrong!
Take note. If you’re making just minimum payments
on your credit card, you might as well flush your
hard-earned cash down the drain!
If you’ve been carrying a balance on your credit card month
after month, it can be easy to forget just how much money
you’ve been wasting on interest payments alone. That
13

The scary side of credit cards!
11% pa interest rate may not look like much now but spread
it out over a few years – exactly what credit card lenders
want you to do! So that $50 meal that you charged on your
card last week can cost you well over $100!
Want to see something scary?
Look at the following tables on how credit card debt can
cost you serious dollars. Even if you have just a $1,000
balance (the following table assumes a 2% minimum monthly
payment.
How credit card debt can cost you serious dollars over time!
Interest
Rate pa
Number of years to pay back at 2% minimum monthly payments
Balance
Owning
$1,000 $2,500 $5,000 $10,000 $15,000 $20,000
10% 5.5 11.10 16.9 21.7 24.5 26.5
11% 5.8 12.6 17.9 23.0 26.0 28.2
12% 5.10 13.4 18.11 24.7 27.10 30.2
13% 6.1 14.2 20.4 26.5 30.0 32.7
14% 6.4 15.2 21.11 28.8 32.7 35.4
15% 6.7 16.5 23.10 31.3 35.7 38,8
16% 6.11 17.11 26.3 34.6 39.5 42.10
17% 7.4 19.9 29.2 38.8 44.1 48.0
18% 7.9 22.2 33.0 43.11 50.3 54.9
19% 8.4 25.4 38.2 51.1 58.7 63.11
20% 9.1 29.10 45.7 61.3 70.6 77.0
**Information in the above able is based on calculaions derived from the
www.moneysmart.gov.au (credit card calculator)
14

The scary side of credit cards!
What about if you’re carrying credit card debt that’s over
$20,000? Forget about making just 2% minimum payments
– at that rate, your children’s children will be paying off your
credit card for you!
Take a close look at those numbers. Can you believe that
it will take you 29 years and 10 months to pay off a $2,000
balance on a card with a 20%pa interest rate if only paying
a 2% minimum monthly payment? These numbers are truly
shocking!
Don’t forget to take a look at the interest that you’ll pay over
the lifetime of this debt – the longer you make minimum
payments on your credit card debt, the more money you’ll be
throwing down the drain!
Figures vary based on your interest rate and the amount of
debt that you are carrying on your card over time, but, if you
make only minimum payments on your card, you can expect
to pay two to three times your original balance.
In other words, if you have a credit card with an 18%
pa interest rate and a balance of say $5,000 – and
you put $100 a month towards it – then you’ll end up
paying $17,181. That’s more than THREE times the
original balance!
It’s not just interest payments that are crippling your
finances but also the late payments that will be
emptying your banking account as well.
15

The scary side of credit cards!
In fact, one of my friends used to pay $100 a month
just in late fees on his credit card account – that’s
$1,200 down the drain over the course of the year!
Just imagine what he could have done with that kind
of money? The sad part about it was he had the
money to pay his credit card he was just as he puts
it - too busy!!
Yet, thanks to the methods that you’re about to learn
about in the next few pages, my friend was not only
able to save himself the $1,200 a year, but he was
able to reduce his credit card debt within 3 years.
When, he was originally looking at paying back his
debts for at least ten years!
Yes, my amazing program is that amazing – but it’s
not a magical formula! It takes effort, discipline and
hard work in order to make it successful; yet once
you see how fast your debts will shrink from month
to month, you’ll be so inspired that you’ll never fall
into credit card debt again!
As a final note here, according to ASIC, banks
pocket a total of approximately $1.5 billion in fees
per year — that includes annual fees, late payment
fees and other amounts for credit card use. Another
reason why banks don’t really want you to pay your
cards back on time.
16

CHAPTER THREE:
HOW THE BANKS TELL YOU TO
PAY OFF YOUR CREDIT CARDS
17

How the banks tell you to pay off your credit cards
No matter what they may try to tell you, banks and
lenders are NOT your friends.
Oh no! In fact, they will try to get you to choose the
option that will have you paying off your credit card debt
in the longest amount of time possible.
A classic example of banks behaving badly, is that while
the Reserve Bank has over 2019 and 2020 been lowering
interest rates to all-time lows, the banks have quietly been
increasing their credit card interest rates. As a result of
this little manoeuvre banks have effectively pocketed an
extra $6.3 billion (Source Choice June 2020).
You see, they really don’t care that you’ve amassed a
huge amount of debt. You may think that they’d want their
money back as soon as possible, but that’s not how the
banking system works. Rather, they make so much money
from your interest payments that it’s their GOAL to get you
to extend your payments for as long as possible.
In their attempt to put on a warm human face and
appear to have a social conscious, banks and credit card
providers have developed what they call “educational
material.” This information according to them is all about
teaching you to “pay off” your credit card. Unfortunately, if
you look more deeply into their advice it reveals their true
hidden objective.
That is, to keep you in debt for as long as possible!
18

How the banks tell you to pay off your credit cards
So what have the banks been saying:
Consolidate your debts
They will tell you that you can combine all of debts into one
loan, be it a personal loan or a home loan if you’ve got one.
This sounds like a great idea at first, but banks don’t tell
you how to fix the root of the problem – you’re out-of-control
spending! I’ve seen several people over the years who have
tried to fix their own financial issues by taking out a personal
loan or home loan to pay off their credit card debts. Six
months later, they’ve not only got new credit card debt, but a
huge personal or home loan as well! Don’t ever forget, home
loans have the potential to last for up to 25 years, which will
make your last week’s takeaway meal give you some serious
indigestion for a quarter of a century if you consolidate your
credit cards on to your home loan.
As you can see, consolidation is the banks way of keeping
you trapped in the debt-cycle for good – so don’t fall for it!
Balance transfers
Banks and credit card lenders love telling you that you can
reduce your debt by transferring your original balance to
a new credit card with a zero percent interest rate as an
introductory offer. But once again, they don’t solve the heart
of your financial problems – your out-of-control spending!
For example, if you transfer your balance to the new credit
card, and keep your old one, you could be in serious danger
19

How the banks tell you to pay off your credit cards
of making more purchases with your old card. Then you’d
have two cards full of debilitating debt!
Additionally, many banks have a great deal of fine print
that ultimately say that when you sign up for a new credit
card with a zero percent introductory rate – all purchases
made on the new card are subject to the full interest rate,
which you can bet will be sky-high! Again, it’s just another
marketing technique that banks and financial institutions use
to just get you further and further into debt.
Okay, let’s look at some more pearls of wisdom from the
banks:
Pay off the card in full before
the interest is due
Sure, this makes sense in theory, but if you’ve got a credit
card debt that rivals months of your salary, then this is an
impossible solution. Once again, banks and credit card
lenders are not doing much to keep you out of debt – and
why should they? You’re their cash cow!
Pay off cash advances as soon
as possible
Again, great advice in theory, but check the fine print on
any cash advances, since you’ll typically need to pay the
full balance at once, as any payments that are made will be
applied to purchases first. Not a great way to cut down on
that massive debt, if you ask me!
20

How the banks tell you to pay off your credit cards
Check your credit limit
Banks love to slap you with outrageous fees if you go over
your credit limit, so they’ll often tell you to avoid this fee, just
check to see if you’re close to your limit, and then reign in
your spending. That advice is nice, but what are you going to
do about the debt that you have now?
The bottom line is that taking the advice of the banks and
credit card lenders is not and should not be an option. After
all, they just want you in debt for the rest of your life so they
can suck away at your hard-earned cash. If you are happy
with that, then I suggest you close this book right now - but
don’t go complaining in a few years when you are about to
retire that you are poor and can’t afford anything! Sure, these
are harsh words, but sometimes they have to be said.
21

CHAPTER FOUR:
WHAT THE BANKS DON’T
WANT YOU TO KNOW –
HOW TO PAY OFF YOUR CREDIT
CARDS TEN TIMES FASTER
22

What the banks don’t want you to know –
how to pay off your credit cards ten times faster
Yes, you read that right: ten times faster!
And yes, you can do it. All you need to do is follow my
incredible yet simple Credit Card Debt Buster Program.
Before I show you what to do, may I point out that you’ve
got to have patience with this program.
Yes, it is powerful but it doesn’t work miracles overnight.
Let’s face it, you’ve probably taken a few years to pile up
your credit card debt, so please remember that it will take
some time to get out of it.
Indeed, it may even take you three, four or even five years
- but hey, isn’t that so much better than the 20 or 30 years
you could have faced if you had only paid back the absolute
minimum repayments (if that) each time?
Okay, enough of the suspense. It’s time to reveal my very
simple but very powerful Credit Card Debt Buster Program
and get down to business!
Essentially, there are three easy steps. Please follow them in
order to get the most out of the program:
Step One
Slash your interest rate!
Over the time you will pay a fair bit in interest in paying back
your cards. Therefore to shrink this amount, you need to
reduce the interest rate on your cards. Clearly, I can assume
that you probably don’t pay off your cards in full each month
otherwise you wouldn’t be reading this. So, any reduction is
going to put more money in your pocket.
23

What the banks don’t want you to know –
how to pay off your credit cards ten times faster
(a) Do your homework
To start the process do some homework and look around
for the card that offers the best rates that suit your needs.
Check out a great comparison websites like
www.finder.com.au,
www.infochoice.com.au,
www.ratecity.com.au,
www.mozo.com.au
Once you get an idea of what else is available in terms of
better rates hop straight on the phone and call your bank. All
of them have dedicated lines for credit cards, some 24/7, so
there is really no excuse for you not to get to talk to the right
person. When you get connected, all you need to do is to
ask for a reduction in your interest rate on your credit card.
As simple and as straight forward as that! Your goal here is
to get all your cards at pretty much the same or at the lowest
level of interest you can.
(b) Keep the pressure on them
Most banks and financial institutions have what’s known in
the industry a set of “under the counter rates” that they can
offer to card holders who call up and ask for rate reductions.
On most occasions they won’t want to lose you as a
customer so when push comes to shove chances are they’ll
probably offer you an incentive to stay. Don’t forget to do
your homework before calling them as you will be in a more
knowledgeable position to negotiate a better deal.
Basically, you have nothing to lose and everything to gain
by making that call. Never forget – if you don’t ask you won’t
24

What the banks don’t want you to know –
how to pay off your credit cards ten times faster
get! Just a slight warning though: some cards with reward
programs may not budge on rates. Therefore, you’ll need to
ask yourself the question what is more important to you; a
‘rewards program’ or a lower rate credit card?
c). Switch cards
If the answer is a flat no from your credit card provider to
approve a rate reduction, then you can always apply for
another lower rate card somewhere else.
There is no such thing as loyalty with banks anymore.
They are not loyal to you so it’s time to look out for number
one: you! Just remember if you switch cards always close
down your old card after the transfer.
d). Take advantage of balance transfer deals
While you are investigating switching cards, keep a look
out for the cards that offer attractive balance transfers.
By constantly switching to cards with, for example, a zero
percent rate you can save a great deal of interest. Be careful,
as I said above, not to fall for a good rate offer if the rate on
new purchases are higher than the card you left.
25

What the banks don’t want you to know –
how to pay off your credit cards ten times faster
Step Two
Fine tune your monthly budget and
find some “extra money”.
For the credit card debt buster to work properly you will need
to do a few more things.
Not only will you need to keep on making your repayments
(and not adding any more to your cards if you can) you’ll
need to find some extra money to add as “extra payments” to
your monthly repayments.
Before you say you cannot possibly squeeze another cent
out of your income, let me lay down a challenge to you. I
believe that almost everyone can find some ‘extra money’
on a consistent basis somewhere from their income. Sure
it is hard, and it takes some sacrifices, some enthusiasm
and plenty of discipline. It may indeed require you to change
some of your spending habits and get you to focus on what
you need rather than what you want. If the ultimate outcome
is to pay off your credit cards ten times faster, then I’m sure
you’d give it a go.
It all starts with a budget
If you are like the 60% of Australians who don’t have a
budget, then unfortunately you don’t really have a clear
picture of exactly where your hard earned money is going.
To make the credit card debt buster work you will therefore
need to have a clear picture of where your money is going.
26

What the banks don’t want you to know –
how to pay off your credit cards ten times faster
This is the only way that you’ll have any chance of squeezing
some extra money out each month. The reason why you
need to find some extra money per month is that this spare
cash is the fuel that makes the credit card debt buster
program work.
Stay tuned and I’ll show you how in a second.
In the meantime, to help you discover where your
money is going, I want you to ask yourself the
following questions:
1 Do I know exactly where my money goes each
month?
2 Am I making enough money to meet my needs, as
opposed to my wants?
3 Am I spending too much money on shopping and
other luxuries?
4 How much do I spend per month on “extras” like
entertainment and eating out?
5 Do I plan out what I shop for (including my
groceries and clothes)?
If the answer is ‘I don’t really know’, then you will need
to spend a bit more time, working out where your
money is going so that you can find the extra savings
opportunity you have in your budget.
27

What the banks don’t want you to know –
how to pay off your credit cards ten times faster
In fact, I can pretty much guarantee that if you go through
your budget with a fine-tooth comb, you’ll discover that even
a seemingly innocuous habit like shopping at a local grocery
store as opposed is to a big chain can take a significant
chunk out of your income!
The trick is to stay disciplined. I know it is not always an easy
thing to do but for the Credit Card Debt Buster Program to
work properly, the amount of extra money you find each
month must remain consistent.
Here’s how to find the extra money…
Head on over to www.budgetblitz.com.au and
sign up for my 28 Day Budget Blitz Program.
It only costs $19.95. But over the course of
the 28 days it will show you how to find up to
an extra $10,000 a year from your existing
budget. All you have to do is follow the easy to
implement daily technique that is delivered to
your inbox each day.
I built this program myself to get me out of
a tricky situation many years back and I still
follow it to this day. I can guarantee you will
be able to find extra money that you can put
towards your credit cards straight away.
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What the banks don’t want you to know –
how to pay off your credit cards ten times faster
Step Three
Attack your smaller debts first
One of the secrets of the Credit Card Debt Buster Program
is to pay off your debt with the smallest amount outstanding
first.
This may seem a little bit odd as you have probably heard,
that you should always pay off the card with the highest
amount first.
Granted, the amount of interest you will pay on larger
amount outstanding with the same interest rate of a card with
a smaller amount outstanding will be greater.
But it is the mere psychological effect of paying off a card
quickly that will assist you in paying off your cards at lightning
speed.
As you will see shortly the speed of paying back your cards
will very quickly outweigh this difference.
Time to make things happen.
Rank your debts
First of all, write down in the table below the name of your
cards and the outstanding balances. Then in the Repayment
Priority column write the numbers 1,2,3,4 etc (one being the
highest) to rank your debts in order or priority.
Credit Card Name
Balance Outstanding
Amount $
Repayment Priority
Total $
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What the banks don’t want you to know –
how to pay off your credit cards ten times faster
Time to kiss your credit card debts goodbye
Okay, the easy stuff has been done.
Now, for the mechanics of the Credit Card Debt Buster
Program.
There’s a little bit of number crunching coming up but don’t
worry too much we’ve built a special calculator for you to use
that does all the hard work. I’ll give you the link below.
Start by selecting the debt with the highest repayment
priority (ie number 1) and combine the minimum repayment
amount that has to be paid with the “extra money” to form
your new monthly repayment.
Please Note, while you are making the extra
repayments you absolutely must keep paying back
the minimum (or what you normally pay) on your other
cards to make the Credit Card Debt Buster Program
work efficiently. Speaking of minimum repayments,
obviously as the amount you owe decreases the
minimum required reduces. With this program, we
take the minimum repayment from the date when you
started and keep it at that level all the way through so
that you are making even more payments as you go.
By doing it this way you’ll be paying off your debts even
faster.
Never forget you are still charged interest on the
amount outstanding from the previous month despite
you paying the minimum payment.
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What the banks don’t want you to know –
how to pay off your credit cards ten times faster
A great shot in the arm for your confidence with money
By paying extra on what you already pay on the debt with the
shortest time to pay off you will achieve three things:
• First and most obvious, you’ll pay off that debt faster as I
have just pointed out.
• Second, it will have a great booster effect for your
confidence with money. Whilst it all sounds great don’t
forget that there is a reality to this process. Instead of you
facing perhaps a constant cycle of debt you will now have
a clearer picture of how to get out.
• Finally, compound interest will be working in your favour,
not in the banks!
Stacking on your extra repayments
After paying out your first debt, you will now have some
“extra money” left over (i.e. the minimum repayment amount
for the first debt plus the extra money you were paying each
month).
Now, instead of going out and spending it, the Credit Card
Debt Buster Program requires you to select the debt that has
the second shortest time to payoff.
All you need to do is simply make your normal repayments
for the second debt, but now, add the amount of money
you were making as your regular monthly repayments on
the first card. Plus the extra money you were making as
extra repayments you also made on the old credit card one.
Now you’ll really pick up some speed in paying back debt
number two as the amount you pay back each month will be
significantly be increased.
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What the banks don’t want you to know –
how to pay off your credit cards ten times faster
Here in lies the power of the Credit Card Debt Buster.
Now by making larger repayments on the subsequent card
debts without changing the overall amount you pay you will
be reducing the time frames to pay back all your credit card
debts. It is pure poetry in motion which will give you a huge
sense of achievement.
Again, you must keep in mind the exact amount of extra
repayments you make as it must be consistent all the
way through – and again be sure that your credit cards
limits don’t increase. Otherwise, it might not work as fast.
Whatever you do please don’t get complacent, as your debtfree
life is literally just around the corner!
The Credit Card Debt Buster Program in action
By now, you can see that our credit card debt buster program
is extremely simple yet enormously powerful.
But while it all may sound great in theory let me share with
you a few real-life examples to show you its true effects.
Example - An extra $250 a month paid off credit cards 22
times faster!
Yes, it sounds almost impossible but what you are about to
read will truly amaze you.
Here’s a great case of a person who had almost resigned
themselves to a life time of debt. Stuart had three credit
cards with a combined debt of $19,500 with interest rates
ranging from 12% to 15% pa. Because he was at that stage
of only paying back the minimum repayment required each
32

What the banks don’t want you to know –
how to pay off your credit cards ten times faster
month on each card, he faced an almost unbelievable 79
years and 2 months of paying off that debt. Obviously,
throughout the course of his life he may have paid it back.
However, at that point in time he was staring down the
barrel of paying off his current credit cards pretty much for
the rest of his born days! And that didn’t even include any
more debt that he could have accumulated.
Like many others in the same situation as Stuart, he had
sought the help of his bank to get his credit card debts
under control. Their suggestion was to take out a personal
loan. Unfortunately, as he had no assets the interest rate on
an unsecured personal loan was even more than he was
paying on his credit cards! Great help huh?
So, as you can appreciate, Stuart was more than eager to
start on the Credit Card Debt Buster Program.
The first thing he did was call his credit card providers and
ask for a rate reduction. It must have been his lucky day
when he did this as he managed to have his cards reduced
from 15%pa to 12%pa.
True to the program’s methods, he ran a fine-tooth comb
over his budget and looked for areas where he could
economise or gain greater utility. Effortlessly, he found an
extra $250 per month that he could use as his “extra money”
to make extra repayments.
These savings came from areas where he could easily
reduce spending on things such as a result planning his
meals in advance and cancelling his gym membership he
no longer used. The best part about these savings was
that all of them, were able to be maintained in the long
33

What the banks don’t want you to know –
how to pay off your credit cards ten times faster
term as well Stuart even admitted that he didn’t realise how
obvious these savings were until he actually sat down and
took a long hard look at where his money was actually going.
(Maybe that’s a hint for you!).
With the $250 “extra money”, he then started on the debt
with the number one priority. As you can see from the table
below (you’ll get your chance to do one of these for yourself
in a moment) the sheer fact of paying off an extra $250 a
month on his first credit card over and above his minimum
repayment meant that he could reduce the total repayment
time to only one year and two months.
With Credit Card debt A out of the way after a mere 1 year
and 2 months, Stuart was then able to start using what I
call the ‘stacking theory’ of the Credit Card Debt Buster
Program.
Here he simply added the minimum repayment of the second
card to extra repayment money and the minimum amount for
Credit Card A (ie stacked) to create a new total of $440 (see
the table below).
During the 1 year and 2 months it took for Stuart to pay back
Credit Card A he was maintaining his minimum debts for all
his other cards. As a result of these payments being made,
his initial balance for Credit Card B (as you can see in the
table below) fell from $5,500 to $4,731. By paying the $440
per month on that card he was going to reduce its term to
only 1 year and 1 month.
Getting excited? Stuart sure was.
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What the banks don’t want you to know –
how to pay off your credit cards ten times faster
Especially, because he could see that from the calculations
we did in the beginning (also see the table below) he would
be debt free in a few short years. Plus given that over time
he expected his income to increase, the amount of money
he was allocating to the repayments would become less
and less burdensome. For him to succeed, he just needed
not to remain focused and not become complacent with his
exceptional achievement and “not slacken off
As for Credit Card C, Stuart still maintained the minimum
repayments required on this card for about 2 years and 3
months (as this was the length of time it took him to pay off
Credit Card A and B). Please note he continued to pay these
cards on time each month to avoid late payment fees.
This meant that his balance was then $7,458. In other words
this is what was left over from his original balance of $10,000
for Credit Card C, 2 years and 3 months ago.
Using the ‘stacking theory’ he combined the minimum
repayments from his already paid out Credit Cards A, B with
his minimum original repayments from Credit Card C.
Added to this, was the original “extra money” (ie the $250)
that he was continuing to pay back when he originally started
the Credit Card Buster Program. (Remember the savings
he made from planning his meals and closing his gym
membership). All of this now added up to give him a new total
monthly amount of $640 to be paid on Credit Card C.
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What the banks don’t want you to know –
how to pay off your credit cards ten times faster
By doing this he paid off Credit Card C in 1 year & 7 months.
Credit Card
Name
Balance
Outstanding
Amount $
Monthly
Repayments**
Est time to pay
(years*)
Repayment
Extra Repayments
(including min
repayment)
arting Balance
Outstanding
(reduced over time
& min payments)
New Est time to pay
new outstanding
amount (years*)
No of years* saved
Credit
Card A $4,000 $80 23.2 1 $330
($80+$250)
$4,000 1.2 22
Credit
Card B $5,500 $110 25.10 2 $440
($110+$250+$80)
$640
Credit
Card C $10,000 $200 30.9 3 ($200+$250+
$110 +$80)
* Years are expressed as years and months
(eg 1.2 = one year and 2 months).
**Minimum repayments shown use 2% of the balance outstanding)
$4,731 1.1 24.9
$4,731 1.1 24.9
Total $19,500 $390 79.2 3.5 76.6
As you can see there are massive benefits to
the Credit Card Debt Buster, and they can only
be obtained if you keep at it. Here you must:
1 Keep up your minimum repayments
2 Keep paying your “extra money” every month
3 Keep paying the extra repayments
4 Stack the payments on top of each other as you
pay off the debts and
5 Don’t add significantly to your current card
debts.
36

What the banks don’t want you to know –
how to pay off your credit cards ten times faster
Like Stuart, you must be very focused. He calls it a money
miracle as he could not ever imagine that he could be
credit card debt free in 3 years and 5 months! Especially,
considering that he was looking at a life time of debt.
Seventy nine years and two months to be exact!
Now his life is massively different in such a positive way. He
has his credit cards totally under control and is now in the
habit of paying them off in full each month if and when he
uses them.
Think that you can do it?
You bet you can!
Is it hard? Nope!
The example below shows you how the credit card debt
buster can help those even with small credit card balances.
Example: $100 a month pays off credit card 12 times faster!
Let’s look at another person who shrunk their debt by using
my Credit Card Debt Buster Program! Michelle only had one
credit card that constantly had about $1,500 outstanding at
10% pa.
But the problem was she could never get it down. Every time
she would get ahead she would go out and buy something
else, putting her right back where she started. By only paying
the minimum amount each month, she too was going down
a similar path to Stuart. In fact, Michelle was looking at 13
years and 3 months to pay back her cards.
37

What the banks don’t want you to know –
how to pay off your credit cards ten times faster
Credit
Card
Name
Balance
Outstanding
Amount $
Monthly
Repayments**
Est time
to pay
(years*)
Repayment
Priority
Extra
Repayments
(including
min
repayment)
New
Est time
to pay
(years*)
No of
years*
saved
Credit
Card A
$1,500 $30 13.3 1
$130
($30+$100)
1.1 12.2
* Years are expressed as years and months
(eg 1.1 = one year and 1 month).
**Minimum repayments shown use 2% of balance outstanding)
Again, she followed the steps outlined above and she went
through her budget. Here she was able to quickly find an
extra $100 a month (or approx. $25 a week!) to use as her
“extra repayment money.” A few cuts here and there were
needed but nothing substantial. In other words, she didn’t
have to live on baked beans just to pay back her card.
As Michelle only had one credit card, this process was easy.
She simply made an extra $100 payment on top of her
minimum repayment each and every month from thereafter.
By doing this she was now on her way to paying her card off
in full (assuming she didn’t add any more to it) in just under
a year and a half. That is a saving of 11 years and 10 months
or at a rate of 11 times faster than she was facing.
Moving forward she still had a credit card but she then
thought about her purchases and to keep her in check if she
didn’t pay back her card in full each month she used the
Credit Card Debt Buster Program when necessary.
38

What the banks don’t want you to know –
how to pay off your credit cards ten times faster
Now, don’t get me wrong I like credit cards and I
believe that that they are a great tools for us to use
- but we need to control the use of that tool so that it
works for us! In other words use it to buy things, get
your points and pay it off in full each month or as
fast as you can.
Having now read this eBook, I certainly hope that
you can see why the banks and financial institutions
don’t want you to know this and that they are
certainly not your friends.
It’s time to assert your financial independence once
and for all.
Take control of your finances today.
Please start on the 28 Day Budget Blitz Program,
use the Credit Card Debt Buster Program – and
kiss your credit card debt good-bye for good!
All the best
Greg Smith
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