Now lets go to your monthly credit card statement. If you don't pay that much, your balance will grow. The minimum payment you can make, on the other hand, is far less, barely enough to cover interest. The only way to get out of this hole is to start paying the amount you charge, the interest, and something extra. Do that, do it each month, and you will owe less at the end of the year.
Many people have difficulty being disciplined about their credit card use.
If you're one of those people, the best solution is to stop using the card. Pay cash until the debt is paid off. Now lets consider what is proposed. The annuity salesman is suggesting that instead of paying off principal and saving 21 percent interest that you invest the money in an annuity that probably earns at a lower rate. According to the Fisher Annuity Index, for instance, the recent average yield on a fixed annuity with guaranteed principal was 6.13 percent.