loading...
Minimum Payments Create a False Sense of Security

Minimum Payments Create a False Sense of Security

Your credit card provider only needs you to make a small payment every month to evade late fees and keep your account in good standing. Regrettably, next to making no payment at all, minimum payments are the poorest way to pay off your balance. You will spend more time paying your balance and pay more interest if you make only the minimum payment.
How to avoid it: Paying your balance in complete is perfect, but if you cannot pay off your entire balance, pay more than the minimum to get rid of your balance faster and decrease the amount of interest you pay in total.


Leave a Reply

Your email address will not be published. Required fields are marked *