Don’t Just Pay The Bare Minimum

Whether we’re talking about an auto loan, a personal loan, or a credit card, your lender will set the minimum payment you must make each month. But this is often a minimal amount. Check out your credit card statement.

Paying the minimum balance on your credit card will take you much longer to pay off your entire bill. You’ll pay less overall interest if you pay more than the minimum. Your card company must chart this out on your statement.

So you can see how it applies to your bill. Paying more than the minimum will save you money on monthly interest payments, which will enable you to pay off your balance much faster.

We recommend you pay as much as you can every month towards your credit card debt to reduce your overall interest.