Money Basics
Why Minimum Payments Matter
The minimum payment keeps your account current, but it usually does not help you get out of debt quickly.
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What is the minimum payment?
It is the smallest amount the card issuer requires by the due date to avoid being late.
The trap
If you only pay the minimum, a lot of your payment may go toward interest, leaving the balance to shrink very slowly.
Why it gets expensive
Long payoff times usually mean much more total interest paid.
Better approach
Pay more than the minimum whenever possible, even if it is a little extra each month.
Related tools & recommendations
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