What happens when you pay the minimum payment on your credit cards?
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If you decide to pay the minimum payment due on your credit card, there are a few problems regarding interest and when you'll pay it all off that you need to consider. It's not the end of the world if you make minimum payments, but it's not something you should do unless you have no other choice. Paying the minimum will avoid late payments and bad reporting on your credit score, but you'll be wasting so much money on interest if you choose the minimum path.
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0:00 Introduction
0:39 No late payments Doesn't get reported
1:28 Pay off statement balance in full or pay interest
2:28 They'll take an average
2:50 Big purchases at the end of the cycle
3:09 Pay down your credit card as often as you can
3:56 $20-$30 minimum
4:23 Stop charging and pay off more
4:43 Lose the grace period
5:44 How to stop paying interest?
5:58 Pay off statement balance for two months
6:22 Check the fine print
7:03 Don't pay the minimum
