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Is paying the minimum on a credit card debt ever a good idea?

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When you make only the minimum payment on your credit card, you're giving yourself temporary relief. But you're also committing to paying more in interest charges later. If you pay the minimum toward your balance each month, paying down your debt will take much longer. read more

Paying minimum balance on a credit card is not a good Idea unless you are not able to pay the entire amount. Credit card debt is extremely expansive. The Intrest on a credit card is much higher than any investment product. More over, you will be paying compound intrest on the credit card debts. read more

When you make only the minimum payment on your credit card, you're giving yourself temporary relief. But you're also committing to paying more in interest charges later. If you pay the minimum toward your balance each month, paying down your debt will take much longer. read more

This amount is a very small percentage of your balance, usually about three percent, and it would take you years to pay off your credit card if you followed this payment schedule. The minimum payment mostly covers the interest that you are paying on your credit card each month. read more

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