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By Andrew Housser

Nobody likes receiving credit card bills, and so when the due date rolls around, it can be all too tempting to write a check or enter an online payment for just the minimum amount. But before you click “submit payment,” you might want to think about some different strategies that will pay your total debt off faster.

First, consider these two points:

1) Imagine you have a credit card debt of $ 10,000 with a 19.9 percent interest rate. In this case, a standard minimum payment of 3 percent of the monthly balance would be $ 300 per month. Suppose you always pay only the minimum payment, without adding more to the balance, until you have paid the debt in full. The minimum payment will decrease over time as your balance decreases, going down to $ 50 per month, for example, as the balance goes down. You’ll be paying this credit card bill every month for 15 years, and repayment will cost you more than $ 21,000.

2) On the other h…………… continues on WSHM – News, Weather and SportsWinter in June? Choose the … – WSHM-TV
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