Minimum Payments: A Monster That Will Eat You Alive
Posted on June 4, 2010, viewed times and has 0 comments
via mint.com
Using credit cards comes with plenty of traps, but none is as deep — or easy to fall into — as minimum payments. Card issuers make it seem so easy: even if you owe thousands of dollars, you could settle that monthly bill with a minimum payment that’s just a small percentage of your actual balance. Minimum payments can be as low as 1.5%, so you could pay less than $100 on a balance that’s in the four digits!
This visualization of the disastrous effects of making minimum payments.
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