How the monthly minimum repayment figure on your credit card all adds up
Published on Tuesday, 1st of March 2011 by Robert Blane. This article has previously been viewed 136 times and was last read on Saturday, 19th of May 2012 at 19:38:12.
It is a little known fact that the monthly minimum repayment figure on your credit card ensures that, if you only paid this amount, it would take you many, many years to pay off your credit card bill.
Typically, the monthly minimum repayment figure is slightly more than the monthly interest owed on your debt. This ensures that only a tiny fraction of the actual debt gets repaid each month and, further, ensures that the credit card company maximise their return on the debt that you owe them
If possible, always, always, always try and pay off more than the monthly minimum repayment figure.
