What is a Minimum Payment on a Credit Card?
I wouldn’t advise only making minimum payments on your credit cards, but it can make sense in certain situations. Most of the time, you’ll want to steer clear of minimum payments because they lead to interest charges and debt piling up fast. But if you are in a financial pinch or using the snowball or avalanche methods (don’t worry, I’ll cover them later), making minimum payments could actually be helpful. A minimum payment is the least amount you must pay by the due date to... read more »