Do you worry about reducing your debt? If yes then why are so many people only paying the minimum payment on their credit cards? Is it because they think if they keep paying the minimum payment every month it will pay itself off within months? Well that is not the case and we have to sort this problem out and fast.
Credit card companies love the fact they we only pay the minimum payment every month. Why? because they are raking it in while the interest rates are crippling us. So what started out as a small credit card bill could escalate into thousands of pounds. Say your credit card statement arrives your balance is 2000 the minimum payment is 40 which is 2% of your balance, if you keep paying just the minimum payment its the interest that most of your 40 is going to and not much to your bill.
The minimum re-payments have dropped as the credit card companies and banks originally charged 10%, but they found that customers where paying their debt back a lot quicker with the 10%. So the way for them to get more interest out of us was for them to reduce the percentage of the minimum payment, making us think that they where helping us but in fact they where just...
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