Finance forum for small business! Discussion on Funding your business, banking, loans, budgeting, tax, payroll, and exchange rates.

 

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Full Payment Of Credit Card Good or Bad?

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    Question: Full Payment Of Credit Card Good or Bad?

    Is it good to pay credit cards in full? It saves you money. But it costs money to pay them in full, instead of making the minimum payment. The balance you don’t pay off starts accruing interest. I’m interested. Tell me what happens. If the interest rate on the credit card is 10%, you get hit with interest on the balance you didn’t pay. And if the next payment doesn’t pay it down, you’ll pay interest on the interest.

    They changed the laws a few years ago so that the minimum payment meant you’d pay off the balance within 7 to 10 years, instead of never really making progress. So if I always pay the minimum, I’d pay as much in interest as the balance. And it gets worse if you are charging more to the card while paying the minimum.

    So giving as little as you can get away with costs. A lot. And you can’t write off credit card interest the way you could your home mortgage interest. It’s almost as bad as student loans. No, student loans are worse. You can discharge credit card debt in bankruptcy and negotiate down the balance.

    You can defer student loans. When you defer student loans, the interest continues to build up. And you can’t get rid of it in bankruptcy, the IRS can come after you for the balance, and the law limits you to one refinance. Whereas you could rollover one credit card loan to another to get a lower interest rate.
    The federal government makes the credit card companies look generous.
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