Why you should never just pay the minimum payment on anything

[King bell]

If you're like most people, you probably just pay the minimum payment on everything. After all, it's the easy thing to do. But did you know that by doing this, you're actually paying more in interest and fees?

Here's why you should never just pay the minimum payment on anything:

1. You're paying more in interest and fees.

When you only pay the minimum payment, you're not really paying off your debt. In fact, you're actually paying more in interest and fees.

2. You're not really making a dent in your debt.

Paying only the minimum payments will not help you get out of debt any faster. In fact, it will take you longer to pay off your debt because you're not really making a dent in it.

3. You're putting your financial future at risk.

By only paying the minimum payment, you're putting your financial future at risk. If you're ever in a situation where you need to borrow money, you may not be able to do so because you have a bad credit history.

4. You're stressing yourself out.

Paying only the minimum payments can be stressful. You're always worrying about how you're going to make the next payment and if you're going to be able to keep up with your debt.

5. You're missing out on other opportunities.

When you're only paying the minimum payments, you're missing out on other opportunities. You could be using that money to save for a down payment on a house or investing in a solid financial future.

 

[Vladv26]

Sometimes, paying the minimum is the only option most people have because they are so deep into debts that paying more than the minimum would have consequences on their finances for the rest of the month. I think one way you can get through this is by cutting down your monthly expenses, and use the extra money to pay your debts. Check on what you spend your money every month on. Of course you first cover your basic needs like rent, food, and bills but maybe you also spend money on pleasures of your that you don't need to survive. Maybe you spend money on clothes, expensive food, cigarettes or alcohol, gambling, using car instead of public transportation. You don't need all of these things, so stop paying for them and instead cover your debts.

Paying just the minimum amount will not help you because the interest is going to add up every month and the longer it takes you to pay the debts the worse its going to get for you. So make some sacrifices for the next couple of months or years until all your debts are paid and then you can be free again. And you can start living a better life, using your money for your pleasures instead of paying debts every month