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Why you should never just pay the minimum payment on anything
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[QUOTE="King bell, post: 253494, member: 75687"] 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. [/QUOTE]
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Why you should never just pay the minimum payment on anything
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