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Why you should never just pay the minimum payment on anything
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[QUOTE="Vladv26, post: 253505, member: 39581"] 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 [/QUOTE]
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Why you should never just pay the minimum payment on anything
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