Anyone who has ever had a credit
card is familiar with the “Minimum payment due” block on their monthly
statement. This figure is arrived at by calculating the interest due on the
balance and adding in a small portion of the principle. Anyone who pays just
the minimum payment due will soon discover that it can take a very long time to
pay off that debt. What happens though, when people continue to run up debt on
their credit card while paying just the minimum is what makes credit cards so
dangerous for those without enough self-discipline to pay off their debt each
month. (continue reading)
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