The Minimum Payment Trap

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Full transcript

You owe $5,000 on your credit card. Your statement arrives and says your minimum payment is only $125. You pay it on time — feels responsible. But here's the part that's easy to miss. At 24% interest, roughly $100 of that $125 goes to interest. Only about $25 actually reduces your debt. So your $5,000 barely moved. Next month, interest hits again — and again — and again. "Minimum payment" doesn't mean what you should pay. It just means the least required to keep your account open. So don't just ask if you can afford the minimum. Ask: how much is this debt actually costing me?

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