Why You Should Always Pay More on Your Credit Card than the Minimum Payment
Paying only the minimum on your credit card can negatively impact your credit score and rack up costly interest payments. Here’s why you should always pay more than the minimum:
Your credit score is important. A good credit score can help you get approved for loans, lower interest rates, and better terms. A bad credit score can make it difficult to get approved for anything at all. Your payment history is the biggest factor in your credit score, so paying only the minimum will drag down your score.
Interest payments can add up quickly. The longer you carry a balance on your card, the more interest you’ll have to pay. If you only make the minimum payment, it will take forever to pay off your balance and most of your payment will go towards interest, not the actual balance.
You’ll save money in the long run.
The Law Offices of the Omar Zambrano has helped thousands of people and businesses in the past to get out of debt and start over.
Our goal is to help you find a fresh start FAST!
Schedule your free consultation today! By Calling 626-338-5505 or visiting us at 12738 Ramona Blvd Baldwin Park CA 91706