PAYING ONLY THE MINIMUM BALANCE
Your minimum payment of 3 percent of your balance or $25, whichever is greater, seems completely reasonable, right? Well, if you have a card with the average interest rate of 17.55 percent and carry the average credit card debt of $6,929, it will take 15 years and three months to pay what you owe if you just pay the minimum. “If you’re counting on making only your card’s minimum payment, you could end up paying much more in interest than you’d save on the deal,” says Lisa Lake of the Federal Trade Commission.
