Comments on: 24 Signs That You Could be in Financial Trouble #17: Paying Only the Minimum Payment on Your Credit Card http://genxfinance.com/2007/04/12/24-signs-that-you-could-be-in-financial-trouble-17-paying-only-the-minimum-payment-on-your-credit-card/ Helping a unique generation achieve financial independence. Sat, 13 Mar 2010 15:33:11 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Kristina http://genxfinance.com/2007/04/12/24-signs-that-you-could-be-in-financial-trouble-17-paying-only-the-minimum-payment-on-your-credit-card/#comment-62861 Kristina Fri, 14 Mar 2008 13:36:17 +0000 http://genxfinance.com/2007/04/12/24-signs-that-you-could-be-in-financial-trouble-17-paying-only-the-minimum-payment-on-your-credit-card/#comment-62861 This is brilliant advice. Luckily for me i sort of knew about this already - i learnt my lesson through a credit card experinece of my own. The post will be very helpful for those who are not fully aware of the disadvantages of paying only the minimum amount required. I am so glad that you gave an example with calculations because this really did help to reinforce what was said already. It became even clearer. Thank you so much. This is brilliant advice. Luckily for me i sort of knew about this already – i learnt my lesson through a credit card experinece of my own. The post will be very helpful for those who are not fully aware of the disadvantages of paying only the minimum amount required.

I am so glad that you gave an example with calculations because this really did help to reinforce what was said already. It became even clearer.

Thank you so much.

]]> By: Credit Cards – Looking At the Cost of Paying the Minimum Due http://genxfinance.com/2007/04/12/24-signs-that-you-could-be-in-financial-trouble-17-paying-only-the-minimum-payment-on-your-credit-card/#comment-53345 Credit Cards – Looking At the Cost of Paying the Minimum Due Wed, 23 Jan 2008 13:01:59 +0000 http://genxfinance.com/2007/04/12/24-signs-that-you-could-be-in-financial-trouble-17-paying-only-the-minimum-payment-on-your-credit-card/#comment-53345 [...] amazing, isn’t it? It makes me feel a little silly to admit that I used to only pay the minimum payment all the time (and we were also still charging on our cards, but that’s a different [...] [...] amazing, isn’t it? It makes me feel a little silly to admit that I used to only pay the minimum payment all the time (and we were also still charging on our cards, but that’s a different [...]

]]> By: Greg Hampton http://genxfinance.com/2007/04/12/24-signs-that-you-could-be-in-financial-trouble-17-paying-only-the-minimum-payment-on-your-credit-card/#comment-3270 Greg Hampton Thu, 26 Apr 2007 16:21:44 +0000 http://genxfinance.com/2007/04/12/24-signs-that-you-could-be-in-financial-trouble-17-paying-only-the-minimum-payment-on-your-credit-card/#comment-3270 The minimum payment is one of the most misunderstood and poorly explained principles of credit cards. In 2005, new regulations forced credit card issuers into increasing the minimum payment percentage so that at least a small portion of the monthly payment would go toward the balance. Unfortunately, this percentage is difficult to find and is not listed in most terms and conditions. Call your issuer to find out the percentage used for your account, then use a rate calculator to figure out how long it will take to pay off your balance. Most consumers will be shocked to find how long it will take them to pay off the balance by just paying the minimum. While Congress is focused on the credit card industry, they should require credit card companies to provide this calculation on the cardholder's monthly statement. The minimum payment is one of the most misunderstood and poorly explained principles of credit cards. In 2005, new regulations forced credit card issuers into increasing the
minimum payment percentage so that at least a small portion of the monthly payment would go toward the balance. Unfortunately, this percentage is difficult to find and is not listed in most terms and conditions. Call your issuer to find out the percentage used for your account, then use a rate calculator to figure out how long it will take to pay off your balance. Most consumers will be
shocked to find how long it will take them to pay off the balance by just paying the minimum. While Congress is focused on the credit card industry, they should require credit card companies to provide this calculation on the cardholder’s monthly statement.

]]> By: Addressing the Canny Investor http://genxfinance.com/2007/04/12/24-signs-that-you-could-be-in-financial-trouble-17-paying-only-the-minimum-payment-on-your-credit-card/#comment-2906 Addressing the Canny Investor Sun, 15 Apr 2007 05:45:41 +0000 http://genxfinance.com/2007/04/12/24-signs-that-you-could-be-in-financial-trouble-17-paying-only-the-minimum-payment-on-your-credit-card/#comment-2906 [...] Comment on 24 Signs That You Could be in Financial Trouble #17 …X Finance has 24 Signs That You Could be in Financial Trouble #17: Paying Only The Minimum Payment On Your Credit … which explains how minimum payments are calculated by credit card companies, and encourages us not […] [...]

]]> By: Money Articles: Want To Know How To Double Your Money? Why Not Triple It? » Silicon Valley Blog About Money http://genxfinance.com/2007/04/12/24-signs-that-you-could-be-in-financial-trouble-17-paying-only-the-minimum-payment-on-your-credit-card/#comment-2878 Money Articles: Want To Know How To Double Your Money? Why Not Triple It? » Silicon Valley Blog About Money Sat, 14 Apr 2007 15:16:43 +0000 http://genxfinance.com/2007/04/12/24-signs-that-you-could-be-in-financial-trouble-17-paying-only-the-minimum-payment-on-your-credit-card/#comment-2878 [...] X Finance has 24 Signs That You Could be in Financial Trouble #17: Paying Only The Minimum Payment On Your Credit ... which explains how minimum payments are calculated by credit card companies, and encourages us not [...] [...] X Finance has 24 Signs That You Could be in Financial Trouble #17: Paying Only The Minimum Payment On Your Credit … which explains how minimum payments are calculated by credit card companies, and encourages us not [...]

]]> By: For The Client Who Would Be King http://genxfinance.com/2007/04/12/24-signs-that-you-could-be-in-financial-trouble-17-paying-only-the-minimum-payment-on-your-credit-card/#comment-2788 For The Client Who Would Be King Thu, 12 Apr 2007 23:39:57 +0000 http://genxfinance.com/2007/04/12/24-signs-that-you-could-be-in-financial-trouble-17-paying-only-the-minimum-payment-on-your-credit-card/#comment-2788 [...] 24 Signs That You Could be in Financial Trouble #17: Paying Only …I don’t want to spend too much time on this one since it is fairly obvious, but if you find yourself paying only the minimum amount due on your credit card bills you are heading down a long road of almost eternal finance charges. … [...]

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