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Business Insider

I’ve paid off over $8,000 of credit card debt thanks to a simple habit change I didn’t realize I needed to make

By Laura Dunn

“Most credit card companies set minimums so low that the minimum monthly payments barely cover the interest accrued for the month,” Corbin Blackwell, a financial planner with Betterment, told me when I asked about minimum payments. She continued: “By paying the minimum, borrowers end up paying much more interest over time and stay in debt longer. Making the minimum payments on time helps you avoid late fees but does very little to help you actually chip away at your credit card debt.”

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This article originally published June 23rd, 2019 on Business Insider