Credit Card Minimum Payments

Did you know that with most credit cards, if you pay the minimum required monthly payment you will end up paying more in interest than what you paid for your original purchase?

THAT is exactly how banks make money and that is why the retail industry promotes the use of bank credit cards and company-branded credit cards.

It is the power of compound interest. If you are investing your money, compounding works in your favor, but if you are borrowing money, compounding works against you.

Click on the video image below to learn how paying just a few dollars more a month on your debts makes such a big difference.

A short Pop Quiz follows below the video.

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