Repair Your Credit | Avoid the Minimum Payment (Pt. 2)

Like I said last time…

Welcome back to “Repair Your Credit.” CLICK HERE if you missed part one of this article. You’re here because

…enough is enough!

Believe me, I’ve been there. I have receipts from quick payday loans and debt relief to show for it. One day you will awaken to find that all you are able to pay to your creditors is the minimum payments. You simply can’t do anything more, which is unfortunate, because as I’ve already mentioned in this E-book, paying the minimum is the longest, most expensive possible path to take and still be able to pay off an account. If you’re OK with it taking years longer (and costing you much more than the credit you originally used), then paying the minimum is your speed. You shouldn’t go there, however.

Minimum payments are subtle, enticing and ultimately dangerous. They are financial time bombs that will leave your money in disarray if you lean upon them. They may seem convenient and affordable, but they are neither one of those things in the long run.

But they’re convenient for someone!

That’s right - for your creditors. It’s convenient for them because your paying the minimum only amounts to a cash machine in their employ. If you have a $1,000 debt, an interest rate of 18 percent and a two-and-one-half percent minimum monthly charge on your balance, paying it all off by only making minimum payments would take you 13 years. Again, I’ve mentioned this before. You need to know how much damage you can do to your finances with simple decisions. ... click here to read the rest of the article titled "Repair Your Credit | Avoid the Minimum Payment (Pt. 2)"