Tori
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Your balance is probably going down a little bit, but not much. Depending on what the interest rate is, you're probably being charged anywhere from $4-$7 a month in interest. Payments are always applied to interest first, so that means that only somewhere between $3-$6 a month is being put toward your balance. At that rate it would take a couple of years to pay it off and you'll end up paying about as much in interest as your initial balance. |
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A W
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At $10 a month, you are paying probably $8 a month in interest. That is how banks make their money....you only make the minimum payment, your balance barely goes down, and so on and so on. Make payments of $25 or more a month and you will see the balance come down faster. |
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James Dean
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Sadly it's not that easy. Every month you have to pay interest. Therefor the $10 you pay..maybe $4-5 is actually coming off of the balance. |
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..Nay..Nay..
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I FRIGGIN HATE CREDIT CARDS... AND INTEREST IS TERRIBLE YOU REALLY NEED TO LOOK OUT FOR THAT.. I AM DEALING WITH THE SAME THING RIGHT NOW. I DROVE THE CARDS 1 HOUR AWAY TO MY MOMS HOUSE AND GAVE THEM TO HER.. THAT WAY I FIGURED UNLESS I REALLY REALLY NEED THEM I WONT BE DRIVING THAT FAR A WAY TO GET THEM.. AND ITS MY MOM SOOO I NO SHES NOT GONNA LOSE OR USE THEM. |
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Kris
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Your probably just paying off the interest i would try doubling your payment..on my credit card i never make a payment under 50 depending if I used it that month or not. |
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Gem
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Every month you carry the balance the bank charges you interest. Interest is how banks make money, else there would be no banks.
If your interest rate is above one or two percent, the BULK of your $10 is going to the interest and very few cents are going to the balance. As you are finding out.
So, you are wasting your cash $10 at a time.
Take a second job and pay it off ASAP. Then don't use credit cards except for emergencies.
We all have to quit being suckers to the machine and start using our money wisely. |
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lexy
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One word my friend... interest.
If you want the balance to go down by $10 then you have to pay whatever the accrued interest is (it is listed on the statement) PLUS $10. |
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★☆★Mrs. Rose☆★☆
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Check and see what your interest rate is. If your interest rate is 2.86%, then your inerest will be $10/month based on your balance of $350 and you will only be paying that and not your actual balance. It is wise to pay more than your monthly payment to decrease your balance much faster. |
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Shredded Cottage Cheese
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the minimum payment only barely covers the accruing interest. the principle (original amount) is barely touched. that way, each month they get to hammer you with interest month after month. Paying the minimums keeps you on the hook to the bank for years and they make 5 or 6 times the original amount owed. |
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tamstat
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If you would like to see the balance go down you have to pay more than the amount owed. I would pay at least $20 a month on the card, at least that way you know $10 is going directly to your balance while the $10 you were billed is covering the interest and other fees credit card companies like to charge. |
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smartypants909
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Each month you are charged interest and a finance charge, and that may be all your minimum payment is covering. You need to pay more than the minimum payment to get the balance down. |
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danesgirl74
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Sorry but you are wrong. The reason being that every month that you have a balance on your card you will accrue finance charges from the interest. Depending on the amount of your interest rate you might only be paying interest every month so your principle will stay the same. Try sending at least $20.00 if you want the principal to go down as well. |
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Just M
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instead of paying $10.00 , buy $50.00 , get it paid off.....
it could take people 20 / 30 yrs to get bill paid off if they keep paying the minumum . |
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