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lotusland35 | What is the least amount I should pay on my credit card a month? |
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 |
 
MBA Don
 |
Well, you must pay the minimum payment to stay current.
However, you probably don't want to pay only that amount. If you pay a 2% monthly minimum payment (with a $10 minimum) on a $25,000 credit card debt... it'll take you just under 50 years to pay off the debt.
Now that some credit card companies switched to the 4% monthly minimum payment, you would take around 15 years to pay off the same loan.
I think you should make a monthly budget first which allows you to live within your means. Then you should determine an amount to put into savings each month from what's left. The rest of the money should go toward paying your highest credit card debt.
Say you have a monthly take home income of $3,000 and need $2,000 to pay bills. Then you have $1,000 left each month. In this case, I would recommend putting $500 of that amount into savings, and then use the remaining $500 as additional payment and pay the credit card down. |
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Michael B
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Pay all of it. In other words, never pay with a credit card when you know that you don't have the money. Otherwise you fall into financial hell. It can take years to climb out. |
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tonalc1
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Your bill will show the minimum payment. However, if you only pay the minimum payment, it will take you many years and many more dollars to pay off the card.
Pay whatever you can afford; it shouldn't be easy. |
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traffic816
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Pay at least 20% of it a month.
--------------------------------------...
http://www.bestcreditrates.net |
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Stefan D K
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You pay the amount you spent! |
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Vampir V
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I don't understand your question. - You have to pay all your credit card bills. - Never spend money with your credit card you can't pay back.
That's the beginning of the end ... |
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Plater
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Worry about the minimum payment first as well as any amount over the limit by the due date. As long as you make that, you shouldn't be charged any additional fees like late or over limit. Then, as you can afford it, make larger payments. Your best option would, of course, be to pay the balance in full. |
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Melissa B
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make minimum payment and 10% remaining balance if you can afford it. You pay less interest this way! |
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Phineas J. Whoopee
 |
It depends on a number of factors. But I suppose a simple answer is definately pay more than the minimum payment due. |
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~ViSiOnArY~
 |
As anyone would want to pay as much off as you can. Sad enough that is not always the case. Pay as much as you can less interest. Even though your statement has a minimum that wont always pay anything to the principle. If you owe 2 grand and your minimum payment is $60 pay $100 that way it will help you pay it off sooner as well. One last thing.....
Call your credit card company regularly every 6 months and re negotiate your interest rate. |
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morrisville75
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Best Answer I can give is pay it off fully, if not you will end never catching up after a while |
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