I have been paying minimum payment to my credit card for ever and the balance just goes up and up

Let me just reiterate what has already been expressed: you do have to pay more than the minimum payment. When you just pay the minimum, you aren't even touching the actual balance...just the interest. That is a very dangerous spot to find yourself in. If you have more than one credit card, try the trickle down payment. Start with a card (you can choose the one that has the smallest balance to knock that out of the way first or tackle the one with the highest interest rate) and pay it off. Once that is paid off, take all that money that you normally pay and put it towards the next card. The amount you pay towards the card will just snowball into bigger amounts--making it easier to pay it all off completely.

But maybe you can't afford to pay more than the minimum payment. If this is the case, here are a few tips to save you some money so you can put more towards paying off that elusive credit card.

1. Downgrade any services you can. I know this seems like a pain, but see if you can switch to less-expensive services (internet, cable, phone, gym membership). Take all the extra money that you are saving and put it with your credit card payment.

2. Get another job. A part-time job just might do the trick as well. You don't have to commit to a life of multiple jobs, but you can most likely find something, working just a few hours a week, that will help you pay off your credit card even quicker. As soon as you get on top of your debt, you can go back to having more free time.

3. Have a garage sale. People can make a lot of extra money this way. And just think: you will not only be making money, you will be cleaning out your house at the same time.

4. Start buying off-brands at the grocery store. Most off-brand products are about the same as the name-brands...just less expensive.

5. Find a gas club for free or discounted gas. Because the price of gas is so expensive in the United States right now, you will need to find an alternative to paying the full price. There are gas stations that offer a discount card that knocks off a couple cents off each gallon. This may not seem like a lot, but it adds up. Also, if you can walk somewhere rather than drive, seriously consider it.

6. If you have a mortgage, this can take up all your extra money that you could be using to pay off your credit card. United First Financial has a program called the money merge account. It helps people pay off 30 year loans in an average time of about 7-14 years. It takes dedication, but it is completely worth it. Just imagine how fast you can get out of debt when you don't have to worry about your house payment.

Good luck getting that credit card paid off. Remember to pay as much as you can over the minimum payment to get it paid off. It will be tricky and stressful, but it is possible.

pay more than the minumum amount, otherwise you are only ever paying interest and never anything off the actual balance.

then cut up all credit carda and store cards and only buy things you have money for. if you dont have the money , dont buy it. thats the best but harshest way to learn and save a lot of money wasting in credit card interest, its what makes them rich and us poor

Pay more then minimum.

That's why it is written on your statement in small print:

"IF YOU ONLY PAY THE MINIMUM PAYMENT EACH MONTH, IT WILL TAKE YOU LONGER AND COST YOU MORE TO CLEAR YOUR BALANCE"

Conclusion: pay more than the minimum by at least 2 times or more.

The word is interest.

You've just been throwing money away.

If you pay off less than your *estimated interest* each month then the balance will keep going up.

To make it go down, you have to pay off more than your estimated interest each month. The more you can pay each month, the quicker it will go down and the less money you will have paid in the long run.

Change to a credit card with 0% or a low interest rate for balance transfers, that way youre paying no or very little interest so your balance will get paid off faster!!

If you pay only the minimum you'll be in debt for the rest of your life.

Everyone knows you have to pay more than the minimum.

this is because the minimum payment is less than the interest you are being charged.

The way to solve this is firstly to stop using the card and then to pay more than the minimum. If you can pay a lump sum off. Otherwise transfer the balance to a 0% card. This may carry a transfer fee.

Then pay off larger amounts whilst it is a 0% but don't spend any more on it.

why is your name "wise old bird" if you don't even understand how a credit card works :|
*sigh*

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