The Slippery Slope of Just Making Monthly Minimum Payments
September 10, 2009
Credit card payment structures are devised to keep a consumer paying for thirty plus years as a revolving debt. The monthly minimum payment required is usually between 2% and 3% of the total balance. That will keep you in good standing with the bank and you'll be reported as being current on those accounts. You'll be in good standing with the banks because you'll be paying back your debt forever and paying a whole slew of interest along the way.
Original Source: http://ezinearticles.com/?cat=Finance:Credit
Posted in Credit Repair
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