PAYING THE MINIMUM BALANCE ON YOUR CREDIT CARD | Financially Fabulous

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In this episode, I'' ll be talking about why should make more than just your
That indicates that you'' ll still be paying for these attires in 16 seasons from now. I have actually to worn you, this is a slippery slope and before you understand it you can discover yourself a lot of deb.Let'' s take an appearance at another example. Let'' s state that you now.
What ' s even crazier than that is that you'' ll be paying $ 10,834 in interest.

Video Transcript:

https://www.youtube.com/embed/F-Rns_HQc_U Welcome to LimorTV the location to be
to find out about cash and get inspired to take small actions to improve your
finances. While I'' m not a monetary coordinator, I'' ll show you what I'' ve found out. In this episode, I'' ll be discussing why should make more than simply your
minimum payment on your credit card bill begun this will be awesome! When you buy on credit card
and you get the expense in the mail you might be lured to make just the minimum payment. After all it'' s the tiniest number on your statement and the least that you can pay without getting into difficulty with your credit card company
and ruining your credit. It can be really simple to pay the minimum balance
and think that you'' ll deal with the rest the payment at a later time. While making
only the minimum payment today seems like taking the least amount of cash possible out of
your bank account, in reality this choice does rather the opposite. You land up paying far more than you bargained
That indicates that you'' ll still be paying for these clothing in 16 seasons from now. The other problem is the balance owing on your credit card keeps growing and collecting.
since it looks like it'' s only costing you $15 every month. I have to used you, this is a slippery slope and before you understand it you can discover yourself a lot of deb.Let'' s have a look at another example. Let'' s say that you now.
If the minimum balance owing is 3% every, owe $10,000 on your credit card with 19%.
general balance you'' ll be paying$ 300 a month the minimum balance it will take.
you are you prepared for this 258 months to pay it off! That'' s 21 years!'What ' s even crazier than that is that you'' ll be paying $ 10,834 in interest.
You'' ll be paying more interest than it really cost you to make the original.
purchases what'' s worse is that what you already have a great deal of debt, a substantial portion of your income.
every single month will be allocated towards your debt payments. That makes it a lot more.
challenging to live within your methods. Please I advise you to believe twice three.
times and even more time prior to you buy that you can in fact pay for.
Here is my obstacle to you. If you owe a balance on your credit card I want you to take an appearance at.
your month-to-month statement and determine for how long it will take you to pay it off. This is specifically importabt if you'' ve just been making the.
minimum payment. Once you determine how numerous months and or years it will take.
If you still desire to be paying for that part, you I want you to think about.
too far-off future. The only way to shorten your timeline is to increase.
your payment and settle your financial obligation. Going forward do your finest to make more than.
simply the minimum payment.Leave a comment below letting me know what you think.
about minimum payments. Don'' t forget to access the complimentary downloadable below at.
www.Limor.Money to assist you with this challenge. Did you like this video? Did.
you discover something? Register for my channel and share it with your buddies. And if you want a lot more ideas and tricks to.
make your monetary journey enjoyable and exciting begun over to www.Limor.Money and sign-up for e-mail updates. remember I'' m not here to alter who your are or how you live your life.I just have methods to make you be much more.
Financially Fabulous. Thank you a lot for watching and I'' ll catch you next time on LimorTV!. As discovered on YouTube – Creative Commons License.

License: Creative Commons