Making minimum payments on your credit cards will keep you in debt for a long, long time. Last year's vacation can take you as long as 15 years to pay off, if you make only minimum payments. The reason is the interest: it will cost you three or four times as much as your initial purchase, as the interest is applied over those many years.
Never just make the minimum payment. Park the card (remove it from your wallet or purse) while you pay down or pay off the balance, either at the end of the month or over the next couple months. Remember the goal: to get into a low-or-no-debt position with cash. You can't improve your cash position if much of the potential cash in being paid out as interest costs on credit cards.
Keller Williams Realty Memorial is the bridge between Houston and Katy. I serve sellers all over the west side, and buyers all over Houston.
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