The ‘minimum payment’ is probably the most misunderstood aspect
of credit card debt today. Many of us stick to the minimum
payment option on a monthly basis in the mis-belief that we are
actually reducing our debt, unfortunately this is not the case
at all..

We need to keep in mind that credit card companies are in fact
businesses, with the ultimate aim of making money and increasing
profits. To this end it is in the best interests of the credit
card company to keep a balance on your account and keep you in
debt! One of the most effective ways of accomplishing this is
through the ‘minimum payment’ option you will see on your
monthly statement.

Read more about: Credit Card Minimum Payments