becuase your only paying the intrest you owe
helping with merit bdge i hope ;)
It is unwise to pay minimum payments due on credit cards because the payment will cover only a small portion of the principal amount and more on interest and financial charges.
Paying the minimum each month means you'll take longer to pay it off, meaning you're paying more interest.
Paying only the minimum due on your credit card balance maximizes the amount of interest you will pay to the credit card company. This is why it is better to pay as much of your balance as you can each billing cycle - it saves you money by reducing the amount of interest you pay. Also, depending on the terms of your credit card agreement, paying the minimum can actually make your principal balance increase. The minimum payment may not cover the amount of interest due.
Only paying the minimum amount (depending on how much you owe, your interest rate, and how your minimum payment is calculated) will take you years to pay off in which time it is most likely that you will have paid more in interest than you owed to begin with. For example, $5000 balance owed with an interested rate of 20%, with a credit card whose minimum payment is calculated: interest rate + 1% of balance, therefore a minimum payment of $133.33, will take you over 23 years to pay off and by that time you will have paid over $7,700 in interest alone!
Making the minimum payment on a credit card will only pay on the interest. Say you owe $500 and the Minimum payment is $20. That will be applied mostly to the interest and when the next billing cycle comes you will more then likely still have an outstanding credit line of the $500. In modern times, credit card companies are charging about 19% (Give or take) on outstanding balances.I would suggest that you always pay a little more than what the minimum shows.
It is unwise to pay minimum payments due on credit cards because the payment will cover only a small portion of the principal amount and more on interest and financial charges.
Paying the minimum each month means you'll take longer to pay it off, meaning you're paying more interest.
Paying only the minimum due on your credit card balance maximizes the amount of interest you will pay to the credit card company. This is why it is better to pay as much of your balance as you can each billing cycle - it saves you money by reducing the amount of interest you pay. Also, depending on the terms of your credit card agreement, paying the minimum can actually make your principal balance increase. The minimum payment may not cover the amount of interest due.
Only paying the minimum amount (depending on how much you owe, your interest rate, and how your minimum payment is calculated) will take you years to pay off in which time it is most likely that you will have paid more in interest than you owed to begin with. For example, $5000 balance owed with an interested rate of 20%, with a credit card whose minimum payment is calculated: interest rate + 1% of balance, therefore a minimum payment of $133.33, will take you over 23 years to pay off and by that time you will have paid over $7,700 in interest alone!
Making the minimum payment on a credit card will only pay on the interest. Say you owe $500 and the Minimum payment is $20. That will be applied mostly to the interest and when the next billing cycle comes you will more then likely still have an outstanding credit line of the $500. In modern times, credit card companies are charging about 19% (Give or take) on outstanding balances.I would suggest that you always pay a little more than what the minimum shows.
unwise - foolish
Gangs cant ake you places you definitly don't want to be at. The hospital, cemetery, state prison.
A credit card is definitely not necessary for a student. In fact, it would be much better if the student did not have a credit card. A plethora of students become thousands of dollars in debt because of unwise decisions with their credit cards. If a student careful budgets the money he earns and makes wise spending decisions, he will be much better off than using a credit card.
It would be unwise because ANYTHING could of happen to it.
unwise
unwise.
It would be unwise to go hiking in the dark without a flashlight.