The answer to that question depends on how much interest you are paying and how much interest you are earning. Almost all of the time it is better to pay off your credit cards. But if you need to borrow for something else then you need to compare interest rates before you pay offthe credit cards. But ALMOST ALL of the time paying off a credit card and not paying interest is in your best interest.
By paying off the debt you owe
Making monthly payments on a no interest loan is way better than paying it off in full if you are looking to improve your credit score.
The easiest thing you can do to reduce the amount of interest you incur to your credit card is to pay the bill as soon as you get it. You can also try asking the credit card company to drop your rate.
interest
pay the balance in full every month
When you have a balance on your credit card, you are paying interest. If you can find a credit card with a lower interest rate and a 0% balance transfer, you will be saving money.
The one chaging the highest rate of interest.
Firstly, credit card debt can be avoid by paying you credit card bills in a timely manner, avoid late fees and high interest. Creating a budget, no longer using credit cards, and paying your current credit bills will help reduce your debt.
When you buy something on credit, there is going to be an interest payment. And even if you are told that there is no interest payment, such offers generally come with an "administrative fee" which means that you are paying interest under another name.
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.
1-you're not paying lots of interest charges 2 helps to keep debts under control