Normally as the balance on your credit card is reduced, the minimum payment is reduced too. But you're still paying interest on that amount month after month. The interest keeps adding up.

If you would like to reduce your debt and move toward financial freedom, you may want to calculate how much interest you're really paying every month, and how long it will take you to pay off your debt if you continue to make the minimum payments. Then calculate your savings if you raise the payment by just a small amount. You'll be surprised at the financial difference you can achieve by simply raising your payment by a few dollars each month.

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Credit card debt is typically one of the largest debts that a person has. Sometimes people start to feel swallowed up by the debt their credit cards cause. What would happen if you decided to make more than the minimum payment every month on your credit cards? How much difference would it make in the interest you ultimately would pay?

It's easy to get into a habit of only paying the minimum balance each month on your credit cards. The credit card companies want you to do that to maximize their profits. But actually the minimum amount is only a suggestion; if you don't want to remain in debt for a very long time, it would be better to make payments that are larger than the minimum amount due.  Ideally you should pay the entire balance each month to avoid finance charges.