Here’s a handy fact. The more that’s paid above the minimum repayment amount on a credit card statement each month, the faster the credit card debt should go down (assuming there are no more transactions on the account and the account doesn’t incur additional fees or charges).
Yes, it could be tempting to make only the minimum repayment. But this approach could end up costing more in the long run because of the interest that can be charged.
Take a look at your credit card statement. Every statement should provide a ‘Minimum Repayment Warning’ which provides an estimate of how long it would take to pay off your credit card debt if you only pay the minimum amount each month (assuming there are no more transactions on the account and…