@erinmcgoff: Ever felt like you’re just treading water with your credit card payments? 😩 You pay the minimum, but somehow, the debt just keeps piling up! Here’s the scoop: while paying the minimum keeps the bank happy and avoids late fees, it doesn’t mean you’re off the hook. 🏦💸 If you put $1,000 on a card with a 20% interest rate and only pay $25 a month, guess what? You’re mostly just feeding the bank’s profit machine! 😳 That’s right—$16.70 of your payment goes straight to interest! So instead of reducing your debt, you’re barely making a dent. The key? Don’t spend more than you can afford and aim to pay off your balance in full each month—just like using a debit card! If you’re already in deep, create a plan to tackle that debt head-on. 💪 Remember: knowledge is power! Don’t let those sneaky minimums keep you trapped in a cycle of debt. You’ve got this! 🚀✨ #CreditCardTips #FinancialLiteracy #DebtFreeJourney

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AdviceWithErin✨

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Region: US

Tuesday 14 January 2025 15:28:33 GMT

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lookingmirrorproductions :

I had emergencies so had to deal with that stuff. But I always pay more than the minimum to help pay it off and no touching until it goes down

Shay :

I get so sad explaining this to 40+ year old aged people at my job; not understanding why they can't get their debts down 💔

Fran :

Can you explain it for an European like me?

Erin watson :

hi help what happens if i autopay more then what the balance was??

Rei Teramoto :

Unless it's different in the us, the interest isn't really that high is you only pay the minimum one month but then pay full the next... cause the interest is per year so the real interest you're 1/2

Ewin :

I physically can’t let any money sit in my account when the due date hits

Andee :

This happened to me with a card I don't use anymore. And they were rather mean to me when I talked to them. I even paid more too!

Levi cryptos :

Reach out to @Andrew D Mullins he will turn your life around financially

heather :

Can you do a video like this but to tackle debt fast please

Crt_khian :

Thanks for giving me hope and making me happy once again @Andrew D Mullins you turn my life around financially,,

_maddiemadeit :

Hello Job alert! I'm sharing a WFH opportunity with no fees and weekly pay. Interested? DM me!

anaphylala :

Promotional 0% APR maybe a temporary cheat though. Have to be very disciplined with it though!

Angelica :

Like with apples card they show you pay this much to avoid fees

Hal Jenna (Reneé’s Version) :

Sometimes I can only pay the minimum but on months where I can I always overpay to help bring my bill down even more which also makes my monthly minimums smaller too

alytraut :

I learned this the hard way 😳 still paying it off.

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