Tag Archives: minimum payments

When paying down card debt, focus on APRs, not balances

Kelly Dilworth

If you’re juggling multiple balances on a handful of cards, there are any number of wrong ways – and one right way – to divvy up your credit card payments. New research by the National Bureau of Economic Research suggests that…
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12 Days of Christmas payoff? Decades!

Jeff Herman

If you put the partridge in a pear tree, two turtle doves and all the rest of the 12 Days of Christmas on your credit card, you’d have a whopper of a bill to pay off. How big a bill?…
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Should lenders increase credit card minimum payments?

Kelly Dilworth

Consumer advocates have argued for years that credit card issuers set minimum payments way too low, trapping people into long-term debt. When you pay only the minimum amount due, interest charges build quickly, causing your card’s total balance to balloon.…
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Study: Minimum payment warnings prompt some to pay less

Kelly Dilworth

New research suggests that credit card minimum payment warnings could be prompting some consumers to pay less than they would otherwise.
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My new system for making sure my minimum payments get made

Karen Haywood Queen

I had a great system for my credit card bills: I’d write a check when the bill arrived, put the due date on it, and then put it in a stamped envelope ready to be mailed. Then I’d smugly enjoy the float. Great system. Until it wasn’t.

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