Paying the Minimum on Your Credit Cards! (What Happens?)

What happens when you pay the minimum payment on your credit cards? Need a new credit card? Visit creditcards.com and be responsible 😎: http://bit.ly/CashBack_HF (click "show more" to see ad disclosure) If you decide to pay the minimum payment due on your credit card, there are a few problems regarding interest and when you'll pay it all off that you need to consider. It's not the end of the world if you make minimum payments, but it's not something you should do unless you have no other choice. Paying the minimum will avoid late payments and bad reporting on your credit score, but you'll be wasting so much money on interest if you choose the minimum path. --------------- Robinhood Free Stock (Up to $200) with Sign Up: ► https://bit.ly/hf_robinhood Webull Up to 12 Free Fracional Shares (Each $3-$3,000): ► https://bit.ly/hf_webull M1 Finance (perfect for IRA's): ► https://bit.ly/hf_M1_Finance Instagram: ►   / honestfinance   Advertiser Disclosure: Honest Finance participates in affiliate sales networks and may receive compensation by clicking through the links (at no cost to you). This compensation may impact how and where links appear in this description. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. This channel does not include all financial companies or all available financial offers. --------------- Honest Finance covers a broad range of financial topics that'll give your life and finances more value. Subscribe today for future content and be sure to give this video a like! Disclaimer: I am not a financial advisor. These videos are for education/entertainment purposes only. Investing of any kind involves risk, so please conduct your own research. #honestfinance #creditcards 0:00 Introduction 0:39 No late payments Doesn't get reported 1:28 Pay off statement balance in full or pay interest 2:28 They'll take an average 2:50 Big purchases at the end of the cycle 3:09 Pay down your credit card as often as you can 3:56 $20-$30 minimum 4:23 Stop charging and pay off more 4:43 Lose the grace period 5:44 How to stop paying interest? 5:58 Pay off statement balance for two months 6:22 Check the fine print 7:03 Don't pay the minimum