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In two to three sentences, describe how making minimum payments on credit card balances increases the total cost.
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In two to three sentences, describe how making minimum payments on credit card balances increases the total cost.

User Puzzle
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2 Answers

6 votes

Answer:

When you make just the minimum payment, interest is charged on the remaining balance. It also takes you longer to pay off the balance, and the longer you have a balance, the more interest you pay.

Step-by-step explanation:

User Tea Curran
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4 votes

Answer:

If you only make the minimum payment on your credit card, it could take years to pay off the balance. you could end up spending hundreds, in interest by the time the balance is required.

Step-by-step explanation:

User Alireza Peer
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5.0k points
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