Pay the minimum credit card bill credit may seem like a tempting option, especially in times of crisis. After all, this means that the full invoice amount does not have to be paid off at once and the money can be used for other purposes. However, this choice can cause great harm in the long run. Therefore, it is necessary to be aware of the risks that this operation brings. So check out why never resort to the minimum invoice payment.
Paying the invoice minimum is not recommended.
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According to financial experts, paying only the minimum amount of the credit card bill is one of the worst options for the consumer. This is because, when opting for this alternative, the user ends up paying extremely high interest rates, which can reach 15% per month.
This scenario is quite worrying, as the minimum payment can create a long-term debt that is virtually unpayable. If the user is not careful, the debt can accumulate in such a way that it becomes impossible to pay it off, leading to default.
That is, this option ends up becoming very dangerous for the consumer. Therefore, it is essential that credit card users avoid this option, prioritizing paying the bill in full.
What to do when it is not possible to pay the full invoice?
If this is not possible, the recommendation is to pay the maximum percentage of the amount you can, thus reducing the accumulated debt and reducing interest. Depending on the amount of the invoice, even a loan is valid to pay off the card debt.
In other words, paying the minimum bill is very harmful to your financial health and should only be done as a last resort.
Also, there is the option of negotiating with the creditors. It is usually possible to reach some kind of agreement to pay the debt in installments and reduce the interest. Thus, the customer has more time to settle the debt and distances himself from the default.
