What Does Paying Only the Minimum on Your Credit Card Actually Cost You?
A $4 daily coffee habit can balloon to $40 or more when you are only making minimum credit card payments each month. James has been there himself, staring at that bill and thinking a small payment is no big deal. This episode is about why that thinking costs you more than you realize.
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Transcript
This is the Daily Note.
Speaker A:I'm James A.
Speaker A:Brown.
Speaker A:Ever notice how your credit card bill gives you an ouch?
Speaker A:Just pay the minimum.
Speaker A:10 Bucks, maybe 20?
Speaker A:Seems merciful.
Speaker A:Maybe, but stretch it out and that $4 coffee becomes 40.
Speaker A:The minimum is really the maximum.
Speaker A:Maximum profit for them and a maximum drag for the rest of us.
Speaker A:It's a quiet trap.
Speaker A:One month feels manageable, and 10 years later you're still paying for sneakers that are long gone and din you barely remember it's minimum payments but long, long costs.
Speaker A:So here's my question.
Speaker A:Do you see the minimum payment as a cushion or a leash?
Speaker A:Let me know in the comments and check out more@jamesabrown.net or call me.
Speaker A: -: Speaker A:On that note, I'm James A.
Speaker A:Brown and as always, be well.
