Often many people tend to focus on the Minimum Payment Due amount displayed on the bank statements, and feel relieved on paying this minimum amount. However, you must realize that this minimum amount is at the most only 5% of the total outstanding balance. If you pay only this much you will enter into a cycle of revolving credit, which just might be never ending. By mentioning this amount, banks can lull into a revolving credit cycle, which you must avoid. Hence, it is advisable to consider the total amount due, and it would be ideal if you could pay off the full amount, as then you would save yourself interest charges.
I'm Louida from Atlanta, Georgia and I'm a mother of two daughters, blogger, and full time working mom at a Business Consulting Firm.
I love helping others learn how to start working from home on the internet free to supplement their current income.
I also blog at Productreviewmom.com
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