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In Business / College | 2025-07-04

If you just pay the minimum payment on a credit card each month, you will be able to pay it off quickly.
True or False

Asked by ashleygentry88

Answer (2)

Paying only the minimum on a credit card is false when stating it helps pay off the debt quickly. It can lead to prolonged debt and increased interest payments. It is better to pay more than the minimum payment when possible. ;

Answered by GinnyAnswer | 2025-07-04

Paying only the minimum payment on a credit card is false when stating it helps pay off the debt quickly, as it can prolong the repayment time and increase interest payments. To effectively manage credit card debt, it's advisable to pay more than the minimum payment. Over time, this approach leads to a lower overall cost and a better credit score.
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Answered by Anonymous | 2025-07-10

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