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What Happens If I Only Make Minimum Payments on My Credit Card?

November 18, 2020

Why you need to stop making only the minimum payments on your credit card right now – and why you could be harming your credit score

 

Did you know that the average amount of credit card debt in Canada is $2,627? It’s important to realize how fast interest can add up. Make sure you are paying off as much of your credit card balance as you can each month to reduce the amount you will pay interest over time. Having a credit card and using it responsibly is key. By using your credit card and building up good repayment history and proper usage you are putting the future you in a better position when you need to make larger purchases that require financing. A clean credit rating will save you money and grief.

 

Check out Vince Gaetano, Mortgage Expert and TV Personality on CP24’s Hot Property, on NEWSTALK1010 explain the importance of a good credit score! #LiveAMonsterLife

 

 

 

 

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