Pay more than the minimum
We all know that the less we pay on our credit card debt each month, the longer it will take to pay down the debt. But did you realize that paying the minimum balance has other implications? Paying the minimum balance can actually:
- Cause your interest rate to increase
- Impact your ability to get additional credit
- Result in your credit card company lowering your credit limit
- Negatively impact your credit score
The smart choice for managing credit card debt is to pay more than the minimum balance each month, and prioritizing by paying down your higher interest rate cards first (and consolidating as much as possible to a lower rate card). Read more in this Credit Unions Online article.
And if you feel like you need to talk with someone about getting your debt under control, contact the branch manager at the Cornerstone location most convenient to you.