My brother asked me a question about my credit card interest that stopped me cold.

He saw my statement and asked, 'So you're paying $90 a month just for the chance to owe them money?' I was only making minimum payments on a $3,000 balance. Has anyone else had a moment that finally got them to start paying more than the minimum?

4 comments

4 Comments

davis.noah2mo ago

Actually, that's a pretty smart way to use credit. If you only pay the minimum, you keep your cash free for other stuff. That $90 a month is just the cost of having that flexibility. Sometimes having cash on hand is more important than paying off debt fast.

the_thea2mo ago

Feel you, @davis.noah... cash flow is real.

kim.jake2mo ago

That "cost of flexibility" is just throwing money away for no good reason.

ninaowens1mo ago

Exactly, I did the same thing with my car loan and never regretted having that cash buffer.