I used to think paying the minimum on my card was fine until I saw my friend's statement

My buddy in Chicago showed me his credit card bill from Capital One. He paid only the minimum for about 8 months on a $1,500 balance. The statement showed he'd paid over $200 in interest already and the balance had barely moved. Seeing those real numbers made me set up auto-pay for the full amount. How do you guys avoid the minimum payment trap?

4 comments

4 Comments

evahenderson2mo ago

Ever set a calendar alert? I do that for payday to manually pay my full balance before it's due.

aaron_adams2mo ago

Automate that payment and save yourself the monthly hassle, lol.

terry8352mo ago

Saw a thing about autopay causing overdrafts sometimes.

nguyen.angela1mo ago

Used to be all about autopay for everything. Then my gym charged me twice last year and it took three months to get one payment back. Now I check my statements and pay manually.