Question

What is the problem with paying only your minimum credit card balance each month​

Answer 1

Answer:

It keeps you longer in debt

Explanation:

when you keep paying only the minimum credit card balance on your credit card every month the unpaid balance is carried over to the next month with some charges as well therefore increasing the amount of debt to be paid for using the credit card.

the best practice is to pay above the minimum credit card balance on your credit whenever you earn an extra amount of money from your job in order to reduce the amount to be paid next month and also increase your credit score.

Answer 2

Answer:

The problem is that each month your credit card balance increases, and it increase by a certain percent of what you already owe. So if you pay the minimum each month, you'll just end up paying more money because it's ever increasing.

Please give brainliest!