FREEZE CREDIT CARD INTEREST
The moment you start making minimum payments because you cannot afford to pay off your entire credit card bill, the alarm bells should start ringing. This is a clear case of mismanagement of finances.
The interest on credit card debt is extremely high, usually higher than 24% per annum. When you pay minimum payments to avoid late payment fees you are usually just paying off the interest or some of the interest. The principal amount that you owe either stays the same or gets higher because of compounded interest.
Which basically means you just keep paying monthly but your debt is never settled or getting bigger by the month.
Your first step on your journey towards debt freedom is just a click away !
