As a new feature on my credit card statement, I am shown in a chart how long it would take to pay off my current balance if I paid the minimum or if I decided to pay a little more than the minimum. The chart also revealed how much I would save in interest with the additional payment as opposed to paying the minimum.
This was a welcome addition. Though I pay off my credit card in full at the end of each month, I do like that the company shows me how much I would save over the course of several years by just paying the minimum. The amount I would save over the course of several years is enough for a mini vacation but that’s only because I made a major purchase last month.
Having this information would be beneficial to people who only pay the minimum. If the minimum is the same amount as dinner out with friends at a nice restaurant seeing that it might take four or five years to pay that off without making any additional purchases makes a big difference in spending habits.
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