Paying only the minimum amount on a credit card does not stop interest from accruing on the remaining balance. Because credit card interest rates are often between 20% and 30%, credit card debt is among the most expensive forms of debt, and balances can compound quickly.

Authors

• Person: Not available Organization: Champlain College
  Financial Rules of Thumb: Your Money Management Cheat Sheet

Sources

• Financial Rules of Thumb: Your Money Management Cheat Sheet www.champlain.edu Champlain College via serper

Referenced by nodes (2)

• credit card debt concept
• credit card concept