Credit Card Minimum Payments Explained

How do minimum payments work on your credit card?
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I'll explain how minimum payments work on your credit cards. They all have different rules and guidelines, but in general you can expect to pay about 1-3% of your total balance as a minimum payment and this payment will include interest and any fees. You will not pay off your balance quickly if you choose the minimum payment. If it's your only choice, pay it, but please try and pay extra if you can. Credit card interest is typically very expensive, so it's always best to avoid it if you can. Enjoy the video.

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