I usually pay the total balance due or a fixed amount that is significantly higher than the minimum required payment. I also avoid paying just the minimum fee because it will lead to higher charges for me.
This tip works well for me! I was stupid when I first got my credit card and put way too much money on it. Once I realized how stupid I was, I got into the habit of paying $50 or more every month so I can get rid of some of that debt. The minimum on my card changes, but it's always less than that mark.
I will always make my best attemp to pay more than the minimum amout. This of course varies if we have unexpected expenses come up and we dont want to dip into savings. I try to atleast double what the minimum payment amount is, if not pay a little more. I absolutely hate credit cards, but they have been beneficial at times we were in a real pinch. Now, if those money trees would hurry up and bloom I think we'd be set!
NEVER do just the minimum if you can avoid it. Try to pay your bills as soon as possible. And be careful, these days credit card companies try to literally bait you into paying only the minimum. They do everything in their power to keep milking as much interest out of you as they can. Don't let them.
That's a great tip, thanks for posting it. I agree that it is much better to pay a fixed amount every month otherwise your outstanding amount will never go down. A lifetime of debt sounds harsh but that's what it is, you would keep on paying the debt with no end in sight.
Where I live, if you fail to pay on your due date, banks will immediately pass you case onto a collections agency, which will then require you to pay in full. That's what happened to me.
