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    s for the banks that issue credit cards. A balance of $1000 can take nine years t
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    For years, major credit card companies have allowed cardholders to make minimum payments of 2% of the outstanding balances on their credit cards. Having customers pay the minimum doesn’t reduce the balance by very much, but when the 18-30% interest rates that many credit cards charge is applied, the result is a profitable ones for the banks that issue credit cards. A balance of $1000 can take nine years to
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    yments of 2% of the outstanding balances on their credit cards. Having customers pay the minimum doesn’t reduce the balance by very much, but when the 18-30% interest rates that many credit cards charge is applied, the result is a profitable ones for the banks that issue credit cards. A balance of $1000 can take nine years t
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    pay the minimum doesn’t reduce the balance by very much, but when the 18-30% interest rates that many credit cards charge is applied, the result is a profitable ones for the banks that issue credit cards. A balance of $1000 can take nine years t
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    est rates that many credit cards charge is applied, the result is a profitable ones for the banks that issue credit cards. A balance of $1000 can take nine years t
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    s for the banks that issue credit cards. A balance of $1000 can take nine years to pay off at 20% interest if the borrower only pays the minimum due each month.

    Clearly, it is not in the best interests of consumers to pay the minimum every month. But tens of thousands of Americans do just that, carrying huge balances and paying the minimum every month. The average household now carries $10,000 in cr

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