December 15 2010|06.04 AM UTC

Samantha Eckles

Minimum Balance Nightmare: Why It Pays to Overpay

Category: Personal Finance

Do you know what your bank is charging for your unpaid balance? You can reduce your debt and save a great deal of money by paying more than the minimum amount due.

While people and even companies rely on their credit cards to purchase everyday items, they don’t always make more than the minimum required payment. Not only can this affect your credit rating, but you end up paying much more for those items with the high interest rates imposed by the financial institutions.

The infographic below highlights usage, rates, penalties and savings incurred by credit cards.

click to enlarge

Use the code below to embed this Infographic:

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