by Bob Oliver
When you receive your credit card statement in the mail, chances are that you will see the minimum statement listed on it, as clear as day. While your first instinct might be cover the minimum in question before the payment is ultimately covered, you have to consider the repercussions of doing so. Why should you go beyond what you’re expected to pay? With the help of Robert Jain, here are 3 reasons why you should do so.
There are many reasons why you should cover more than the minimum on your credit card statement, the idea of interest rates being one of the most impactful. According to Robert Jain and others, these rates can wind up costing consumers quite a bit, especially if payments take a while to cover. When you owe more interest, your bank account doesn’t hold up as well. As a result, this is one of the reasons why you should go above and beyond with your payments.
You should also know that this endeavor will allow you to increase your credit score over the course of time. One of the reasons to do this, as supported by companies such as Bob Jain Credit Suisse, is the easier acquisition of loans. After all, it’s easier to gain a loan when you have a sizable credit score to boast. You might also be able to make bigger payments in general, though be mindful of how much you spend on a regular basis.
Did you know that paying more than the minimum will allow you to enjoy a greater peace of mind? The reason for this is that the average adult has numerous responsibilities to account for, including student loans and mortgages. With a number of debts to cover, it’s in your best interest to cover the most feasible ones in full early on. This is where credit card payments can be addressed, which will allow you to benefit from a more relaxed demeanor.
Keep in mind that these are just a few reasons why, as a bank client, you should pay more than the minimum seen on your bank statement. Yes, you might wind up with less money in the short term, but think about the long-term benefits of going above and beyond what’s expected. Ultimately, you’ll save more money, resulting in a stronger bank account in general. By following these methods, your financial stability will be ensured.
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