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Money Mindfulness Matters: Please read your credit card statements


Wondering why your statement balance isn’t moving in the right direction and you haven’t been using that card? Look at your minimum payment due and then the billed interest added. How much is really being applied towards lowering your balance?

My minimum payment is $49.42 minus billed interest $31.15= $18.27 applied towards lowering the balance. There would be minimum change in my balance. That is not very encouraging at all. I started paying more towards my balance by adding the interest and a little more towards movement in paying off this card. So I suggest you look over your personal budget to see where you can free up some money to pay more on your credit card to start eliminating debt. The interested is calculated based on the interest rate and the balance for that current period. The more you reduce the balance the less interest you will be paying on that debt. Never pay just the minimum payment that is suggested. So get to work reducing the overall balance on that credit card.


Also the Minimum Payment Warning block gives you a scheduled view of making the minimum payments and how long it will take you to payoff that balance plus the interest with balance you will pay in total. It also gives you a 36 month payoff schedule with the amount and what you will save between the minimum and 36 month payments. Work to payoff debts sooner if you can afford to do so based on your budget. Cut that time down as much as possible if you can.

*Go over your credit card statement, look at it as your previous balance add the interest charged for that pay period then subtract the payment you are thinking about making and see how much the balance will potentially move. Make adjustments to move your debt to the right positive direction.


I personally payoff my cards monthly unless they are of a larger balance, and those larger balances i plan out and eliminate with in 6 to 12 month period without using the cards in that time. So I split down my payments well above my minimum payments due and have them paid off within my scheduled months planned. You have to be comfortable and know what works for your budget. You can eliminate debt!


*Pay attention to notifications of changes in notices, your interest rate increased as the Government has now raised the rates multiple times in 2022 and again now this year.

Steward well what’s been placed in your hands and get focused on your debt to beat the interest game.

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