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.
If you'd like to know why more than the minimum should be paid - and Robert Jain can tell you all about this - your interest rates won't have as much of an impact. Simply put, the longer you take to complete a payment, the more you'll be hindered by the rates in question. To say that this is troublesome would be an understatement, especially if you're mindful of your finances. This is just one reason why covering more than the minimum works to your benefit.
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.
Finally, you'll benefit from a greater peace of mind than you would have otherwise. When you have several expenses that you have to cover - not just credit card statements but mortgages and student loans, just to name a few - it's very easy to become stressed. However, what happens when one of those debts is paid off? Even if it's a small one, the fact that you do not have to worry about any longer can do wonders for your state of mind.
If your goal is to save as much money as possible during the course of your life, paying more than the minimum on your credit card statement is a given. Of course, many people might be on the fence about doing so, since it will leave them with less money in the short term. However, you should know that the long-term benefits more than outweigh the aforementioned concern. Pay more than the minimum, if you have the means to do so.
If you'd like to know why more than the minimum should be paid - and Robert Jain can tell you all about this - your interest rates won't have as much of an impact. Simply put, the longer you take to complete a payment, the more you'll be hindered by the rates in question. To say that this is troublesome would be an understatement, especially if you're mindful of your finances. This is just one reason why covering more than the minimum works to your benefit.
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.
Finally, you'll benefit from a greater peace of mind than you would have otherwise. When you have several expenses that you have to cover - not just credit card statements but mortgages and student loans, just to name a few - it's very easy to become stressed. However, what happens when one of those debts is paid off? Even if it's a small one, the fact that you do not have to worry about any longer can do wonders for your state of mind.
If your goal is to save as much money as possible during the course of your life, paying more than the minimum on your credit card statement is a given. Of course, many people might be on the fence about doing so, since it will leave them with less money in the short term. However, you should know that the long-term benefits more than outweigh the aforementioned concern. Pay more than the minimum, if you have the means to do so.
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Visit Robert Jain Credit Suisse if you'd like further financial information from Bob Jain.. Unique version for reprint here: Robert Jain: 3 Benefits Of Paying More Than Minimum Statements.
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