I'm always baffled by one thing in these sorts of articles - the belief that paying the minimum due on your credit cards is the right thing to do.
I'm not going to pontificate about living within your means or whatever, obviously people have reasons for doing what they do. But I don't understand how so many people are cheerfully paying the minimums and treating credit as basically an extension on their salary.
I have seen this at work as well, people making low six- figure incomes paying minimums. I've even had someone tell me that paying in full is bad for your credit score.
Is this a generally held belief? Do most people pay the minimum?
I'm not going to pontificate about living within your means or whatever, obviously people have reasons for doing what they do. But I don't understand how so many people are cheerfully paying the minimums and treating credit as basically an extension on their salary.
I have seen this at work as well, people making low six- figure incomes paying minimums. I've even had someone tell me that paying in full is bad for your credit score.
Is this a generally held belief? Do most people pay the minimum?