People think that by paying the minimum balance they have at least covered the interest... WRONG!!
Card companies reduce the minimum so it doesn't cover the interest.
Paying the minimum means you pay interest on the interest and dig a deeper debt hole!
(With thanks to David Koch in the Daily Tele, June 21, 2010.)
Kind Regards,
nobankruptcy.com.au
Charles Fairlie
Client Development and Marketing Director
m: 0434 52 44 66
East Lobby
Level 1, Suite 112
33 Lexington Dr.
Norwest Business Park,
BELLA VISTA NSW 2153
p: 02 9836 0444 f: 02 9836 0499
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