Let me start by saying I haven't paid a dime in credit card interest in probably 15 years.
I'm sitting here looking at my credit card statement, and amazed at how low the min. payment is. I glanced and see the apr is 18%, or 1.5% a month, yet I calculated the min. payment to be only 1.3% of the balance, which would result in the balance actually growing. Theoretically, I could never pay it off by paying the minimum, which I wouldn't think is even legal for cc companies to do.
Anybody have any insight to that?
I'm sitting here looking at my credit card statement, and amazed at how low the min. payment is. I glanced and see the apr is 18%, or 1.5% a month, yet I calculated the min. payment to be only 1.3% of the balance, which would result in the balance actually growing. Theoretically, I could never pay it off by paying the minimum, which I wouldn't think is even legal for cc companies to do.
Anybody have any insight to that?