If you like to pay the minimum on your credit card may find some surprises in how take up to 10 years and by that time liquidate its debt may have tripled, according to observations of the National Commission for the Protection and Defense of Financial Service Users (Condusef). Notes the body by way of example if a person owes a debt of 10,000 pesos and your bank requires a minimum payment of 5%, paying only that amount would take 10 years and would eventually cover interest disbursed 26.761 pesos.
The minimum payment is the amount the bank customer agrees to settle to see if they are good payers or not, ranging between 4.5 and 10% of the loan. For example, with the same debt of 10.000 pesos if instead minimum payment will deposit 500 pesos a month, would take 3.5 years to pay off and interest should dispense 9.041 pesos, almost doubling its debt.
It is advisable to make fixed payment plans to settle their credit card debts as quickly as possible.
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