Read about credit cards for bad credit
The bulk of the minimum payment is dedicated to paying interest on the balance on that card. That means that the banks make more and more money and those consumers pay down less of their debt. According to a study conducted by Experian in 2007, one in six families with credit cards only makes the minimum payment each month. It is very easy to give in to the instant gratification of using a credit card. But, to keep bills and spending habits in check, it is wiser to view credit cards as if they were checks.