How to calculate your credit card minimum payment — and why you should pay more whenever possible

Making only minimum payments toward your credit card can be risky. If you make a habit of only paying the minimum amount due each month, it can be easy to rack up a lot of credit card debt over time. But during times of financial hardship, it also gives you some flexibility to direct money elsewhere without missing a credit card payment. Before you decide to make a minimum payment toward your card, it’s smart to know exactly how much you’ll owe and how to avoid long-term debt balances with responsible cr ...