If it seems like everyone has a credit card these days, it’s because most people do. Sixty-seven percent of Americans have at least one, according to Experian’s 2019 Consumer Credit Review. * Choosing to open a credit card account may seem like a no-brainer. After all, credit cards are a convenient way to pay for the things you need. And they’re safer and more secure than carrying around a stack of cash. Plus, if you don’t have enough money to cover a purchase, you can use your card to buy it, right?
Have you been paying the minimum amount due on your credit card month after month? If so, the balance you owe the credit card company continues to grow as you continue to spend. When you’re paying only the minimum due, it can feel like you’re barely making progress toward paying it down.