Credit card statements feature a number of details, chief among them the monthly payment you're expected to cover. While you are able to do so, the truth of the matter is that covering only the minimum might not work in your best interest. As a matter of fact, the likes of Robert Jain can tell you that you should go above and beyond this particular expectation. To usher you in the right direction, here are 3 benefits you can see by doing so.
One of the biggest reasons why you should pay more than the minimum, according to Robert Jain, is that you will not have to worry as much about interest. Even though the lump sum can take time to pay off, the biggest reason for this is the aforementioned interest, and the rates they come in. The longer you take to make a payment, the bigger a role interest pays. Of course, this is just one of many talking points to cover.
This endeavor might also allow you to improve your credit score, if it's applicable to your needs. One of the reasons why it might be - and companies along the lines of Bob Jain Credit Suisse can agree - has to do with the potential acquisition of loans. Whether you're looking to buy a car or invest in a new home, a decent credit score can prove to be useful. This is just another reason why you should pay more than the minimum on your statement.
Finally, you'll benefit from a greater peace of mind than you would have otherwise. When you have several expenses that you have to cover - not just credit card statements but mortgages and student loans, just to name a few - it's very easy to become stressed. However, what happens when one of those debts is paid off? Even if it's a small one, the fact that you do not have to worry about any longer can do wonders for your state of mind.
In order to save as much money as possible over the course of time, the aforementioned pointers are worth bringing into action. Admittedly, paying more than the minimum amount on your statement will leave you with less money, but only in the short term. It's when you go above and beyond that you'll be able to save money. Consider the long-term incentives, more than anything else; you will be better off as a result of doing so.
One of the biggest reasons why you should pay more than the minimum, according to Robert Jain, is that you will not have to worry as much about interest. Even though the lump sum can take time to pay off, the biggest reason for this is the aforementioned interest, and the rates they come in. The longer you take to make a payment, the bigger a role interest pays. Of course, this is just one of many talking points to cover.
This endeavor might also allow you to improve your credit score, if it's applicable to your needs. One of the reasons why it might be - and companies along the lines of Bob Jain Credit Suisse can agree - has to do with the potential acquisition of loans. Whether you're looking to buy a car or invest in a new home, a decent credit score can prove to be useful. This is just another reason why you should pay more than the minimum on your statement.
Finally, you'll benefit from a greater peace of mind than you would have otherwise. When you have several expenses that you have to cover - not just credit card statements but mortgages and student loans, just to name a few - it's very easy to become stressed. However, what happens when one of those debts is paid off? Even if it's a small one, the fact that you do not have to worry about any longer can do wonders for your state of mind.
In order to save as much money as possible over the course of time, the aforementioned pointers are worth bringing into action. Admittedly, paying more than the minimum amount on your statement will leave you with less money, but only in the short term. It's when you go above and beyond that you'll be able to save money. Consider the long-term incentives, more than anything else; you will be better off as a result of doing so.
About the Author:
Visit Robert Jain Credit Suisse if you'd like more financial details from Bob Jain.. This article, Robert Jain: 3 Benefits Of Paying More Than Minimum Statements is released under a creative commons attribution license.
No comments:
Post a Comment