Washingon D.C. residents like you may be tempted to make the minimum payment on your credit card bills. Not only do you avoid late fees, but you also avoid having to make large lump payments at once if your bill is particularly high. But should you be taking this option?
NerdWallet highlights three main benefits of paying more than the minimum payment on your credit card. The first benefi is that it sends a good message to the bank or company that issued you the credit card. By making your payments on time, and making more than the minimum payment, it shows that you are taking any debt you have seriously. You're displaying an active desire to reduce your debt and get your payments back on track, which can reestablish your trustworthiness in the eyes of your issuer.