205 – REBROADCAST: Minimum Payments on Credit Cards are Keeping You in Debt

As is our tradition here at Debt Free in 30, during the month of August we rebroadcast the most popular episodes of the past year.

Today’s episode is short, only 15 minutes, but I think it resonated with listeners because I discussed the concept of minimum payments.  Since September, 2010, banks are required to show you, on your monthly credit card statement, how long it will take you to pay off your balance if you only make the minimum payment.  That’s a scary number, and it’s a big reason why people call the Hoyes Michalos 310-PLAN debt helpline; they see how long they will be in debt, and they reach out for help.

So what can you do if you can only afford to make the minimum payment, or less?

That’s the topic on today’s rebroadcast of our episode titled Minimum Payments are Keeping you in Debt.