Student credit cards A basic primer
It used to be that consumers would save to make a big purchase like jewelry, a new couch or a new television. Given the trend of easy credit this last decade, many people buy things with their credit cards before they have the money in the bank for them. They will then only make the minimum payment when the billing cycle ends. The bulk of the minimum payment is dedicated to paying interest on the balance on that card. Consumers are then paying off less of the balance on the card and give more money to the bank in the form of interest payments.