How to lower my barclaycard monthly payments?
You need to pay more than the minimum payment due if you want to get out of debt. If you take the Minimum Payment Due as displayed prominently in your credit card statements seriously you are likely to be in serious trouble. Minimum Payment Due (MPD) is at the most only 5% of your total outstanding balance on the card meaning that your total dues are twenty times to that of what you are asked pay a month. If you decide to pay only that you enter into a never ending cycle of revolving credit. The interest charges per month will eat up nearly half of your MPD payment depending on the size of the balance and so your payment will cover only about 3% of total dues. As you have to continue using your card for necessary purchases every month your total dues are likely to increase every month despite your MPD payments and so are the interest charges. Credit card issuing banks know too well how to lull you into a cycle of revolving credit. They tell you to pay only the MPD because they know you
