When you receive your credit card statement in the mail, chances are that you will see the minimum statement listed on it, as clear as day. While your first instinct might be cover the minimum in question before the payment is ultimately covered, you have to consider the repercussions of doing so. Why should you go beyond what you're expected to pay? With the help of Robert Jain, here are 3 reasons why you should do 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.
Did you know that paying more than the minimum will allow you to enjoy a greater peace of mind? The reason for this is that the average adult has numerous responsibilities to account for, including student loans and mortgages. With a number of debts to cover, it's in your best interest to cover the most feasible ones in full early on. This is where credit card payments can be addressed, which will allow you to benefit from a more relaxed demeanor.
Keep in mind that these are just a few reasons why, as a bank client, you should pay more than the minimum seen on your bank statement. Yes, you might wind up with less money in the short term, but think about the long-term benefits of going above and beyond what's expected. Ultimately, you'll save more money, resulting in a stronger bank account in general. By following these methods, your financial stability will be ensured.
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.
Did you know that paying more than the minimum will allow you to enjoy a greater peace of mind? The reason for this is that the average adult has numerous responsibilities to account for, including student loans and mortgages. With a number of debts to cover, it's in your best interest to cover the most feasible ones in full early on. This is where credit card payments can be addressed, which will allow you to benefit from a more relaxed demeanor.
Keep in mind that these are just a few reasons why, as a bank client, you should pay more than the minimum seen on your bank statement. Yes, you might wind up with less money in the short term, but think about the long-term benefits of going above and beyond what's expected. Ultimately, you'll save more money, resulting in a stronger bank account in general. By following these methods, your financial stability will be ensured.
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