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This site provides general guidance and information. It is not intended as, nor should it be taken  to be, legal, financial or other professional advice. Please consult with your attorney or financial advisor to discuss any legal or financial issues involved with credit decisions. This site as an affiliate represents the following sites above and is not responsible for their content.

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Understanding Creditor Statements APR:Annual Percentage Rate Minimum Payment Due New Balance Finance Charge or Interest Grace Period Due Dates Credit Card Limits Types of Debt Secured Debt Unsecured Debt Good vs. Bad Debt National Consumer Debt Credit Card Debt Home Loans Student Loans Auto Loans Medical Bills About Credit Credit Reporting Credit Scoring Effects of Scoring Credit Repair Credit Card and Divorce Joint Accounts Names on Utilities Credit Cards Equity Credit Lines Other More Info from our sister site Resources

Minimum Payment Due      The minimum payment is the amount you must pay on credit card accounts each billing cycle to remain in good standing with your creditor. The minimum payment is usually determined by taking a percentage of your new balance. Each bank or credit card issuer determines your monthly payment by using a formula that is specific to their company. One bank may determine your monthly payment amount by using a formula of 2 percent of the outstanding balance, while another may be 2.5 percent of the outstanding balance.      You must make at least the minimum payment by the due date to protect your credit reputation. Late payments are recorded on your credit report. As a rule, you should try to pay as much as you can to avoid increased finance charges. At the very least, you should pay the minimum payment on your credit accounts before the due date. If your goal is to pay off the bill and reduce unnecessary fees, pay more than the minimum amount each month. If your minimum payments only pay for the interest accumulated that month, you should seek the help of a debt consolidation professional to help decrease your monthly payment while paying off more of your debt each month.