You spend $1,000 on your credit card and the minimum payment is $10 a month.If you pay double the minimum payment,what will happen?
A) You will pay the debt off more quickly
B) You will end up in perma-debt
C) You will eventually pay off the debt
D) None of these

Question

Quizplus · Accepted Answer

By paying double the minimum payment, you will be able to pay off the debt more quickly and save money on interest in the long run. It is always a good idea to pay more than the minimum payment if you can afford to do so.

You Spend $1,000 on Your Credit Card and the Minimum