Paying the minimum payment on a credit card versus paying extra to get the credit card paid off early.

Paying the Minimum Payment on a Credit Card Versus Paying Extra to Get the Credit Paid off Earlier
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Paying the Minimum Payment on a Credit Card Versus Paying Extra to Get the Credit Paid off Earlier
Basically, credit cards are cards that allow one to acquire items on credit then send money to the bank or credit card issuing company later but on certain agreed terms. For some, credit cards are a wonderful tool as they allow them to sort out emergencies when they are broke and organize for finances afterward. For others, the cards are a dangerous invention because of their overall costs and the spending habits they can instill in people. I belong to the second category of people as I will illustrate in this paper.
First of all, credit is important at several points in life. It helps us get over emergencies and difficult financial barriers and gives us a relatively stable peace of mind as we source for funds to repay the creditors. A good example of where credit or credit cards might prove useful is a case where an individual or their close relative is taken ill, and money is needed before the doctors can perform any life-saving procedure on them. In such an instance, if one cannot raise the cash immediately, it is a good idea to make the payment using a credit card then clear the credit balance as soon as possible to avoid attracting too much compound interests. In that respect, I believe that credit cards are necessary.

However, at times the conveni…