At first glance, credit cards’ payment flexibility seems like a great deal. Unlike installment debt, such as home loans or personal loans, credit cards don’t have fixed monthly payments. If you choose to carry a balance on your card, you can pay as much or as little as you like each statement cycle, provided you make at least the minimum balance due. Here’s what you need to know about how credit card issuers calculate minimum balances due, how to plan around variable minimum payments, and what you can do to better manage your credit card balances with an eye to increasing your monthly payment and getting out of debt faster.
Credit Card Minimum Payment – Calculator & Formula is a post from Money Crashers.