My little writing on student credit cards
Given the trend of easy credit this last decade, many people buy things with their credit cards before they have the money in the bank for them. They purchase those items and, instead of paying off the credit card balance when the bill is due, they pay the minimum amount due. The bulk of the minimum payment is dedicated to paying interest on the balance on that card. That means that the banks make more and more money and those consumers pay down less of their debt. According to a study conducted by Experian in 2007, one in six families with credit cards only makes the minimum payment each month.