Most people who carry a balance on their credit cards would love to have lower monthly payments.  For many, it is possible to get lower credit card payments but it may not always be in your best interest.

Before we jump into how to get those monthly minimums lowered, let’s first take a look at the drawbacks.  Paying the smallest possible amount on your credit card balances means you will take longer to pay it off, thus paying even more money in interest and staying in debt even longer.

So even though lower monthly payments may sound attractive to most people, it can be fool’s gold for everyone who want to reduce debt. (more…)