What is a reason to pay more than the minimum payment due on your credit statement each month? You save money on interest. It takes more time to pay off a balance. It hurts your creditworthiness.

Paying more than the minimum payment due on your credit statement each month is a savvy move because it significantly reduces the amount of interest you pay over time. Credit cards typically charge high-interest rates, so the faster you chip away at the principal balance, the less interest you'll rack up. Saving money on interest means more cash in your pocket for things you love! Additionally, paying more than the minimum can help improve your credit utilization ratio, which is a key factor in determining your credit score. A lower balance relative to your credit limit shows lenders that you're a responsible borrower, making it more likely for you to secure better loan terms and interest rates in the future. So why not boost your financial health?