The Danger of the "Minimum Payment"
Credit card companies set the minimum payment intentionally low—usually around 2% to 5% of your balance. If you only pay the minimum, the majority of your payment goes toward interest, meaning you'll be trapped in debt for decades.
Financial Strategy: Stop using the card immediately while you pay it off. Consider a Personal Loan or a Balance Transfer Credit Card to secure a lower interest rate to pay off the principal faster.