Can you pay your Balance in Full?
Whether or not you pay your credit card balance in full is up to you and has to be based on your current finances as well as how much you owe. There may be times when you can easily pay your entire balance and never think twice. But there may also be times when this is very difficult to do because your balance has grown out of control.
The main benefit of paying your balance in full is that you will not get slapped with a finance charge. When you carry a balance from one period to the next you are going to have to pay interest on the money you borrowed. Is this something you want to do? Definitely not. This is why you should pay in full anytime you have the chance.
As you can imagine, not everybody has the ability to do this. If you are not able to pay in full the best thing you can do is send as much money as possible. You want to avoid paying the minimum. When you do this you are dragging out the time that it will take to pay off your balance. Additionally, this leads to more money paid out in finance charges.
When you receive your credit card statement in the mail you need to think long and hard about how much to pay. If you are 100 percent sure that you can comfortably pay the entire balance, go for it. If you are a bit apprehensive, you may want to pay as much as you can and then deal with any finance charge that comes your way.
Simply put, it is always best to pay your balance in full.
