 TITLE: Should I Pay Off My Credit Card Debt Immediately or Over Time? CONTENT: How Making Minimum Payments Can Cost You\n----------------------------------------\nPayment history is the most heavily weighted credit score factor, so making credit card payments on time every month is essential to keeping your credit in good shape. It also helps you avoid late fees.\nIf you only make minimum payments each month, however, you'll pay interest on the remaining balance that carries over to the next billing period. Plus, most credit cards charge compounding interest, which can make credit card debt snowball fast and take years to repay.\nSay you owe $3,000 on a credit card with an 18% annual percent rate (APR), and your minimum payment is 3% of the balance or $25, whichever is greater. If you make just the minimum payments, it will take you nearly 14 years to pay off the debt. On top of that, it will cost you almost $2,700 in interest, nearly doubling the amount you owed originally. END