Should minimum payment be more than interest charged?

Michelin

I came on to this section to ask the exact same question. I've noticed recently on my cc bills that the minimum payment is just short of the interest each month so not only does the minimum payment go up each month, the debt also increases. This never used to happen; some of the minimum payment would go on the capital and the rest on interest. Don't know when this changed?

Fiddlestick

Michelin wrote: »

I came on to this section to ask the exact same question. I've noticed recently on my cc bills that the minimum payment is just short of the interest each month so not only does the minimum payment go up each month, the debt also increases. This never used to happen; some of the minimum payment would go on the capital and the rest on interest. Don't know when this changed?

It depends what your contract says about the minimum payment.

It may well be possible if the minimum payment is not enough to cover the interest and some of the capital.

kolin_2

I've got a credit card account with HSBC, and my minimum payment is always the interest plus about £30