Consumers who pay more than the minimum payment on credit cards:
pay less interest in the long run.
are able to buy more things.
see their credit scores decrease.
qualify for mortgages.
Consumers who pay more than the minimum payment on credit cards
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Consumers who pay more than the minimum payment on credit cards:
pay less interest in the long run.
When you pay more than the minimum, you reduce your balance faster. This means less interest accrues over time, leading to lower total interest payments. Additionally, it helps improve your credit utilization ratio, which can positively impact your credit score. If you have any further questions or need more assistance, feel free to ask!