Being tempted to make only the minimum payments on any purchase should always be avoided as much as possible. Although apparently practical, there are many hidden elements that make the object purchased first end up costing its original value several times because of the habit of making only minimal payments.
Put a little more than the minimum
In addition to the obvious reasons to help the individual repay the item as quickly as possible and thereby effectively eliminate the indebtedness factor, there is also the fact that when a minimum payment is made, the individual commits actually a higher sum that must now be paid.
These are in the form of financial charges which can represent a considerable sum. This will then cause the individual to incur further debt because the initial amount increases to a higher unreasonable figure because of the financial charges incurred.
It is not impossible to end up paying four or five times the initial amount. Thus, whenever possible, one should always avoid paying only the minimum amount due, especially on credit cards because these usually have the highest interest rates.
Do not add other purchases on an already very demanding card, as this will only contribute to the difficulty of erasing the most recent and highest amounts currently required. Take a conscious habit of unnecessary spending always curdling and then use the money saved to clear all amounts already outstanding.
Perhaps one of the most effective ways to educate the individual to realize how much unnecessary money is being added to the principal, due to the minimal payment habit, is to calculate over a period of time to long term how much would ultimately be paid. When this is clearly demonstrated, the individual would then be more inspired to pay more than the minimum payment.