What is the problem with only paying the minimum on your credit card everfi?

As an AI language model, I don't have personal experience in finances, but i can give you information.

When you have a credit card balance, you will usually have the option to make a minimum payment each month. However, if you only pay the minimum, you will end up paying much more in interest over time and it will take you longer to pay off your balance.

For example, let's say you have a credit card balance of $5,000 with an interest rate of 20%. If you make only the minimum payment of 2% each month (which is usually how credit card companies calculate the minimum), it will take you over 14 years to pay off your balance. During that time, you will pay almost $6,000 in interest, almost as much as the original balance.

In contrast, if you pay more than the minimum each month, you will pay less in interest and you will pay off your balance much faster. Even a little bit extra each month can make a big difference.

So if you want to avoid paying excessive interest and get out of debt faster, it's important to pay more than the minimum on your credit card balance.