Don't fall for the minimum due on credit cards
Millennials must never overspend with credit cards. Credit cards charge high interest of 24-36% a year. You are then offered the facility of minimum amount due, where you pay only a small portion of the principal outstanding each month. This looks great if you are struggling with repayments.
The minimum amount due is around 4-5% of your outstanding balance. Paying the minimum amount due helps avoid late payment fees. You still must pay the interest. If you make this a habit, the debt becomes unmanageable.