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Originally Posted by Siege
Depending by how much you mean by "a lot more," this could actually be bad advice. Certain credit cards charge a fee if users maintain a high POSITIVE balance on their credit card .
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Uuh...I think you misunderstood. I mean pay a lot more on your balance. There is absolutely no benefit in maintaining a positive balance on a credit card. It's not what I meant at all.
If you owe, say, $5K, your minimum payment is probably around $100 or ~2% of the balance. Unfortunately, abut $75 of that $100 is interest. Even another loan, which you're paying 10-12% on unless you have outstanding credit means it's worth it to pay down the loan faster.
Interest is an expense - period. You can reduce the liability if you can offset the interest expense with a tax deduction but even then, it's an expense. If you want more money in your pocket, cut expenses.