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Money Trap 1: Option to pay the minimum balance on your credit card

Money Trap 1: Option to pay the minimum balance on your credit card

Saturday, May 13, 2017, 1:02 PM

Paying the minimum balance on your credit card leads you to the money trap. Paying the minimum amount due just saves you from paying the late fee. You will still continue to accrue the interest on the rest of the outstanding amount at the applicable interest rate.
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