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Never pay only the minimum balance on your credit card

Never pay only the minimum balance on your credit card

Wednesday, March 1, 2017, 7:02 PM

Credit card statement always carries a minimum due amount, called minimum balance on credit card. This minimum due amount is around 3-5% of the outstanding amount on your credit card. If you pay just the minimum balance, you still have to pay an interest of 24-36% a year, on the remaining amount. If you pay only minimum balance, you will fall in money trap.
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