Paying minimum balance on credit cards may lead you to money trap
Thursday, March 23, 2017, 4:10 PM
Many cardholders just pay the minimum due amount believing that rest of the outstanding amount can be paid later without incurring any interest on it. However, 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.