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Why paying minimum balance on credit card is a bad idea?

Saturday, April 28, 2018, 8:58 AM

Many people in order to escape from the late payment charges, simply pay the minimum amount due. This is the minimum amount you have to pay by the due-date. This will be 3% of the amount you have to repay. But, paying the minimum amount due on the credit card, does not save you from paying interest on the outstanding-balance on your credit card.
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