Paying only the minimum amount on your credit card means making the minimum payment, potentially leading to increased interest costs over time.
Making your minimum payment on your credit card each month without paying off the full balance is called making the minimum payment. This payment usually covers only a small portion of the debt, with the rest going towards interest.
By making only the minimum payment, you may end up paying significantly more in interest over time. It is essential to pay off credit card balances as quickly as possible to avoid accumulating excessive interest.
Remember to always aim to pay your credit card off in full each month to avoid accruing interest and maintaining good financial habits.
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