The Minimum Payment Due on a credit card statement is crucial to avoid interest charges and reduce debt efficiently.
Minimum Payment Due on a credit card statement is the amount you have to pay each month to avoid interest charges. It is usually a small percentage of your total balance, ensuring you are making progress in reducing your debt.
The interest rate is applied to the remaining balance if you do not pay off your credit card in full. Making only the minimum payment can result in paying much more in interest over time.
For example, if you have a [tex]$2,000 balance and the minimum payment is $[/tex]60, paying only the minimum prolongs your debt repayment and increases the overall interest you pay.
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