paying only the minimum balance on your credit card can lead to…
LectureNotes said that paying only the minimum balance on your credit card can lead to…
Answer: Accumulating debt. When you pay only the minimum balance on your credit card each month, you might not be making significant progress in paying off your debt. The remaining balance continues to accrue interest, leading to a cycle of debt that can be difficult to break free from. Over time, the interest charges can accumulate, and you may end up paying much more than the original amount you spent. It’s essential to pay more than the minimum to reduce your debt effectively and avoid falling into a debt trap.