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Why paying the minimum amount due on bank cards will make you belong to a debt trap

Why paying the minimum amount due on bank cards will make you belong to a debt trap

This makes personal credit card debt probably the most debts that are expensive here, and therefore www.cash-advanceloan.net/payday-loans-ri you shod use your credit card carefly.

You made a purchase of Rs 10,000 on your credit card how you may fall into a debt trapChandani further explains, let’s say. You get your card declaration or bill which ultimately shows your minimum dues as Rs 500, that is, 5 percent for the total dues. If you pay this quantity, you’ll never be charged belated payment charges. But, more often than not, the attention is likely to be levied after credit free duration is over when it comes to total quantity due of Rs 10,000 till the minimum due quantity is compensated so when it really is compensated, the residual stability of Rs 9,500 continues to attract a monthly interest of around 3-4 per cent.

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