The correct option is <u>(a) pay less interest in the long run.
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Further explanation:
When an individual makes the minimum payment on his credit card then he gives himself temporary relief. It’s when an individual commit to pay more in interest charges. The trade-off might get an individual into serious trouble related to money over time, it happens especially when an individual’s card charges a high rate of interest.
If a person pays the minimum towards his balance each month, then he can expect the following things to happen:
- Paying down one’s debt takes a much longer time.
- An individual will gain bigger interest charges.
- An individual credit score can take a hit.
When an individual starts using a credit card, the minimum payment is one of the important and first things an individual should understand. When an individual pays more than the minimum payment, a person’s credit card balance goes down.
Learn more:
1. What was the impact of political and legal ideas contained in Justinian's code?
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2. Why did Gorbachev choose the United Nations as his forum for this speech?
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Answer details:
Grade: Middle School
Subject: Social studies
Topic: Credit Card Minimum Payment
Keywords: interest, minimum payment, trade-off, debt, credit card, rate of interest, money