ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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lower the amount total paid for the purchase
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make you independently wealthy
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take longer to pay off which will result in paying more interest, more money!
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pay off the credit card faster
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Detailed explanation-1: -However, if you only make the minimum payment on your credit cards, it will take you much longer to pay off your balances-sometimes by a factor of several years-and your credit card issuers will continue to charge you interest until your balance is paid in full.
Detailed explanation-2: -No, making just the minimum payment on a credit card does not hurt your credit score, at least not directly. It actually does the opposite. Every time you make at least the minimum credit card payment by the due date, positive information is reported to credit bureaus.
Detailed explanation-3: -If you pay only the minimum amount due for a long time, you will have to pay high interest charges on the outstanding amount. You won’t get any interest-free credit period. Along with this, your credit limit will also be reduced to the amount that you haven’t repaid.