The Personal Finance Trap Hiding in Your Credit Card Bill

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The minimum amount due line on a credit card is the most expensive number in personal finance. Pay only that, usually five percent, and the bank carries the rest at interest rates near 40 percent a year from the purchase date, with no grace period. A 50,000 rupee balance paid at the minimum can take years to clear. The card is not the problem; revolving the balance is. Clear the full statement every cycle, and if you cannot, treat that gap as the first thing to fix in your personal finance. As a SEBI-registered investment advisor, 1 Finance offers purely advisory guidance with no products to sell and no commissions to earn. Download 1 Finance on Google Play.

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