Alert: Paying only the "Minimum Amount Due" is a debt trap. Interest (36-42% p.a.) keeps accumulating on the balance.
RBI Awareness ↗Minimum Due Trap
See how long it takes to become debt-free
Credit Cards usually charge 3.5%
per month (42% p.a.).
If you pay only Minimum Due...
Time to Clear Debt
-
Total Interest Paid
-
Total Payment
-
Verdict
--