.Minimum Repayment Explained 🤔

Have you ever seen the term "minimum repayment" on your credit card statement and wondered what it means? Don't worry, you're not alone! The minimum repayment is the smallest amount you're required to pay back each month to avoid penalties or additional charges. 💳

This amount usually consists of a percentage of your total balance, plus any interest and fees accrued. For example, if your credit card bill is $1,000 and the minimum repayment is 2%, you’d need to pay at least $20. However, keep in mind that only paying the minimum can lead to higher interest charges over time. 😅

While meeting the minimum repayment keeps your account in good standing, it's often wise to pay more than this amount to reduce your overall debt faster. Paying off your balance in full each month is the best practice to avoid interest altogether. 💡

Understanding your minimum repayment helps you manage your finances wisely and avoid unnecessary debt. Stay informed, and make smart choices with your money! 💸🌟

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