BusinessPhoto: News18 BusinessWhy Your Rs 1 Lakh Credit Card Balance Hardly Drops
Paying only the minimum amount due on a Rs 1 lakh credit card balance traps borrowers in a high-interest debt cycle. Most payments go toward steep finance charges and GST, barely reducing the principal. Over one year, paying minimum dues totaling Rs 69,160 results in a remaining debt of about Rs 78,470, with Rs 47,630 spent on interest and GST alone, warns Tanish Sharrma of BillCut.
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