All of us know that credit cards can be dangerous if we overspend and end up not being able to pay the bills on time. The interest on credit cards is extraordinary high because it is an unsecured debt, different from home loans which are considered secured debt. Interest on credit cards are around 24% which is 2% a month if we could not pay the full sum. There are also advantages of credit card which we will explore in the later part of this post as well.
Dangers of Not Paying Your Credit Card bills in Full
There is always a minimum sum we have to pay on the credit card bill. It is always important to pay your credit card bills in full and NOT just the minimum sum. Paying just the minimum sum will incur the interest on your outstanding amount.
For example, if you have a …