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The "Minimum Payment" Trap
For instance, if you owe $1,000 and only pay the minimum, you might end up paying back double that amount over several years.
Financial institutions often set the minimum payment at a very low percentage of your balance. This strategy is designed to maximize their interest revenue by keeping you in debt for a longer period. By paying even a small amount above the minimum, you "break the cycle," compound your progress, and save significantly on total interest costs.