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it be taken to be, legal, financial or other professional advice. Please
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Minimum Payment Due The minimum payment is the amount you must pay on credit card accounts each billing cycle to remain in good standing with your creditor. The minimum payment is usually determined by taking a percentage of your new balance. Each bank or credit card issuer determines your monthly payment by using a formula that is specific to their company. One bank may determine your monthly payment amount by using a formula of 2 percent of the outstanding balance, while another may be 2.5 percent of the outstanding balance. You must make at least the minimum payment by the due date to protect your credit reputation. Late payments are recorded on your credit report. As a rule, you should try to pay as much as you can to avoid increased finance charges. At the very least, you should pay the minimum payment on your credit accounts before the due date. If your goal is to pay off the bill and reduce unnecessary fees, pay more than the minimum amount each month. If your minimum payments only pay for the interest accumulated that month, you should seek the help of a debt consolidation professional to help decrease your monthly payment while paying off more of your debt each month. |