Why you should never pay the minimum payment on anything
Updated: 08 Jun 2022, 07:49 AM IST
TL;DR.Before we get into our reasons, let's define a minimum payment. Your credit card or instant personal loan statement may have two figures--the total amount due and the minimum amount due. The total amount due is the sum of all your monthly expenses. A minimum payment is a payment that is less than the total amount owed. If you are unable to make full payments, you can pay a small portion of the entire outstanding sum.
Chandigarh industrialists decried their exclusion from deadline extension for property tax payments with rebate. (HT File)