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re: I'm 39 years old and apparently still don't fully understand credit cards
Posted on 1/3/24 at 8:21 am to SECMeanSmore
Posted on 1/3/24 at 8:21 am to SECMeanSmore
Not paying the balance in full by the due date means the interest for the next cycle is based on the average balance on the account during that cycle not the statement end balance.
So, since the balance is increasing with new purchases you've made, the interest amount also increases.
So, since the balance is increasing with new purchases you've made, the interest amount also increases.
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