Most of us have experienced this many times – when the credit card bill comes and we look at the total amount due, we are surprised. Since the bill period covers 30 days, by the time it reaches our email, we often forget the transactions we made at the beginning of the cycle. So when the bill arrives, we wonder, ‘How is the amount so high? Did I really spend that much?”

But once we open the statement and go through the transactions one by one, everything starts to make sense. We recognise each entry and realise that yes, we did make all those purchases. Then comes the tempting offer from the credit card company – you can either pay the full amount or just the minimum amount due. And this is where many of us get trapped. By nature, paying only the minimum feels easier, and we convince ours

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