2.04: credit cards\npaying only the minimum balance on a credit card\nis a quick way to pay off the credit…

2.04: credit cards\npaying only the minimum balance on a credit card\nis a quick way to pay off the credit card debt.\nmakes sense if funds that might have been used to quickly pay down the credit card debt are instead put into a savings account.\nis a good way to have more funds available to purchase other items.\nis a temptation that often leads to large credit card debt at high interest rates.

2.04: credit cards\npaying only the minimum balance on a credit card\nis a quick way to pay off the credit card debt.\nmakes sense if funds that might have been used to quickly pay down the credit card debt are instead put into a savings account.\nis a good way to have more funds available to purchase other items.\nis a temptation that often leads to large credit card debt at high interest rates.

Answer

Brief Explanations:

Paying only the minimum balance on a credit - card means a large portion of the debt remains unpaid. Interest accumulates on the remaining balance, and over time, this can lead to a large credit - card debt due to high interest rates. It is not a quick way to pay off debt, and putting funds into savings instead of paying down debt when one has credit - card debt is not a good financial strategy as credit - card interest is usually higher than savings interest. Also, while it may free up some short - term funds for other purchases, the long - term cost is high.

Answer:

is a temptation that often leads to large credit card debt at high interest rates.