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You either have a lone or have not paid off all you owe on a credit card. Whatever the amount your owe is, this is the "remaining balance". You will be charged interest on this until your next invoice date so at the time of the next invoice/statement you will owe "the remaining balance from last time" + "interest".
If you do not pay off what you owe interest will continue to be added each month.
If you are in financial difficulties and find you can not pay what you owe GO AND SEE A DEBT ADVISER. They may be able to stop the interest charges and help you to budget how to pay off your debts. If you do not do this the debt will grow rapidly.
There are many FREE Debt Advisory services if you ask around (funded by charity) - there are also companies that will do this BUT they will charge you for their help (this can make the debt worse).
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∙ 11y ago
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Why is making a minimum payment on a credit card bad?
If you mean making only the minimum payment required, it is bad because you are going to be paying a very high rate of interest on the remaining balance. If you pay the entire balance each month, you are spending your money on goods and services. If you leave a balance, you are spending a lot of your money on interest. That's good for the bank and bad for you.
What does interest rate mean?
The percentage of a sum of money charged for it's used.
Can you explain the balance transfers feature to me?
Balance Transfers simply mean to transfer your balances from one account to another. Generally, you transfer your total remaining balance from your current credit card to a new credit card. This is usually done to secure a lower interest rate. If you would like to discuss this in person, or have any more questions please call me at: 555.123.456.
What does it mean if your loan payment is overdue?
If your loan payment is overdue, you will be charged interest that is higher than normal. You may also be charged a late fee and hurt your credit rating.
What is a residual interest on mortgages?
Residual interest can mean either two things. Also known as a trailing interest, it can be paid to a consumer with a monthly balance. Secondly, after accrued it can be used to distribute amongst investors or mortgage holders.
What does write off a lease mean?
Forget about the balance remaining.
Why is making a minimum payment on a credit card bad?
If you mean making only the minimum payment required, it is bad because you are going to be paying a very high rate of interest on the remaining balance. If you pay the entire balance each month, you are spending your money on goods and services. If you leave a balance, you are spending a lot of your money on interest. That's good for the bank and bad for you.
What do you mean by Retained Interest in off-balance sheet securitized loans?
what does shrect mean
What does interest rate mean?
The percentage of a sum of money charged for it's used.
Which type of checking account pays interest on the mean balance of the account during a particular cycle?
Average Balance account
What does interest capitalization mean?
Capitalization occurs when your lender or loan servicer adds the amount of unpaid, accrued interest on your student loan to your loan balance. Once this interest has been capitalized, interest begins to accrue on that new, higher loan balance.
Can you explain the balance transfers feature to me?
Balance Transfers simply mean to transfer your balances from one account to another. Generally, you transfer your total remaining balance from your current credit card to a new credit card. This is usually done to secure a lower interest rate. If you would like to discuss this in person, or have any more questions please call me at: 555.123.456.
What does it mean if your loan payment is overdue?
If your loan payment is overdue, you will be charged interest that is higher than normal. You may also be charged a late fee and hurt your credit rating.
What does charged off mean on a auto repossession?
It means the lender wrote off the interest they DIDNT get from the debtor. Its just an accounting term.
What does -- the process of deferring interest as an asset rather than an expense -- mean in WikiAnswers' answer to Capitalization of Interest?
Interest charged is normally an expense - in that it is a deduction from an account. Deferring payment of the interest, means the money that would have been paid is still in the account - making it an asset.
What is a residual interest on mortgages?
Residual interest can mean either two things. Also known as a trailing interest, it can be paid to a consumer with a monthly balance. Secondly, after accrued it can be used to distribute amongst investors or mortgage holders.
What does APR on a credit card mean?
APR = Annual Percentage Rate. It's the amount of interest charged over a 12-month period.
