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| Credit Information |
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| Credit Repair & Rebuilding |
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| Account balance vs. minimum payment | ||
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| Your minimum payment is not the same as your account balance. If you assume the minimum is all you need to pay each month, you could owe far more in finance charges than you budgeted. | ||
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| Account Balance | ||
| This is your total account debt as of the statement date. It includes any unpaid balance from last month, new purchases since the closing date of your last statement, and any cash advances you may have taken. The credit card company will also add in any other charges such as an annual fee, finance charges, and other fees. | ||
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| Minimum Payment | ||
| This is the smallest amount of your balance you can pay by the due date and still meet the terms of your card agreement. The minimum is often a specific fraction of the balance, such as 1/36 of 1/48. Some people think that the minimum payment is the only amount you owe. This is not true. You actually owe the full balance. You'll owe interest on any portion of the balance that you don't pay. | ||
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Consumer Debt Group, Inc. does not provide any legal representation. Consumer Debt Group, Inc. deals with licensed attorneys and our affiliated law firm has attorneys throughout the nation who are credit card debt settlement specialists.
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