If You Make the Minimum Payment on a Credit Card

question 127

True/False

If you make the minimum payment on a credit card account,it will take six years or more to pay off the balance even if the card is never used again.

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Definitions:

Corporate Downsizing

The planned reduction of a company's workforce to improve efficiency or reduce costs, often impacting morale and productivity.

Younger Generation

Refers to the current cohort of individuals who are at a relatively early stage of life, often characterized by their adaptability to technology and progressive views.

Equity Sensitivity

An individual’s preference for fairness and equity in their interactions and distributions of resources with others.

Primary Needs

Fundamental human requirements including physiological and safety needs that are essential for survival.