5. Sorry, that is incorrect.

The correct answer is "False"

"Many people think if they only make the minimum payment shown on the statement they can keep their account current, keep charging, and have extra cash for other bills," says Janet Kincaid, a Senior Consumer Affairs Officer with the FDIC. "This is generally true, but what people also need to think about is the long-term cost of this alternative." She adds that if you pay only the minimum amount, "it will take you a very long time to pay off the balance, and the interest costs can be shocking." See full story...

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