What does it mean to "carry a balance"?
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What does it mean to "carry a balance"?
Mitchell Freedman, CPA/PFS (CEO, MFAC Financial Advisors) gives expert video advice on: How can I get a lower interest rate or APR on my current card?; What if I pay my credit card bill late?; What if my credit card is lost or stolen? and more...
Carrying a balance on a credit card means that you're not paying the obligation in full, that you're paying a lesser amount. Every credit card has a minimum required payment which may be very, very small. If an individual only pays the minimum credit card charges, they may never get out from the cycle of living off of credit card debt.
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