What is the term used to describe the state of having an outstanding balance on credit cards that is barely reduced over decades because a person is only making minimum payments and being charged a high annual percentage rate?
A)Perma-debt
B)Balance maintenance
C)Savings
D)Budget

Question

Quizplus · Accepted Answer

The term used to describe this situation is "perma-debt," which refers to a never-ending debt cycle caused by making only minimum payments and being charged high interest rates. This can result in the balance on credit cards barely reducing over decades, trapping individuals in a cycle of debt. Choices B, C, and D are not relevant to the situation described.

What Is the Term Used to Describe the State of Having