Balance

The total amount of money owed. It includes any unpaid balance from the previous month, new purchases, cash advances, and any charges such as an annual fee, late fee or interest. The balance should not be confused with the monthly payment (the minimum payment allowed each month), which is generally 2% to 5% for revolving credit cards. In accounting, balance refers to the equality of totals in the debit and credit sides of an account or the difference between such totals, either on the credit or the debit side.

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