New Delhi, Nov. 1 -- A credit card is a valuable tool that can go a long way towards helping an individual manage day-to-day expenses. It can assist with seamless payments for groceries, clothing, various products and services, and similar expenses, provided the tool is handled responsibly.

On the other hand, it is vital to acknowledge the fact that paying only the minimum amount due on such debt and credit card bills may seem like a comforting and convenient option for cardholders, especially those with a tight monthly budget.

Still, leaving a large chunk of the bill unpaid can make borrowing increasingly expensive and difficult to manage over time. This is because credit card interest rates are among the highest forms of debt, and the...