New Delhi, Aug. 30 -- Many cardholders find themselves trapped in the cycle of debt as they carry a balance on a credit card from month to month only deepens debt. Findings from a survey reveal that many cardholders only pay the minimum amount on their credit cards while the interest accumulates. This not only becomes a cost addition but also a stretch repayment, making it difficult over time to meaningfully reduce the balance.

A recent LendingTree survey suggested that about 41% of US credit cardholders only pay the minimum amount on at least one of their credit cards with this percentage rising to 58% among Gen Z - "a recipe for staying mired in debt." It drops to 19% among Baby Boomers. An evaluation of more than 1,500 cardholders rev...