Who is Minimum Payment?

Minimum Payment is like the smallest amount you have to give back when you borrow something from a friend.

Imagine you borrowed $10 from your best friend to buy ice cream. Your friend says, "You can pay me back however much you want, but at least $2 every week." That $2 is like the minimum payment, it's the smallest part of what you owe that you have to give back each time.

Think of your borrowed money as a piggy bank. Every time you pay back even a little, you're taking some coins out of that piggy bank. If you only take out $2 every week, it will take longer to empty the whole piggy bank. But if you give more than $2, like $5, then the piggy bank gets emptier faster!

So, minimum payment is just the smallest amount you have to pay back each time, and it helps people plan how much they want to give back without getting overwhelmed.