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Does a payment delay also delay interest?
A product may postpone a due date without suspending every cost.
Read how interest and charges are handled during the stated period instead of interpreting a promotional delay as free borrowing.
Request a schedule that includes the delayed period and any later adjustment. Compare its full commitment with an alternative on the same basis, using the provider's terms rather than a generic rule.
Open the provider-identity checklist
Definitions
- Nominal interest rate
- Stated rate used to calculate interest under the agreement; it does not describe every other charge.
- Annual comparison measure
- Annualized disclosure used to compare borrowing costs; its calculation and included charges depend on the jurisdiction and product.