Final answer:
No, paying the minimum amount due on a credit card statement does not lead to a higher credit score. It is important to pay more than the minimum amount due to reduce debt and demonstrate responsible financial behavior. The statement os (Option b) False.
Step-by-step explanation:
No, paying the minimum amount due on a credit card statement does not lead to a higher credit score. While making the minimum payment helps you avoid late fees and keeps your account in good standing, it does not reduce your overall debt quickly. In fact, if you only make the minimum payment, the interest charges will accumulate, leading to a longer repayment period and potentially a lower credit score.
To improve your credit score, it is recommended to pay more than the minimum amount due and pay off your credit card debt as quickly as possible. This demonstrates responsible financial behavior and reduces the amount of interest you have to pay.