What is a minimum payment?

@paolo.leuschke 

A minimum payment refers to the smallest required amount that a borrower must pay towards their outstanding balance on a loan or credit card in a given billing cycle. It is typically a percentage of the total balance or a fixed amount set by the lender or creditor. Paying only the minimum payment helps to fulfill the repayment obligations but may result in high-interest charges and an extended repayment period. It is generally advisable to pay more than the minimum payment if possible to reduce interest costs and pay off debts more quickly.