An outstanding balance refers to the amount of money that is still owed on a loan, credit card, or other form of debt. It is the total amount of funds that have not yet been paid off and is typically shown on a monthly statement or account balance.
The outstanding balance can include the principal amount of the debt, as well as any accrued interest, fees, or penalty charges. It is important for borrowers to keep track of their outstanding balances and make regular payments to reduce the amount owed and avoid falling further into debt.
Lenders may charge interest on outstanding balances, which can increase the total amount owed over time if not paid off promptly. It is recommended to pay off outstanding balances as soon as possible to avoid additional charges and improve one's financial health.
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