Previous Balance

The unpaid balance on a credit card or loan from the previous billing period.

More Details

Previous balance refers to the unpaid balance on a credit card or loan from the previous billing period. It is the amount that was carried over from the previous billing cycle and is still due.

Example

Imagine that you have a credit card with a balance of $500 at the end of one billing cycle. This amount would be your previous balance for the next billing cycle. If you made a payment of $100 during the current billing cycle, your new balance would be $400, which includes the $100 payment and the $500 previous balance. It is important to pay attention to your previous balance, as it can affect the amount of interest that you are charged on your credit card or loan.

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