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Credit Cards
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WHAT IS
A CREDIT CARD?
A credit card allows you to buy things even though you might
not have the money to pay for it right away. The company that
gave you the card lets you spend up to an agreed upon dollar
amount and then makes additional money available to you as
you pay off what you've spent. You must pay at least a minimum
amount by the due date, generally once every month. You will
pay a finance charge or interest on any amount you do not
pay by the due date.
While they can be very useful, credit cards can also be risky.
Even people who are usually good with their money get into
trouble with credit cards. The problem is that people use
their credit cards too often and let their debt add up. Then
they can only pay back small amounts at a time. This ends
up costing a lot of money in finance charges.
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