Deep Dive- Credit Cards
Completion requirements
UNIT 4
Credit cards are basically a line of credit offered through a lending institution (like a bank). Credit cards allow you to pay for purchases immediately using this credit, without having to go to a bank or take out a small loan each time you would like to purchase something.
Does this sound too good to be true? Well it is! Credit cards come with high interest rates. If you don't pay off your balance in full each month, you are charged interest on all your purchases, not just the remaining balance.
Once you find yourself buried in credit card debt, it is very hard to dig your way out.
