Credit cards are one of the reasons why so many people are losing out on their money. When they make purchases using these cards, they will find that paying back double or more is what is going to happen in the long run. You’re asking to borrow money, but this money you’re borrowing is coming with an added cost. This is a large consideration that many people, mostly teenagers that are new to credit cards, do not think about. Here are some things you should know regarding credit card interest rates and why you should protect yourself for your future ahead.
It is Not Free Money
The money that you borrow from them is not free money. It is not money that is going to end up paying itself off in the end either. It is money that is going to come back and bite you later on if you do not pay it ahead of time. This money is something that they loan you for the time being, as long as you agree to pay them the amount back including the amount that you agreed to pay in addition to the amount if you don’t pay off the tab at the end of the month.